"Our view is that what has happened with DeepSeek is actually optimistic, as it drives the transition to super AI, which is on the way and coming very fast."
Steve Cohen, founder of Point72, known as the "Michael Jordan of the hedge fund world," stated that the rapid rise of DeepSeek is bullish for the entire AI industry. The sharp decline in technology stocks on Monday was a market misunderstanding, stemming from some "people who made statements casually without in-depth research" spreading misleading information.
There are many people who talk a lot but haven't done any actual work; they may mislead investors and the public. We saw some of this situation yesterday.
At the Miami Global Alternative Investment Conference held on Tuesday, Cohen stated that DeepSeek's low-cost technological breakthroughs are accelerating the entire industry towards the era of artificial superintelligence.
"Our view is that what has happened with DeepSeek is actually optimistic, as it drives the transition to super AI, which is on the way and coming very fast."
On Monday, DeepSeek announced a groundbreaking advancement in AI model development, with costs far lower than its American competitors, leading to NVIDIA, a leader in the AI field, experiencing a drop of 17% at one point.
On Tuesday, as market sentiment became more rational, NVIDIA rebounded nearly 9%.
Conn's said that his view on AI and its impact on the market is long-term and is not disturbed by short-term stock price fluctuations. He believes that AI represents a "huge shift" that will fundamentally change "everyone's way of life and the way business operates." He stated:
"There will indeed be moments of doubt in the market like yesterday, and many investors may not really understand the Stocks they Hold and their investment rationale."
At 68 years old, Conn's has stepped back from frontline Trading, focusing more on developing Point72's Business strategy and talent management. As a top multi-strategy hedge fund, Point72 has 185 professional investment teams, with operations covering various fields including Stocks, macro, and computer-driven trading.
In addition to financial investments, Conn's is also the owner of the New York Mets. "I once imagined being 70 and still staring at the Trading screen, but that seems unreasonable," Conn's stated at the meeting.
Editor/danial
Comment(1)
Reason For Report