From Yahoo Finance: 2024-05-23 09:27:43

Billionaire Steve Cohen’s Point72 Asset Management has raised $12.8 billion since 2020, declining external money due to overfunding. The main fund returned 11% in 2023 and 12% the previous year with a net worth of $41.2 billion, 17% invested in tech stocks. Cohen’s speed and adaptability have paid off, leading to diversified success in his portfolio.

Cohen is expanding macro teams at Point72 to navigate financial volatility, with the fund aiming to establish 51 macro trading teams amid high interest rates. Nvidia Corp (NVDA) excelled in the first quarter, exceeding estimates in EPS and revenue, and projecting $28 billion for Q2 revenue. Cohen decreased his NVDA stake by 55% in Q1 2024.

Point72 entered Nvidia Corp (NVDA) early in Q1 and saw strong performance in the stock, although Cohen ranks NVDA 7th in his top AI stock picks. NVDA has had significant growth in revenue, EPS, and free cash flow, leading to market dominance with CUDA software. Nvidia Corp (NVDA) remains a promising AI investment according to Cohen.



Read more at Yahoo Finance: Best AI Stock To Buy According to Billionaire Steve Cohen?