Steve Cohen, Chairman and CEO of Point72, speaks to CNBC on April 3, 2024.
CNBC
Miami Beach, Florida-Billionaire investor Steve Cohen stands from his long-term and artificial intelligence in spite of the recent wild fluctuations, saying that the transformation may take decades to achieve it.
“This is a topic from 10 to 20 years. It will affect everyone on how they do their lives, and how they do their jobs,” Cohen told the iconncles Global Alts on Tuesday. “We are still in the first half, the second half of something will be a transformation of the economy and the world … It is an important dramatic transformation to ignore it, I think it is a mistake.”
The comment came from the Chairman and CEO of the Point72 hedge Fund, where a Chinese youth Ai Deepsek caused a tremendous defeat in US technology shares on Monday. The highly competitive Deepseek models that were apparently made of a small part of the cost shook the investor’s confidence in the story of artificial intelligence and noise around NVIDIA chips.
Cohen, who is also owned in New York Mits, said the artificial intelligence boom can see up and down, and the lack of accurate information may exacerbate the fluctuations about the investments related to the prosecution.
“It will be accidental. He will not go in a straight line. There will be progress, then calm down,” Cohen said. “There will be moments when people doubt this yesterday. There are many people who own these shares who may not know what they have and why they own, unlike they know they should have some securities of artificial intelligence.
NVIDIA, the largest enabling factor in artificial intelligence so far, has witnessed a 17 % shares on Monday, or nearly 600 billion dollars in the market value, the largest decrease in the value of the American company. The name Megacap 7 % recovered on Tuesday.
Cohen also revealed that his company raised $ 1.5 billion for the new hedge fund, which focuses on artificial intelligence to benefit from the mutation.
