Steve Cohen, chairman and CEO of Point72, speaking to CNBC on April 3, 2024.CNBCBillionaire investor Steve Cohen’s Point72 plans to launch a separate, artificial intelligence-focused hedge fund to capitalize on the boom, according to a person close to the firm’s plans.The new long/short equity fund, to be launched later this year or early 2025, will be focused on AI and AI-related hardware, the person said.The firm is aiming to raise $1 billion, with Cohen himself and Point72 employees expected to contribute, the person added. This stand-alone public equity offering will live outside the main fund due to the need for a more-flexible net exposure, the person said.Point72 declined to comment. Bloomberg News first reported on the potential offering Tuesday.Cohen recently came out as a long-term AI bull. He has called AI a “really durable theme” for investing, comparing the rise to the technological developments in the 1990s.The massive rally in AI-related stocks such as Nvidia has lifted the broader market to record highs this year. The chipmaker giant has topped a $3 trillion market cap amid the increasing enthusiasm, while any stock tangentially connected to AI has experienced a runup in value.”I don’t see it as a bubble. I think the markets are discounting some of what we … think AI is going to do for companies,” the Point72 founder said in a CNBC interview in April.The Mets owner highlighted AI’s role in enhancing productivity at basically every company. Cohen said his investment firm found a way to save $25 million by using large language models such as ChatGPT to improve efficiency.Point72 oversees nearly $34 billion in assets as of April.Don’t miss these exclusives from CNBC PROGoldman raises S&P 500 year-end forecast, citing strong earnings growthWhat Warren Buffett said about GameStop mania then, as the frenzy returns in 2024Forget Nvidia: Wealth manager for the ultra-rich names 3 global stocks to buy insteadThe unloved stock market rally: Why so many investors find it hard to embrace this run to records …
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[mwai_chat context=”Let’s have a discussion about this article:nnSteve Cohen, chairman and CEO of Point72, speaking to CNBC on April 3, 2024.CNBCBillionaire investor Steve Cohen’s Point72 plans to launch a separate, artificial intelligence-focused hedge fund to capitalize on the boom, according to a person close to the firm’s plans.The new long/short equity fund, to be launched later this year or early 2025, will be focused on AI and AI-related hardware, the person said.The firm is aiming to raise $1 billion, with Cohen himself and Point72 employees expected to contribute, the person added. This stand-alone public equity offering will live outside the main fund due to the need for a more-flexible net exposure, the person said.Point72 declined to comment. Bloomberg News first reported on the potential offering Tuesday.Cohen recently came out as a long-term AI bull. He has called AI a “really durable theme” for investing, comparing the rise to the technological developments in the 1990s.The massive rally in AI-related stocks such as Nvidia has lifted the broader market to record highs this year. The chipmaker giant has topped a $3 trillion market cap amid the increasing enthusiasm, while any stock tangentially connected to AI has experienced a runup in value.”I don’t see it as a bubble. I think the markets are discounting some of what we … think AI is going to do for companies,” the Point72 founder said in a CNBC interview in April.The Mets owner highlighted AI’s role in enhancing productivity at basically every company. Cohen said his investment firm found a way to save $25 million by using large language models such as ChatGPT to improve efficiency.Point72 oversees nearly $34 billion in assets as of April.Don’t miss these exclusives from CNBC PROGoldman raises S&P 500 year-end forecast, citing strong earnings growthWhat Warren Buffett said about GameStop mania then, as the frenzy returns in 2024Forget Nvidia: Wealth manager for the ultra-rich names 3 global stocks to buy insteadThe unloved stock market rally: Why so many investors find it hard to embrace this run to records …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]
