Steve Cohen’s Point72 Readies New Hedge Fund Targeting AI Stocks

Steve Cohen’s Point72 Asset Management is seeking to raise about $1 billion for a new stock-picking hedge fund focused on artificial intelligence, according to people familiar with the matter.

The fund will bet on and against AI hardware and semiconductor companies globally and will be the firm’s first new hedge fund in decades, the people said, asking not to be identified because the information is private. Point72 currently has a main hedge fund along with some venture capital vehicles.

Cohen has said he expects the impact of AI to be “transformational” and that it has the power to change ...