Steve Cohen says AI will be a long topic for decades, but Monday proves that it won’t be a “straight line”
Steve Cohen, Chairman and CEO of Point72, who spoke with CNBC on April 3, 2024.
CNBC
Miami Beach, Fl. -It of billionaire Steve Cohen stands in his long -term bull’s view of artificial intelligence, despite the wild volatility, saying that the transformation shift could take a decade to understand.
“This is the topic of 10 to 20 years. It will affect everything in the way they do their lives, how they do their job,” Cohen said at IConnections Global Alts Conference on Tuesday. “We are still in the first, second inning of something that will be transforming for economics and the world …. It is a so dramatic, important shift that ignores it, and I think it’s a mistake.”
The President and Executive Director of the Hedge Fund’s Commentary Community came while the young Chinese initiator AI Deepseek started a massive route In US Stock Technology on Monday. Deepseeek highly competitive models have apparently made the confidence of investors in AI story out of the cost of costs and Hype around Nvidia’s chips.
Cohen, who also owns New York Mets, said AI boom can see ups and downs, and a lack of accurate information could worse Volatility about investment in connection with AI.
“It will be episodic. It won’t go straight. Progress will be progress, and then it will be quiet,” Cohen said. “And there will be moments when people will doubt it as yesterday. There are a lot of people who own these shares who may not know what they own and why they own them, except they know that some AI value papers should own.
Nvidia, the biggest driver of AI -A so far, recorded shares for $ 17% or nearly $ 600 billion on Monday in market value – The biggest one -day fall in value for an American company. The name Megacap on Tuesday rejected 7%.
Cohen also revealed that his company raised $ 1.5 billion for his new Hedge Fund aimed to use a flourishing.