To enlighten investors on the impact of these breakthroughs and the opportunities they should create, we began publishing Big Ideas in 2017. This annual research report seeks to highlight

Deep Learning
AI Is Expanding From Vision To Language
2020 was the breakthrough year for conversational AI. For the first time, AI systems could understand and generate language 
with human-like accuracy. Conversational AI requires 10x the computing resources of computer vision and should spur large 
investments in the coming years.
Research 
Organizations
Deployment Year:
Industry Penetration:
Most global 2000
companies today
Select technology
companies and startups
AI giants: Google, 
Facebook, Amazon, OpenAI
2018 -
2020
2020 +
0.1
1.0
10.0
100.0
1,000.0
Pre-AI
Computer Vision
Language Understanding
Reinforcement Learning
Training Time For Different AI Systems
2015
Pre 
2010
~10x
~10x
Co
m
p
ut
e 
Ti
m
e 
(P
et
af
lo
p
-Da
ys
*)

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•
Source: ARK Investment Management LLC, 2020; Tefula, Michael (@michaeltefula). “Just taught GPT-3 how to turn legalese into simple plain English…” 7/21/20 Tweet
11
Deep Learning
OpenAI’s GPT-3 Is The First AI That “Understands” Language
“If the startup is 
wound up, the Series A 
investors will be paid 
back at least what they 
invested and they will 
also share any leftover 
assets with ordinary 
shareholders.”
GPT-3 also can:
•
Write emails
•
Design webpages
•
Write code in a dozen
computer languages
•
Retrieve historical facts
•
Translate languages
•
Diagnose diseases
•
Converse as a therapist
•
And more…