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In the week ending May 31st 2024, media reports revealed that tech savvy hedge funds are investing in generative AI by hiring top talent. Business Insider collected salary data from 8 hedge funds and prop-trading firms for AI roles. For years, hedge funds and prop-trading firms have relied on massive amounts of data and the workers who analyze it to beat the market. But the promise of generative AI has kicked off a new talent war for AI workers who can level up hedge funds' quantitative strategies with a new generation of transformative technology.
Hedge funds are shedding mega-cap tech and buying up other AI beneficiaries, says Goldman Sachs too. Funds cut positions in Google, Amazon, Microsoft, Meta, and Nvidia for lesser-known AI plays. Goldman's hedge fund basket has outperformed the S&P 500 60% of the time.
Specifically, hedge funds are signaling what they see as the next big artificial intelligence play: Taiwan Semiconductor Manufacturing Co. Renaissance Technologies, which delivered 62% annualized returns before fees and 37% after fees from 1988 to 2021 in its Medallion Fund, significantly increased its position in Palantir Technologies
In new launches, Paul Singer's Elliott Management raised $8.5 billion in its latest fundraise - the new capital can be called at any time over the next two years; BR Capital to launch long-bias digital assets hedge fund - the soon-to-be-launched ...................... To view our full article Click here
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