[Market Trends] Steve Cohen: We are not in an AI bubble | CNBC Television
📌 The Dawn of AI: Beyond the Bubble Myth
Hedge fund manager and Mets owner Steve Cohen compares the current AI era to the 1990s, specifically around 1995 rather than 1999, indicating it's not a bubble but a period of significant growth and potential. He argues that the market is underestimating AI's impact, citing personal anecdotes of efficiency gains, like saving $25 million for his firm through AI optimizations. The shift towards AI is tangible, with major companies reducing workforces while increasing reliance on AI for tasks like upgrading legacy software, showcasing AI's cost-saving potential. Cohen emphasizes the uncertain future of AI beneficiaries, suggesting new, yet unknown companies might emerge as leaders, reminiscent of the 1990s tech boom. This period is seen as just the beginning of AI's influence, with plenty of room for growth, particularly in the private sector, which remains rich in capital for AI investments..