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'What happened with DeepSeek is actually super bullish': Point72 founder Steve Cohen on AI, Trump's impact, and giving up trading

Steve Cohen
Steve Cohen's Point72 has a stand-alone fund focused on artificial intelligence.

Jim McIsaac/Getty Images

  • Point72 founder and New York Mets owner Steve Cohen spoke at iConnections' Miami conference Tuesday.
  • Cohen said Chinese company DeepSeek's recent breakthroughs are good for the AI industry overall.
  • "It advances the move to artificial superintelligence. And that's coming, it's coming quick," he said.

Billionaire Steve Cohen isn't worried that the US has lost any kind of AI race with China just because of DeepSeek's recent breakthroughs.

The Chinese AI startup has vaporized hundreds of billions of market value from some of the biggest names in the S&P 500 with its open-source models. Still, Cohen β€” whose firm, $37 billion hedge fund Point72, has a fund dedicated to AI named Turion that's expected to grow to $1.5 billion β€” believes "what happened with DeepSeek is actually super bullish" for the industry.

"It advances the move to artificial superintelligence. And that's coming, it's coming quick," said Cohen, speaking at the iConnections conference in Miami.

Bumps in the road for the companies on the path to superintelligence are just that, he said β€” bumps in the road.

"There's going to be a lot of winners here, and it's going to be episodic. It's not going to go in a straight line," he said, according to a recording of his talk obtained by Business Insider.

While he's optimistic about AI's potential, Cohen said the overall market could slow down due to President Donald Trump's immigration and trade policies.

Cohen, who has supported former New Jersey Gov. Chris Christie in the past, said Trump's focus on "unleashing America" and shedding regulations has "a lot to like." However, he believes the tariff and immigration policies proposed by the administration would slow growth this year.

"Tariffs are a tax, and that's going to slow consumer spending," he said. He thinks the economy will grow 2.5% in 2025's first half but slow in the second half to around 1.5%, and the Federal Reserve will struggle to hit its 2% inflation target thanks to unemployment remaining low due to a severe drop in immigration.

"I would expect the market to top over the next couple of months if it hasn't already topped already," he said.

Wherever the market ends up this year, though, Cohen won't be trading it, at least not for his firm's investors. While he's regarded as one of the greatest stockpickers to ever live, Cohen decided to step away from trading last year to focus on running his two companies, Point72 and Major League Baseball's New York Mets.

"I describe it as being immersed in a video game, and it's so immersive that you just forget what's going on around you," he said of trading, and without it, he's able to focus more on the people at his companies.

"I'm 68 and had this vision of being 70, still behind screens. I was like, 'That doesn't make sense,'" Cohen said.

Read the original article on Business Insider

Judge blocks Trump's plan to freeze federal grants

Donald Trump
Donald Trump

Jim WATSON / AFP

  • A judge has paused President Donald Trump's pause of federal grants, AP reported.
  • The directive would have temporarily frozen federal grants to agencies like FEMA and the SBA.
  • The judge's ruling pauses the order until Monday afternoon, protecting funding for existing programs.

A federal judge has temporarily prevented President Donald Trump's directive to freeze federal grants from taking effect Tuesday evening, according to the Associated Press.

US District Judge Loren L. AliKhan's decision will protect funding for existing programs until Monday afternoon.

The directive, which caused widespread panic among federal employees when it was announced early Tuesday, would have impacted funding at agencies like FEMA and the Small Business Administration.

The White House did not immediately respond to a request for comment from Business Insider.

This is a developing story. Please check back for updates.

Read the original article on Business Insider

Trump's funding freeze temporarily halted by federal judge

A federal judge on Tuesday temporarily halted President Trump's effort to temporarily pause federal grant, loan and financial assistance programs, multiple outlets reported.

The big picture: U.S. District Judge Loren L. AliKhan blocked Trump's order minutes before it was to take effect, with an administrative stay that expires Monday.


Zoom in: The judge's order is in response to a complaint filed earlier Tuesday by the National Council of Nonprofits, the American Public Health Association, the Main Street Alliance and SAGE.

  • They argued the funding freeze targets grant recipients based on their opinions on issues like climate change or diversity, equity and inclusion.
  • Trump's memo "will have a devastating impact on hundreds of thousands of grant recipients who depend on the inflow of grant money," the complaint said.

Zoom out: Democratic attorney generals and members of Congress also said they plan to sue over the freeze.

Context: The Office of Management and Budget sent a memo to federal agencies Monday night directing them to "temporarily pause all activities related to obligation or disbursement of all Federal financial assistance."

  • The memo created confusion among federal agencies and state governments, and some states reportedly lost access to a portal used to manage Medicaid spending.
  • The White House said in a follow-up memo Tuesday, that "the pause does not apply across-the-board" and is "expressly limited" to funding areas like DEI targeted by Trump's executive orders.

Editor's note: This is a breaking news story. Please check back for updates.

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