Quick access to main page (top) Direct access to main contents Quick access to main page (bottom)

Steve Cohen Not ‘Betting’ on AI—He’s Investing $1 Billion!

theguru Views  

American hedge fund manager Steve Cohen is set to launch an artificial intelligence investment fund influenced by the rally of AI-related stocks such as NVIDIA. The fundraising target for the fund is $1 billion.

Point72 founder Steve Cohen announced on the 18th that the company plans to launch a separate AI-focused hedge fund around the beginning of next year to capitalize on the AI boom.

As more flexible net exposure is required, the fund will be raised outside the main fund, and the fundraising target is $1 billion.

The launch of this AI investment fund stems from the rally of AI-related stocks. This year, the overall market has hit an all-time high due to the surge in AI-related stocks, including Nvidia. Nvidia’s market cap has exceeded $3 trillion, and the value of all AI-related stocks has skyrocketed. In particular, Cohen has recently emerged as a long-term bullish advocate for AI. He evaluated AI as a more durable theme than the technological advancements of the 1990s.

In an interview with CNBC last April, Cohen said, “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,”

Cohen fundamentally emphasized AI’s role in improving all businesses’ productivity. He explained that his company has also enhanced efficiency using large language models like ChatGPT, saving about $25 million in costs.

He is known for his strong interest in Bitcoin. He mentioned that his involvement with Bitcoin came about because of his son. “It’s not kind of what I do… There’s certainly an element of the population believes in it, and maybe it’s the new gold. Hard to know,” he added.

Cohen owns the New York Mets, a Major League Baseball (MLB) team. He founded Point72 Ventures, which has invested in various digital asset-related companies, including 24 Exchange, a digital asset and foreign exchange trading platform.

theguru
content@viewusglobal.com

Comments0

300

Comments0

[BUSINESS] Latest Stories

  • Honda's NSX Returns: A 1,000-Horsepower Electric Rival to Lexus LFR
  • Honda’s S7 Electric SUV: A Major Player in the Race for EV Dominance
  • Lamborghini's First EV: A 2,000-Horsepower Beast Built for Speed and Emotion
  • Ford Revives Classic Design with the 2025 Bronco Heritage Edition
  • ID.EVERY1: Volkswagen's $21K Electric Vehicle Aims to Make Green Driving Accessible
  • Toyota’s bZ3X SUV Surges with 10,000 Pre-Orders: A New Era in EVs

You May Also Like

  • 1
    GLP-1 Drugs Like Ozempic Might Cut Cancer Risk Too, Study Finds

    LIFESTYLE 

  • 2
    New Brain Cancer Drug Taps Into the Body's Internal Clock

    LIFESTYLE 

  • 3
    How What You Eat Affects Your Mouth—And the Rest of Your Body

    LIFESTYLE 

  • 4
    Fatigue Fighters? Scientists Zero In on Hidden Energy Regulators

    LIFESTYLE 

  • 5
    Snoring May Be Hurting Your Memory More Than You Think

    LIFESTYLE 

Popular Now

  • 1
    Superfoods Gone Wrong: What Not to Overeat

    LIFESTYLE 

  • 2
    Stop Peeling Your Kiwi—Here’s Why You Should Eat the Skin

    LIFESTYLE 

  • 3
    Ovarian Cancer’s Hidden Threat? It’s in the Fluid, Not the Tumor

    LIFESTYLE 

  • 4
    New Study Says Everyday Plastic Could Be Wrecking Your Sleep

    LIFESTYLE 

  • 5
    Why Doctors Call Syphilis the Great Pretender

    LIFESTYLE 

Must-Reads

  • 1
    GLP-1 Drugs Like Ozempic Might Cut Cancer Risk Too, Study Finds

    LIFESTYLE 

  • 2
    New Brain Cancer Drug Taps Into the Body's Internal Clock

    LIFESTYLE 

  • 3
    How What You Eat Affects Your Mouth—And the Rest of Your Body

    LIFESTYLE 

  • 4
    Fatigue Fighters? Scientists Zero In on Hidden Energy Regulators

    LIFESTYLE 

  • 5
    Snoring May Be Hurting Your Memory More Than You Think

    LIFESTYLE 

Popular Now

  • 1
    Superfoods Gone Wrong: What Not to Overeat

    LIFESTYLE 

  • 2
    Stop Peeling Your Kiwi—Here’s Why You Should Eat the Skin

    LIFESTYLE 

  • 3
    Ovarian Cancer’s Hidden Threat? It’s in the Fluid, Not the Tumor

    LIFESTYLE 

  • 4
    New Study Says Everyday Plastic Could Be Wrecking Your Sleep

    LIFESTYLE 

  • 5
    Why Doctors Call Syphilis the Great Pretender

    LIFESTYLE 

Share it on...