Steve Cohen of Point 72 Asset Management.
Adam Jeffery | CNBC
Billionaire investor Steve Cohen believes artificial intelligence is already having an impact on the business world.
The Point72 founder told CNBC’s Andrew Ross Sorkin on “Squawk Box” that his financial firm has even found ways to use early AI models to save the company money.
“I’ll tell you a little anecdote. My chief technology officer came to me and said I could improve our efficiency and save the company $25 million by using these LL.M.s,” Cohen said, referring to his chief executive. TTO and large language models such as ChatGPT.
“Right now, we’re a decent-sized company. We’re not a big company. So imagine what a big company could do. This is just one thing, so it gives you a little idea of the possibilities,” he added.
Excitement around artificial intelligence has been one of the driving forces behind market gains in 2023 and early this year.So far, the main beneficiaries have been chip manufacturers, e.g. Nvidia and tech giants such as Microsoft Companies with direct business ties to these AI models, but another optimistic premise is that the new technology will help all types of companies become more efficient.
Cohen called artificial intelligence a “really enduring theme” for investment and said essentially every company needs to consider how it changes their business.
“If you’re a company and you don’t think about this, one day you wake up and say ‘We’re in trouble,'” he said.
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