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Steve Cohen, the hedge fund titan who owns the New York Mets, wants to raise $1 billion to buy stocks in artificial intelligence firms, Bloomberg reported on Monday.

Sources told the financial newswire his Point72 Asset Management firm will create a new fund to bet on or against AI hardware and semiconductor companies.

The 68-year-old investing icon has previously said that he expects AI technology to be “transformational” to the way firms do business.

“Theres going to be big winners and big losers,” Cohen told CNBC in April.

“When you have a technological change like this, it sort of reminds me of the 90s where the best new companies came out of that period,” he said.

A boom in investor appetite for AI stocks has been credited with driving markets over the past year.

Point72, headquartered in Stamford, Connecticut, manages $33.9 billion in assets.

The firm’s San Francisco-based portfolio manager Eric Sanchez will run Cohen’s new AI-focused fund and will launch either late this year or early 2025, Bloomberg reported.

Aside from outside investment, Point72 employees and Cohen himself, who has an estimated net worth of $13.9 billion, are set to stump up capital for the new vehicle.

The New York native will be hoping that the venture will be more successful than his past four years at the helm of the Mets, which now languish fourth in the National League East.

Cohen bought the Mets in 2020 for $2.4 billion, the highest sale price ever for an MLB team, and took over as their chief executive and chairman.

He admitted last year that he was losing money on the project as he tried to spend his way towards winning the Mets’ third-ever World Series.

Their dismal showing last season saw them finish fourth in the NL East, missing out on the playoffs and the final wild card berth.

2023 cost an eye-watering $420 million: the team’s finalized payroll figures hit a record $319.5 million, while they were asked to stump up $100.8 million in luxury taxes.

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Sports

Sovereignty rallies to win Jim Dandy at Saratoga

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Sovereignty rallies to win Jim Dandy at Saratoga

SARATOGA SPRINGS, N.Y. — Kentucky Derby and Belmont Stakes champion Sovereignty rallied after losing position heading into the final turn to win the $500,000 Jim Dandy by a length at Saratoga on Saturday.

Ridden by Junior Alvarado, Sovereignty ran nine furlongs in 1:49.52 and paid $3 to win as the 1-2 favorite against four rivals, the smallest field of his career.

Hall of Fame trainer Bill Mott said Sovereignty would be pointed toward the $1.25 million Travers on Aug. 23 at the upstate New York track.

Approaching the turn, there were a few tense moments as it appeared Sovereignty was retreating when losing position to the advancing Baeza and deep closers Sandman and Hill Road, leaving Sovereignty in last for a few strides.

Alvarado said he never had a doubt that Sovereignty would come up with his expected run.

“It was everybody else moving and at that time I was just like, ‘Alright let me now kind of start picking it up,'” Alvarado said. “I had 100% confidence. I knew what I had underneath me.”

Baeza, third to Sovereignty in both the Derby and Belmont, finished second. Hill Road was another 9¼ lengths back in third. Mo Plex was fourth and Sandman fifth.

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UK

Man suffers cardiac arrest onboard boat trying to reach UK

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Man suffers cardiac arrest onboard boat trying to reach UK

A man has died after suffering cardiac arrest onboard a boat attempting to reach the UK.

The vessel turned back towards Equihen beach on the French coast yesterday morning.

A nurse tried to resuscitate the man but was unsuccessful.

Pic: PA
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Pic: PA

French authorities have now launched an investigation into the circumstances.

A spokesperson for Doctors Without Borders, also known as MSF, has criticised authorities on both sides of the Channel.

Jacob Burns said: “Yet again we have a tragedy in the Channel, that is the consequence of the deadly, costly and ineffective security policies implemented by the UK and France.”

Pic: PA
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Pic: PA

Later on Saturday, a lifeboat carried migrants who have made the voyage into the Port of Dover.

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Photographs showed them huddled under blankets and orange life jackets on board.

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Protesters clash over asylum hotels

Provisional statistics from the Home Office suggest almost 24,000 people have arrived on small boats in the UK so far this year.

Towns and cities across the UK have seen protests in recent days, primarily outside hotels believed to be housing asylum seekers.

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US

Michigan: 11 people stabbed in US supermarket – with six in critical condition

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Michigan: 11 people stabbed in US supermarket - with six in critical condition

At least 11 people have been stabbed at a Walmart supermarket in Michigan, with six in a critical condition.

Officials say a suspect is in custody – and at this stage, it is believed the attack was a “random act” that involved a folding-style knife near the checkout area.

Sheriff Michael Shea told reporters: “Eleven is 11 too many, but thank God it wasn’t more.”

Pic: AP
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Pic: AP

The suspect, who is from Michigan, is not known to police – and was captured within three minutes thanks to “citizen involvement”.

The attack unfolded in Traverse City – and Tiffany DeFell, who was in the car park at the time, described scenes of chaos.

“It was really scary. Me and my sister were just freaking out,” she said. “This is something you see out of the movies.”

Beyond the six people in a critical condition, it is believed the remaining five were seriously hurt. All 11 are still being treated in hospital.

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Pic: AP
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Pic: AP

Michigan Governor Gretchen Whitmer said: “Our thoughts are with the victims and the community reeling from this brutal act of violence.”

A Walmart spokesperson added that the retailer is working closely with law enforcement.

“Violence like this is unacceptable. Our thoughts are with those who were injured and we’re thankful for the swift action of first responders,” a statement said.

Pic: AP
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Pic: AP

At this stage, the ages of the victims is unclear – but it is not thought any of the victims were Walmart employees.

Traverse City is about 255 miles northwest of Detroit.

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