For nearly two years now, Wall Street investment banks and top economists have warned that a recession is on the way. But while stubborn inflation and aggressive Federal Reserve interest rate hikes have consistently weighed on the economy, it’s yet to crack. And now, with artificial intelligence technology advancing at a breakneck pace after the release of OpenAI’s chatbot ChatGPT in November, some of the world’s top investors believe it’s time to jump back into markets—even if the economy is still on rocky footing.
Steve Cohen, the owner of the New York Mets and founder of Point72 Asset Management, a hedge fund with assets of $28.3 billion, said this week that most investors are too concerned about a market-crushing recession, when they should be focusing on the “big wave” of opportunity in A.I.
