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How Converging TechnologiesShould Propel A Step Change InEconomic Growth Published: March 21, 2024 Author:Brett Winton,Chief Futurist at ARK Invest Platforms Of Innovation: How Converging Technologies Should Propel A Step Change In Economic GrowthBrett Winton, Chief Futurist at ARK Invest CONTENTS Introduction 3 SECTION I: The Economic Impact Of Converging Technologies 6 SECTION II: How We Measure Convergence 1. ARK’s Convergence Scoring Framework2. ARK Convergence Case Studies: Neural Networks Converging withAutonomous Mobility, Multiomic Technologies, and Adaptive Robotics3. ARK Convergence Case Studies: Advanced Battery Technology,Reusable Rockets, and Cryptocurrency4. Inverting ARK’s Convergence Scoring Framework To Gauge SensitivityTo Other Technological Advances14182430 SECTION III: 14 Convergent Capabilities In The Year 203032 SECTION IV: CONCLUSION Introduction I’d like to share with investors research about the world that we are about to inhabit, a worldtransformed by the convergence between and among technologies, the seeds of which weresown during the 20 years that ended at the turn of the millennium. ARK’s analysts and I have beenresearching—discovering, understanding, and drawing inferences—from the way in which thoseseeds have germinated and are now flourishing. Techno-economic discontinuity is a process whereby technological breakthroughs create suddenand unprecedented transformations. Such discontinuities occurred during the second industrialrevolution after introductions of the internal combustion engine, electrification, and telephony.We believe that a similar, unprecedented technological boom is now underway. Five major technological platforms are breaking new ground. Artificial Intelligence is permeatingevery sector and cognitive task, accelerating productivity across industries. Electric vehiclesenabled by breakthroughs in Energy Storage are now as affordable as the average new gas-powered car. Robots like reusable rockets, drones, and sidewalk delivery vehicles are proliferating.Astounding advancements in Multiomics have pushed far beyond DNA, aligning genomic,epigenomic, transcriptomic, proteomic, and phenotypic information to unlock the codes oflife, health, biological systems, and death. And Public Blockchains—spurred by the emergenceand adoption of bitcoin—are primed to upend the monetary and financial landscape, wrestingfundamental financial functions away from the traditional financial ecosystem. This discontinuous set of changes has just begun. Technological convergence is the process by which discrete technological capabilities coalesceand catalyze new ones. Emerging convergences should shape the next set of techno-economicdiscontinuities. At ARK, we identify five innovation platforms—Public Blockchains, Multiomic Sequencing, EnergyStorage, Robotics, and Artificial Intelligence—as the areas of technological foment creating themost meaningful convergences today. They are the emerging “general purpose technologies”1thatwe believe will transform and accelerate economic growth. Five Converging PlatformsAre Likely To Define ThisTechnological Era Public Blockchain Artificial IntelligenceUpon large-scale adoption, all money and contractswill likely migrate onto Public Blockchains that enableand verify digital scarcity and proof of ownership.The financial ecosystem is likely to reconfigure toaccommodate the rise of Cryptocurrencies and SmartContracts. These technologies increase transparency,reduce the influence of capital and regulatory controls,and collapse contract execution costs. In such a world,Digital Wallets would become increasingly necessary asmore assets become money-like, and corporations andconsumers adapt to the new financial infrastructure.Corporate structures themselves may be called intoquestion. Multiomic Sequencing The cost to gather, sequence, and understanddigital biological data is falling precipitously.Multiomic Technologies provide researchscientists, therapeutic organizations andhealth platforms with unprecedented accessto DNA, RNA, protein, and digital health data.Cancer care should transform with pan-cancer blood tests. Multiomic data shouldfeed into novel Precision Therapies usingemerging gene editing techniques that target and cure rarediseases and chronic conditions.Multiomics should unlock entirelynew Programmable Biologycapabilities, including the designand synthesis of novel biologicalconstructs with applicationsacross industries, particularlyagriculture and food production. Computational systems and software that evolvewith data can solve intractable problems, automateknowledge work, and accelerate technology’sintegration into every economic sector. Theadoption of Neural Networks should prove moremomentous than the introduction of the internetand potentially create 10s of trillion dollars of value.At scale these systems will require unprecedentedcomputational resources, and AI-specific computehardware should dominate the Next