- Hedge fund billionaire Steve Cohen told investors to ride the "big wave" of artificial intelligence.
- Focusing too much about a recession may cause investors to miss AI opportunities, he added.
Hedge fund billionaire Steve Cohen reportedly urged investors not to miss the "big wave" of artificial intelligence and to stop fixating on a recession.
The founder of Point72 Asset Management and owner of the New York Mets said at a private SALT conference event Tuesday that focusing too much on recession odds may lead investors to overlook AI investing opportunities, sources told Bloomberg.
And while he acknowledged concern about the types of jobs that AI would displace, he added that the technology will likely create new jobs.
Cohen also expressed optimism more broadly, noting profit margins should improve, which will allow the Federal Reserve to be less aggressive on rate hikes and boost markets.
"I'm making a prognostication — we're going up," he said, according to Bloomberg. "I'm actually pretty bullish."
Cohen's upbeat comments on artificial intelligence come as other big investors revealed big bets on AI stocks.
For example, Stanley Druckenmiller's family office loaded up on Nvidia shares and made a new Microsoft investment last quarter.
Meanwhile, Bill Ackman's hedge fund revealed it bought Alphabet shares worth over $1 billion as the company ramps up its foray into artificial-intelligence technologies.