• Point72, the billionaire investor Steve Cohen’s hedge fund, plans to launch an artificial intelligence-focused fund to take advantage of this boom.
  • Cohen and employees of Point72 are expected to make a contribution to the firm’s goal to raise $1 billion.

Steve Cohen, Chairman and CEO of Point72 speaking to CNBC April 3, 2024.

According to a source close to Point72, the billionaire investor Steve Cohen plans to launch an artificial intelligence hedge fund in order to take advantage of the current boom.

A person who spoke to the media said that AI and AI-related technology will be the focus of a new long/short fund which is expected to launch later this year or in early 2025.

Cohen and employees of Point72 are expected to contribute to the firm’s goal to raise $1 billion. The stand-alone public offering will be outside of the main fund because a flexible net exposure is needed, according to the source.

Point72 declined comment. Bloomberg News was the first to report about this potential offer on Tuesday.

Cohen has recently come out as an AI bull for the long term. He called AI “a really durable theme” in investing and compared the rise of AI to the technological development of the 1990s.

The rally in AI stocks, such as


Nvidia







The broader market has reached record highs in this year. Amid the growing enthusiasm, the chipmaker giant’s market cap has reached $3 trillion. Stocks that are tangentially related to AI have also seen a rise in value.

“I don’t see it as bubble.” In an April interview with CNBC, the Point72 founder said that the markets discount some of the benefits AI will bring to companies.

The Mets’ owner highlighted AI as a way to improve productivity in almost every company. Cohen claimed that his investment company found a way for to save $25 million using large-language models like ChatGPT.

Point72 manages assets worth nearly $34 billion as of April.

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