Steve Cohen plans to heavily invest in Artificial Intelligence

At Extreme Investor Network, we strive to bring you the latest and most valuable information in the world of finance. Today, we are excited to share with you the news about billionaire investor Steve Cohen’s Point72 firm planning to launch a new artificial intelligence-focused hedge fund.

According to a close source, Point72 will be launching a new long/short equity fund later this year or early 2025, with a focus on AI and AI-related hardware. The firm aims to raise $1 billion for this stand-alone public equity offering, with contributions expected from Cohen himself and Point72 employees.

Cohen has recently expressed his bullish outlook on AI, calling it a “really durable theme” for investing. He compares the rise of AI to the technological developments of the 1990s and believes that the markets are discounting some of the transformative effects AI will have on companies.

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The rally in AI-related stocks, such as Nvidia, has propelled the broader market to record highs this year. As the enthusiasm for AI continues to grow, companies connected to AI are experiencing significant increases in valuation.

At Point72, AI has played a crucial role in enhancing productivity and efficiency. Cohen shared that the investment firm was able to save $25 million by using large language models like ChatGPT.

With nearly $34 billion in assets under management as of April, Point72 continues to be a major player in the world of finance. Stay tuned for more updates on this exciting development and other exclusive insights from Extreme Investor Network. Subscribe now to stay ahead in the world of finance.

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