Jim Simons, who founded the Medallion Fund, one of the world’s largest hedge funds, is taking aim at the technology sector.
Simons is eyeing companies that are positioning themselves in the Internet of Things (IoT) industry. Almost everything in the physical world still remains unconnected to the internet. However, in the very near future we’ll see nearly everything from automobiles to kitchen appliances to shipping containers will all be connected.
The IoT market is potentially huge. Networking giant Cisco Systems predicts that by 2020:
The IoT market will add US$19 trillion to the world’s gross domestic product.
The worldwide IoT market for products and services will grow threefold to more than US$3 trillion.
The number of devices connected to the Internet will pass 50 billion, up from about 10 billion devices today.