From CNBC: 2024-09-17 17:36:12

Billionaire investor Steve Cohen is stepping away from trading at his hedge fund Point72 to focus on strategic initiatives and mentoring. Cohen, who also owns the New York Mets, will remain as co-chief investment officer. Point72 manages over $35 billion and is launching an AI-focused hedge fund.

Cohen is bullish on AI, calling it a “durable theme” for investing. The move to step away from trading comes as Point72 plans to capitalize on the AI boom with a new hedge fund. Cohen’s focus is now on mentoring and coaching the next generation of investment professionals to succeed.

Earlier this year, Cohen announced his long-term AI outlook, comparing it to the technological advancements of the 1990s. His role as a mentor at Point72, providing valuable guidance based on his 40 years of experience, is where he sees the most impact and satisfaction. Bloomberg News first reported on Cohen’s transition from trading.

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