TechFlow reports, on June 30, Ark Invest founder Cathie Wood stated in a post that current macro data continues to weaken market concerns about "resurgent inflation," and the economy is more likely in a new cycle driven by productivity gains, rather than an inflationary environment similar to the 1970s.
Currently, U.S. productivity growth is around 3%, unit labor costs are about 0.5%, while Truflation core CPI is near 1.3%, all indicating inflationary pressure remains at a low level. Although employment data remains strong, the market still experienced a pullback, reflecting investors' sensitivity to interest rates and macro risks. This structure is closer to the market environment of the 1980s to 1990s, where, amidst a persistent "wall of worry," technological innovation and productivity gains drive long-term asset prices upward.
Cathie Wood emphasized that the core drivers of the current cycle are still in the early stages, including technologies such as artificial intelligence (AI), robotics, autonomous driving, and multiomics, whose impact on productivity has not yet been fully reflected in economic data. She still believes the current market is in the early expansion phase similar to historical tech cycles, and emphasized that technological innovation will become the main source of long-term economic growth.
