Steve Cohen

Steve Cohen’s Point72 Asset Management ended the first quarter of 2026 with a concentrated bet on the infrastructure and tools of artificial intelligence, even as the fund’s overall posture remained highly diversified. The top ten disclosed equity positions account for just over 11% of the $78 billion portfolio, a structure that allows for large, liquid core holdings while leaving room for the stock-picking that defines the firm’s hedge fund model. Nvidia is the single largest reported position at 1.69% of the portfolio, a $1.32 billion stake that makes Cohen a significant institutional holder. But the rest of the top ten tells a more specific story. Arista Networks at number three, ASML at number six, and Credo Technology at number seven all point to a bet on the physical layer of data centers and high-speed networking. The inclusion of Teradyne, a semiconductor test equipment maker, at number ten reinforces this theme. These are not speculative AI trades; they are positions in the companies that build the tools for the AI buildout. Where Cohen diverges from some peers is in the relative modesty of his largest bets. Many multi-manager funds run far more concentrated top positions. Point72’s largest disclosed equity stake is still under 2% of the portfolio, and the fund holds large positions in broad market ETFs like the SPY and QQQ. This is a portfolio built for risk management and liquidity, not a single bet on a single stock. The inclusion of Amazon and Broadcom in the top ten rounds out a technology-heavy, growth-oriented tilt, but the low individual position sizes suggest a manager who is bullish on the sector but cautious about any single name.