Steve Cohen, the founder of hedge fund Point72 Asset Management and owner of the New York Mets, is said to have told attendees at a private SALT conference event Tuesday that investors are too worried about a market decline.
Bloomberg said people that heard him speak at the event told them that investors focusing too much on a potential recession may result in them missing the "big wave" of opportunities as a result of artificial intelligence.
"I'm making a prognostication — we're going up," Bloomberg quoted Cohen as saying. "I'm actually pretty bullish," he reportedly added.
The hedge fund founder believes the rising AI industry will likely create new jobs. Even though he is worried about the "types of jobs that will be displaced," Bloomberg wrote that he believes profit margins will improve, reducing pressure on the Federal Reserve to combat inflation with additional rate hikes. As a result, it will boost markets, he told the audience.
Cohen is not alone in his stance. Bloomberg said fellow hedge fund manager Stan Druckenmiller commented last week that "AI is very, very real and could be every bit as impactful as the internet."