Billionaire investor Steve Cohen's Point72 plans to launch a separate, artificial intelligence-focused hedge fund to capitalize on the boom.
The firm is aiming to raise $1 billion, with Cohen himself and Point72 employees expected to contribute.Billionaire 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.Cohen recently came out as a long-term AI bull. He has called AIThe massive rally in AI-related stocks such ashas lifted the broader market to record highs this year.
"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 saidThe Mets owner highlighted AI's role in enhancing productivity at basically every company. Cohen said his investment firm found a way toPoint72 oversees nearly $34 billion in assets as of April.