Insider Monkey recently examined billionaire Steve Cohen’s most recent investment portfolio to highlight some of his preferred AI stock picks. Cohen, well-known for his success in the hedge fund industry, manages Point72 Asset Management and has a track record of making profitable bets. His fund has seen significant growth, with reports stating that it has raised around $12.8 billion since 2020.
Point72 Asset Management, led by Cohen, oversees a diversified portfolio worth over $41.2 billion, with technology stocks accounting for 17% of the total investments. Unlike other investors who follow a long-term value approach, Cohen is known for making quick and adaptive decisions based on market movements, a trait he developed early on as a student at the Wharton School.
One of Cohen’s top AI stock picks is Oracle Corp (NYSE: ORCL). Point72 Asset Management holds a stake worth $91.4 million in Oracle, a decrease of 67% from the previous quarter. Analysts predict that the artificial intelligence industry will see substantial growth, with projected revenues reaching $420 billion in the next three years. Oracle is identified as a company poised to benefit from this trend.
In the fourth quarter of 2023, Madison Sustainable Equity Fund expressed optimism about Oracle Corp, despite a less-than-ideal financial report due to supply chain challenges. The fund believes that Oracle has a strong position in generative AI workloads and commends its strategy in the market.
Oracle Corp ranks tenth in Cohen’s list of top AI stock picks. Investors looking for AI stocks with growth potential can explore Oracle as an option that combines promise with relatively low valuation compared to other industry giants. The full list of Cohen’s top 10 AI stock picks is available for those interested in following his investment strategies.
In conclusion, billionaire Steve Cohen’s investment decisions reflect his ability to identify lucrative opportunities in the market, particularly in the AI sector. His portfolio management style, characterized by agility and quick adaptations, has yielded positive results for Point72 Asset Management. Oracle Corp stands out as one of Cohen’s preferred AI stock picks, with potential for growth in the evolving artificial intelligence industry.
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