Steven Cohen's Point72 Asset Management has achieved a 14% gain with its newly launched artificial intelligence (AI)-focused fund, reaching nearly $1.5bn in assets within just three months, according to a report by Reuters citing sources familiar with the matter.  The fund, called Point72 Turion, began trading in October under the leadership of Portfolio Manager Eric Sanchez. Based on its strong performance and investor inflows, it is expected to hit $1.5bn by April, at which point the fund will reportedly stop accepting new investors. Previously, it was reported that Point72 aimed to raise approximately $1bn for this venture. The rapid growth of the AI-focused fund underscores the market's enthusiasm for AI opportunities. Turion, which focuses on identifying winners and losers within the AI supply chain, delivered returns of 3.5%, 4.9%, and 5.2% in October, November, and December, respectively. It ended 2024 with a 14.2% gain, significantly outperforming the Nasdaq Composite Index's 6.2% increase during the same period. This is Point72's first new fund in decades, marking a significant development for the firm, which manages $35.2bn in assets. Point72’s main fund also saw a strong performance, rising 19% last year.