Billionaire Steven Cohen Sells Apple Stock and Buys a Little-Known AI Stock Up 500% in Less Than 3 Years

Steven Cohen runs Point72 Asset Management, a hedge fund that has earned $38 billion in profits since its inception in 1992. That makes him the 12th-most successful hedge fund manager in history, according to LCH Investments.In the third quarter, Cohen sold his entire stake in Apple (NASDAQ: AAPL), formerly his second-largest holding excluding options. He also started a small position in Axon Enterprise (NASDAQ: AXON), an artificial intelligence (AI) stock up 500% in the last 30 months. The new position is relatively small, but it still means Cohen was more comfortable owning Axon than Apple.Importantly, Cohen is an excellent source of inspiration, given his track record, but those trades took place in the third quarter, and the fourth-quarter update isn't due for a few weeks. So, here is a more current look at Apple and Axon.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool