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Steve Cohen says his financial firm can already save $25 million by using AI

Steve Cohen at Point 72 Asset Management.

Adam Jeffery | CNBC

Billionaire investor Steve Cohen is among those who believe artificial intelligence is already having an impact on the business world.

The Point72 founder told CNBC’s Andrew Ross Sorkin on “Squawk Box” that his financial firm found ways even for early AI models to save the company money.

“I’ll tell you a little story. My CTO comes to me and says I can save the company $25 million by using these LLMs to improve our efficiency,” Cohen said, referring to his chief technology officer. technology and large language models like ChatGPT.

“Now we’re a good-sized company. We’re not a big company. So imagine what big companies can do. And that’s just one thing, so it gives you a little taste of what’s possible,” he added. .

The excitement around AI has been one of the drivers of the market recovery in 2023 and earlier this year. So far, the biggest beneficiaries have been chipmakers like Nvidia and tech giants such as Microsoft that have direct business ties to these AI models, but another optimistic case is that the new technology will help all types of businesses become more efficient.

Cohen called AI “a truly sustainable theme” for investing and said that fundamentally every company needs to think about how it can change its business.

“If you’re a business and you don’t think about it, you’re going to wake up one day and say ‘we’re in trouble,'” Cohen said.

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