In a recent analysis of billionaire Steve Cohen’s portfolio, Insider Monkey identified some of his top AI stock picks. Cohen, a renowned hedge fund manager and owner of the New York Mets, founded SAC Capital in 1992 and has a track record of outperforming the market. His hedge fund, Point72 Asset Management, has raised around $12.8 billion since 2020 and manages a highly diversified portfolio with a net worth exceeding $41.2 billion, with technology stocks accounting for 17% of the total portfolio.
Cohen is known for his quick moves in the market, unlike traditional long-term value investors like Warren Buffett. He has a history of predicting stock movements dating back to his days at the Wharton School where he would skip classes to monitor stock prices. One of his top AI stock picks in the first quarter of 2024 is Broadcom Inc. (NASDAQ: AVGO), in which Point72 Asset Management acquired a stake worth $623 million.
Citi analyst Christopher Danley has expressed optimism for semiconductor stocks, including Broadcom Inc. (NASDAQ: AVGO), and other hedge funds are also showing increased interest in the company. Carillon Eagle Growth & Income Fund highlighted Broadcom Inc. (NASDAQ: AVGO) as a beneficiary of generative artificial intelligence (AI) with significant revenue expected in 2024.
Broadcom Inc. (NASDAQ: AVGO) holds the second position on billionaire Steve Cohen’s list of top 10 AI stock picks. For investors looking for promising AI stocks with growth potential, Cohen’s portfolio offers a glimpse into potentially lucrative opportunities in the market.
Overall, Cohen’s strategic and proactive investment approach, combined with his focus on emerging technologies like AI, positions Point72 Asset Management as a key player in the financial markets. With his successful track record and ability to adapt quickly to market trends, Cohen continues to be a influential figure in the investment world.
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