Billionaire fund manager Steven Cohen went all-in on tech, cannonballing in a space that’s been under serious duress of late.
His hedge fund, Point72, disclosed a massive $2.8 billion in fresh positions across five AI giants, including $870 million in Taiwan Semiconductor(TSM),$510 million in Nvidia(NVDA), $492 million in Amazon (AMZN), $487 million in Equinix(EQIX), and $439 million in Broadcom (AVGO).
The pattern doesn’t feel random, either.
The massive new bets are on the AI supply chain, and in what’s been a relentless gold rush so far, Cohen just bought the roads, the trucks, the shovels, and the land underneath it.
In a string of recent 13F stories I’ve covered, the pattern of building around Big Tech and AI has been pretty consistent.
Ken Griffin’s Citadel swung the hardest, loading up on Amazon stock to the tune of $2.52 billion while raising its stake in Nvidia worth roughly $4 billion.
Also, Ray Dalio’s Bridgewater leaned into the AI core, adding $253 million to Nvidia while building around other AI infrastructure names like Oracle and Micron.
David Tepper’s Appaloosa made memory giant Micron the headline with a $285 million buy, while Jim Simons’ Renaissance went even deeper at that memory cycle, adding nearly $520 million of Micron while trimming other mega-cap players.
Additionally, Howard Lutnick’s Cantor Fitzgerald placed a hefty new $126 million bet on the more unexpected AI infrastructure plays in Iren Limited.
Taken together, Cohen’s bets underscore a deliberate move into the hardware, cloud, and data-center stack spearheading the AI boom.
Point72 disclosed $2.8 billion in major Big Tech additions.
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Point72’s latest 13F activity
- Market value: $89.4 billion (prior: $59.8 billion)
- Inflows (outflows) as % of total market value: +26.4%
- New purchases: 2,013 stocks
- Added to: 1,279 stocks
- Sold out of: 414 stocks
- Reduced holdings in: 503 stocks
- Top 10 holdings concentration: 14.01%
- Turnover: 56.8% Source: WhaleWisdom
Who is Steven Cohen?
Those lines encapsulate Steven Cohen in a nutshell. He has been relentlessly competitive while always hunting for an edge.
For the investing punditry, Cohen is a legendary hedge fund manager who has effectively cemented his reputation first at SAC Capital and now at Point72 Asset Management.
These modern, multi-strategy investing powerhouses have become magnets for capital, and, according to the latest reports, Point72 boasts a whopping $45.7 billion in assets under management.
More Fund Managers:
- Ray Dalio’s Bridgewater invests $253 million in major AI stock
- JPMorgan builds $2.93 billion stake in health care stock
- Jim Simons’ Renaissance drops $520 million on surging tech stock
Over the years, Cohen’s investment style has revolved around a few high-conviction, yet well-timed plays.
For instance, during the late-1990s dot-com boom, he efficiently rode the tech wave and then quickly switched things up, profiting again by shorting into the 2000 collapse.
At SAC, he was aggressive in his stock picking, focusing on key earnings events, big-ticket product launches, and other market-moving events. As early as tech infrastructure became a buzzword, he was already making major picks-and-shovels investments in the bellwethers driving the shifts.
Cohen has now stepped back from day-to-day trading to focus on the leadership side of things, according to Reuters.
Moreover, Forbes places Cohen’s net worth at nearly $23 billion.
Sports fans know him as the owner of the New York Mets, a role that keeps him in the public eye beyond Wall Street.
Related: Morgan Stanley issues sharp take on the stock market
Point72’s top buys and sells
Top buys (largest value)
- Taiwan Semiconductor Manufacturing: $0.87 billion
- Nvidia: $0.51 billion
- Amazon.com Inc.: $492 million
- Equinix Inc.: $487 million
- Broadcom Inc.: $439 million Source: WhaleWisdom
Top sells (largest value)
- State Street SPDR S&P (put options): -$1.86 billion
- Confluent Inc.: -$0.51 billion
- Meta Platforms Inc.: -$497 million
- State Street SPDR S&P (call options): -$465 million
- Seagate HDD Cayman: -$433 million Source: WhaleWisdom
13F holdings summary
- Nvidia Corp.: 2.08% of portfolio
- State Street SPDR S&P (put options): 1.94% of portfolio
- Taiwan Semiconductor Manufacturing: 1.59% of portfolio
- Invesco QQQ Trust (put options): 1.51% of portfolio
- Amazon.com Inc.: 1.36% of portfolio Source: WhaleWisdom
Point72 bets on the entire AI backbone
AI isn’t just about a single company, and these five names perfectly map out the entire stack.
- Nvidia: Essentially the AI compute engine, it supplies the powerful GPUs (and the software stack around them), while training and running large language models.
- TSMC (Taiwan Semiconductor Manufacturing): Representing the factory floor, TSMC manufactures the cutting-edge AI chips, and if Nvidia’s involved in the design, TSMC is the plant that produces it at scale.
- Broadcom: It’s a critical player on the networking side of things (switching/interconnect), weaving colossal GPU clusters together, and in tailor-made chips that the big hyperscalers can use to efficiently optimize AI infrastructure.
- Amazon (AWS): AWS is the go-to for companies looking to rent out AI compute and deploy AI applications at scale.
- Equinix: The tech giant provides data-center real estate, providing critical colocation and connectivity where clouds, enterprises, and networks meet.
Big tech buys: return snapshot
- Nvidia: 1-month 7%; 3-month 5%; 9-month 41%; YTD 2%; 1-year 36%
- Amazon.com Inc.: 1-month -9%; 3-month -3%; 9-month 3%; YTD -9%; 1-year -6%
- Taiwan Semiconductor Manufacturing: 1-month 13%; 3-month 34%; 9-month 93%; YTD 22%; 1-year 88%
- Equinix Inc.: 1-month 18%; 3-month 23%; 9-month 8%; YTD 21%; 1-year 1%
- Broadcom Inc.: 1-month 0%; 3-month -4%; 9-month 44%; YTD -4%; 1-year 48% Source: Seeking Alpha