5 Stocks Dumb Money’s Steve Cohen Is Betting On Now

4. Adobe Inc. (NASDAQ:ADBE)

Value of Point72 Asset Management’s 13F Position: $370 million

Number of Hedge Fund Shareholders: 113

Because billionaire Steve Cohen is bullish on AI, his firm increased its stake in Adobe Inc. (NASDAQ:ADBE) by 52% during the second quarter. Point72 has likely profited from its investment as the company’s stock has surged over 50% this year. In an earnings call, CEO Shantanu Narayen stated that innovations across its product portfolio are ushering in a new era of AI-enhanced creativity around the world. Adobe also outperformed revenue and earnings expectations for the June quarter by $22 million and $0.12 per share, respectively. 

Adobe has recently seen an increase in investor interest. It was in 113 hedge fund portfolios as of the end of the second quarter, compared to 100 positions in the previous quarter.