Steve Cohen, the billionaire founder of Point72 Asset Management, has announced his retirement from trading after four decades, opting to focus on firm growth and mentoring instead. While he will continue as co-chief investment officer alongside Harry Schwefel, Cohen will no longer invest clients' capital, emphasizing the value he finds in guiding the next generation of investment professionals. Point72, which manages over $35 billion in assets, has seen significant growth and is planning to launch an artificial intelligence-focused hedge fund, reflecting Cohen's positive outlook on AI as a long-term investment theme. This shift comes after Cohen's previous firm, S.A.C. Capital Advisors, faced a major insider trading scandal, leading to a rebranding in 2014. Despite stepping back from direct trading, Cohen remains a significant figure in the hedge fund industry and continues to own the New York Mets, solidifying his status among the richest individuals globally.