Steve Cohen says his financial firm can already save $25 million by using AI

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You can count billionaire investor Steve Cohen among those who believes artificial intelligence is already making an impact on the business world. The Point72 founder told CNBC's Andrew Ross Sorkin on "Squawk Box" that his financial firm has found ways for even the early AI models to save the company money. "I'll give you one little anecdote. My CTO comes to me and says I can save the firm $25 million by using these LLMs to improve our efficiency," Cohen said, referencing his chief technology officer and the large language models like ChatGPT. "Now, we're a nice sized firm. We're not a huge firm. So imagine what big companies can do. And that's just one thing, so it gives you a little bit of a look into what's possible," he added.