Long or short? Rare new fund, "Jordan in the hedge fund world" targets AI chip stocks
Point72 plans to launch a new hedge fund product after decades, focusing on the AI and semiconductor sectors
Billionaire Steve Cohen, known as the "Michael Jordan of the hedge fund world," is determined to accelerate his AI investment layout.
According to media reports on the 19th, Cohen's hedge fund giant Point72 is planning to raise $1 billion for a new fund focused on betting on the AI and semiconductor sectors. This will be Point72's first new hedge fund product in decades.
Sources cited by the media said that the fund will be led by senior investment manager Eric Sanchez and is expected to officially launch by the end of this year or early 2025. In addition to external investors, Point72 employees and Cohen himself will also invest in this fund, with Cohen personally overseeing its operations.
Unlike Point72's existing market-neutral flagship funds, this new fund will have more flexible investment mandates and may take long positions that the flagship funds typically do not hold.
As of April this year, Point72 manages $33.9 billion in assets.
In April, when interviewed by the media, Cohen expressed full confidence in the prospects of AI technology. He believes that AI will bring "revolutionary" impact to businesses, saving them millions of dollars in costs:
When this technological change occurs, it reminds me of the 1990s, a period that gave birth to the best new companies.
However, he also emphasized that in this field, there will "inevitably be winners and losers."