Steve Cohen's Point72 fund has likely scored a $100 million gain on Nvidia stock in 2 months as the AI craze persists
. He described the burgeoning technology as a"big wave," and predicted it would create new jobs as well as eliminate existing ones.
The Point72 founder and CEO isn't the only high-profile investor to pile into Nvidia this year. Stanley Druckenmiller's Duquesne Family Officein the semiconductor giant by 36% to nearly 800 million shares last quarter, securing a stake worth $308 million as of Monday's close, assuming it hasn't altered the position.
Nvidia's stock price has soared by more than 160% this year, boosting its market capitalization to nearly $1 trillion. It's now significantly more valuable than Elon Musk's Tesla, Mark Zuckerberg's Meta, or Warren Buffett's Berkshire Hathaway. Investors are betting big on Nvidia because they expect its microchips to play a critical role in enabling AI, which powers everything from OpenAI's ChatGPT language tool to Tesla's self-driving tech.Subscribe to push notifications
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