By Carolina Mandl
MIAMI (Reuters) – Point72 Asset Management’s founder Steven Cohen said on Tuesday that the recent developments announced by Chinese artificial intelligence startup DeepSeek are positive for the outlook of artificial intelligence.
“Our view is that what happened with DeepSeek is actually bullish because it advances the move to artificial intelligence,” he said at the iConnections conference in Miami.
On Monday, DeepSeek caused a rout in tech stocks after it said were on a par or better than industry-leading rivals in the United States at a fraction of the cost, sending shares in Nvidia down roughly 17%.
Asked about the selloff, Cohen said “great companies are going to be expensive,” in a comment that seemed related to Nvidia. “There’s no way around that.”
“There’ll be new companies that will use these tools and start hearing about that. And then another big advance comes along and that’s how it’s going to come. And there are going to be moments when people are going to doubt it like yesterday,” he told the audience of investment experts.
Point72 has a new artificial intelligence (AI)-focused fund that posted a 14% gain after launching it just three months ago, growing the fund to nearly $1.5 billion.
(Reporting by Carolina Mandl in New York; Editing by Lisa Shumaker and Nick Zieminski)
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