As the tide of artificial intelligence (AI) swells, billionaire hedge fund guru Steve Cohen is urging fellow investors to grab their boards and ride the “big wave,” rather than fretting over the prospects of an economic downturn.

Speaking at a private event at the SALT conference, Cohen, who founded Point72 Asset Management and owns the New York Mets, advised that an undue focus on potential recessions could blind investors to the flourishing opportunities in the AI sphere.

Despite admitting some concerns over the potential disruption of employment caused by AI technologies, Cohen emphasized that, in the long run, these innovations would likely be a job creator rather than a job killer.

Cohen’s outlook wasn’t just limited to AI – his bullish sentiment extended to the broader economy. He shared his optimistic perspective that profit margins are set to improve, potentially reducing the need for aggressive interest rate hikes by the Federal Reserve. This fiscal ease could, in turn, stimulate market growth. As Cohen puts it, “We’re going up.”

The timing of Cohen’s bullish stance on AI aligns with significant moves by other heavy-hitting investors in the space. Stanley Druckenmiller’s family office, for instance, recently bulked up its Nvidia stake and ventured into a fresh Microsoft investment last quarter. Concurrently, Bill Ackman’s hedge fund has thrown its hat in the AI ring with a billion-dollar investment in Alphabet shares, as the tech giant broadens its footprint in artificial intelligence technologies.