The rapid emergence of China’s DeepSeek artificial intelligence group is “bullish” for the sector, said billionaire hedge fund manager Steve Cohen, who blamed Monday’s tumble in tech shares on misinformation.

The rout in US stocks to start the week, spurred by questions over artificial-intelligence spending, has done little to shake Steve Cohen’s confidence in the technology’s transformative potential.

Point72 recently launched a private credit business. Cohen, who is also chair and president of the firm, noted there are plenty of credit businesses out there, but he sees his firm growing where staff want to and where they have talent.

Billionaire investor Steven Cohen reportedly sees DeepSeek’s AI technology development as beneficial to the industry. Read more here.

Laura Sterner, who helped raise billions for the firm's 2018 relaunch, had worked with Steve Cohen for close to a decade.

Steven Cohen runs Point72 Asset Management, a hedge fund that has earned $38 billion in profits since its inception in 1992. In the third quarter, Cohen sold his entire stake in Apple (NASDAQ: AAPL),

Cohen said the AI boom could see ups and downs and the lack of accurate information could exacerbate volatility around AI-related investments.