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Steve Cohen says that AI will be the theme for decades

by Eclipsnews
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Steve Cohen, chairman and CEO of Point72, who spoke to CNBC on 3 April 2024.

CNBC

Miami Beach, FLA. millionaire investor Steve Cohen is in his long-term bullish vision on artificial intelligence, despite the wild volatility recently, saying that the transformational shift could take decades to realize.

“This is a theme of 10 to 20 years. It will affect everyone in how they live their lives, how they do their business,” said Cohen at the Iconnections Global Alts conference on Tuesday. “We are still in the first, second inning of something that will be transformational for the economy and the world. … It is such a dramatic, important shift that to ignore it, I think it’s a mistake. “

The remark of the chairman and CEO of Hedgefonds Point72 came when the young Chinese AI startup Deepseek led a huge routes in American technology shares on Monday. The very competitive models of Deepseek apparently from a fraction of the costs that shake the trust of investors of the AI ​​story and the hype surrounding Nvidia’s chips.

Cohen, who is also the owner of the New York Mets, said that the AI ​​tree ups and downs could see and the lack of accurate information could worsen the volatility surrounding AI-related investments.

“It will be episodic. It is not going in a straight line. There will be progress, and then it will be quiet,” Cohen said. ‘And there will be times when people will doubt about it like yesterday. There are many people who possess these shares who may not know what they own and why they own it, other than they know they have to own some AI effects. And so you get a lot of wrong information. “

NVIDIA, so far from AI’s largest enabler, saw shares on Monday 17%, or almost $ 600 billion in market value, the largest ever one -day fall in value for an American company. The MegaCap -Name recovered 7%on Tuesday.

Cohen also revealed that his company collected $ 1.5 billion for his new AI-oriented hedge fund to take advantage of the tree.

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