Steve Cohen's Point72 fund has likely scored a $100 million gain on Nvidia stock in 2 months as the AI craze persists

• Steve Cohen's hedge fund has likely made a $100 million gain on Nvidia after investing last quarter.
• If intact, Point72's stake in the microchip maker is worth roughly $400 million today.

Steve Cohen's hedge fund has likely scored a $100 million gain on Nvidia in just two months, thanks to the chipmaker's stock surging on the back of the artificial-intelligence boom.

The billionaire investor's Point72 Asset Management amassed 981,000 Nvidia shares from scratch in the first quarter — a stake worth $272 million at the end of March. Assuming Cohen and his team haven't touched the position, it was worth $382 million as of Monday's close, thanks to Nvidia stock skyrocketing in recent weeks.

Nvidia ranked among Point72's top 10 holdings on March 31, excluding options. Point72's largest positions included a $523 million stake in Meta Platforms, and more than $400 million worth of stock in both Broadcom and Amazon.

Cohen, the owner of the New York Mets, urged investors during a recent conference not to worry so much about a recession that they miss the boat on AI, sources told Bloomberg. He described the burgeoning technology as a "big wave," and predicted it would create new jobs as well as eliminate existing ones.

The Point72 founder and CEO isn't the only high-profile investor to pile into Nvidia this year. Stanley Druckenmiller's Duquesne Family Office raised its stake in the semiconductor giant by 36% to nearly 800 million shares last quarter, securing a stake worth $308 million as of Monday's close, assuming it hasn't altered the position.

Nvidia's stock price has soared by more than 160% this year, boosting its market capitalization to nearly $1 trillion. It's now significantly more valuable than Elon Musk's Tesla, Mark Zuckerberg's Meta, or Warren Buffett's Berkshire Hathaway.

Investors are betting big on Nvidia because they expect its microchips to play a critical role in enabling AI, which powers everything from OpenAI's ChatGPT language tool to Tesla's self-driving tech.