Investing.com -- Steven Cohen's Point72 Asset Management has seen rapid growth in its new artificial intelligence (AI)-focused fund, Point72 Turion. After only three months of trading, the fund has posted a 14% gain, expanding its total to almost $1.5 billion, according to Bloomberg insiders familiar with the situation.

The fund, managed by portfolio manager Eric Sanchez, began trading in October. Based on its performance and subscriptions, it was projected to reach the $1.5 billion mark by April. Once this target is attained, the fund intends to halt the admittance of new investors, as per the sources.

In June, Bloomberg had reported that Point72 was aiming to raise approximately $1 billion for this new fund. The swift expansion of Point72's AI fund serves as a recent illustration of market enthusiasm for AI prospects.

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