Paul Tudor Jones Says AI Bull Market Has Another Year or Two Left

TLDR

• Paul Tudor Jones says the AI bull market has “another year or two to run”
• He recently bought more AI-related stocks, investing in baskets rather than individual picks
• Jones compares current AI to Microsoft’s 1981 PC launch and the 1995 internet boom
• He estimates the market is 50–60% through the current cycle and could climb another 40%
• Jones warns a correction could come when stock market cap hits 300–350% of GDP

Billionaire hedge fund manager Paul Tudor Jones says the artificial intelligence bull market still has room to grow. Speaking on CNBC’s “Squawk Box” on Thursday, Jones said he recently bought more AI-related stocks and believes the rally is far from over.

Jones said he invests in baskets of stocks rather than individual names. “I’m a macro trader, so I just buy baskets,” he said.

He compared the current AI boom to two earlier tech-driven productivity cycles. The first was Microsoft’s rise in the early 1980s. The second was the commercialization of the internet around 1995.

Jones specifically compared Anthropic’s Claude Code, released in January, to Microsoft’s introduction of the personal computer in 1981. Both, he said, marked the start of broader commercial adoption.

Parallels to the Late 1990s

Jones also compared today’s market conditions to late 1999, about a year before dot-com stocks peaked in early 2000. He noted that current valuation multiples and earnings metrics mirror that period.

He pointed to the upcoming election and incoming Federal Reserve Chairman Kevin Warsh as factors that could keep monetary policy on hold, similar to how Y2K concerns held back the Fed in 1999.

Jones said he believes the market could rise another 40% before reaching its peak.

Warning Signs Ahead

Despite his bullish outlook, Jones warned of the risks that could follow. He said if stock market capitalization reaches 300% to 350% of gross domestic product, a sharp correction would likely follow.

Jones also raised concerns about the long-term risks of artificial intelligence itself. He said governments will need to step in with regulation and that unchecked AI could become dangerous to humanity.

Jones is the founder and chief investment officer of Tudor Investment Corporation. He is widely known for predicting and profiting from the 1987 Black Monday crash.

He is also chairman of Just Capital, a nonprofit that ranks U.S. public companies on social and environmental metrics.

Jones made his comments at a conference before his Thursday appearance on CNBC. He did not specify which AI stocks he purchased or exactly when the trades were made.

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