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'What happened with DeepSeek is actually super bullish': Point72 founder Steve Cohen on AI, Trump's impact, and giving up trading

Jan 28, 2025 - businessinsider.com
Steve Cohen, founder of Point72 and owner of the New York Mets, spoke at the iConnections conference in Miami, expressing optimism about the AI industry's future despite recent breakthroughs by Chinese company DeepSeek that have impacted major S&P 500 companies. Cohen views DeepSeek's advancements as positive for the move towards artificial superintelligence, which he believes is approaching rapidly. He acknowledges potential challenges but sees them as temporary setbacks, emphasizing that the path to superintelligence will have many winners and will not progress linearly.

Cohen also commented on the potential economic impact of President Donald Trump's immigration and trade policies, suggesting they could slow market growth. He predicts the economy will grow by 2.5% in the first half of 2025 but slow to 1.5% in the second half, with the Federal Reserve struggling to meet its inflation target due to low unemployment and reduced immigration. Despite his market insights, Cohen has stepped away from trading to focus on managing Point72 and the New York Mets, citing a desire to concentrate on his companies and avoid being consumed by the trading environment.

Key takeaways:

  • Steve Cohen believes DeepSeek's breakthroughs are positive for the AI industry, advancing the move to artificial superintelligence.
  • Cohen is not concerned about the US losing an AI race to China despite DeepSeek's impact on market values.
  • He predicts economic growth will slow due to Trump's immigration and trade policies, affecting consumer spending and inflation targets.
  • Cohen has stepped away from trading to focus on managing Point72 and the New York Mets, prioritizing leadership over active trading.
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