Paul Tudor Jones urges buying AI/tech

Paul Tudor Jones went on CNBC on Thursday, May 7, and did the thing everyone notices late in a bull market — he said he’s still buying the hottest part of it. Not meme stocks. Not some obscure turnaround. AI and big tech. His basic argument was simple: the AI trade looks overheated, but not finished. That matters because Jones is not some momentum influencer. He’s one of the best-known macro traders alive, and when someone like that says he’s adding exposure instead of trimming it, people hear more than a hot take. They hear permission. ### What exactly did he say? Jones said the AI bull market has “another year or two to run,” and he said he has recently bought more related stocks. He framed the move as a historical pattern match — basically, he thinks this still looks more like the middle-to-late stretch of a mania than the final blowoff top. ### Why did the “40% more” line hit so hard? Because that’s the number traders can anchor to. Jones didn’t just say AI is interesting or transformative. He put a rough upside target on the table — about 40% more before the eventual washout. That turns a vague bullish vibe into something people can trade around, repeat on desks, and blast across social feeds. ### Why compare this to 1999? Because 1999 is the classic warning label and the classic temptation. Jones said today’s AI run reminds him of the late-dot-com period, when revolutionary technology kept pushing markets higher even as valuations got harder to defend. The point of the comparison wasn’t “sell now.” It was almost the opposite — bubbles can run much longer than skeptics expect. ### So is he bullish or worried? Both. That’s the whole point. Jones is bullish on the next leg and worried about the ending. He’s arguing that the same forces making the trade dangerous — crowding, excitement, huge narratives, giant cap-weighted winners — are also the forces that can keep driving it higher for a while. Then, when it breaks, it could break fast. He used the word “breathtaking” for the eventual correction. ### Why do people care what he buys? Because investor calls from famous hedge-fund managers can change behavior at the margin. Not in a magical way — more like a signal flare. If a veteran macro trader says he’s still pressing the AI trade, that can reinforce what growth managers. That last part is an inference, but it fits how these calls usually travel through markets. ### Is this only about stocks? Not really. Jones was also talking about AI itself — the speed of improvement, the scale of the opportunity, and the fact that regulation is lagging. On the same day, he said the U.S. is already behind on AI rules and should be moving faster on things like watermarking deepfakes. So his view is not “AI is safe.” It’s more like “AI is powerful, underregulated, and still investable.” ### What’s the catch for regular investors? The catch is that “there’s more upside” is not the same as “this is a good entry.” Late-stage rallies are where people make fast money and bad decisions at the same time. If Jones is right, the trade may still have room. But if you hear only the upside number and ignore the part about a violent unwind, you’re hearing half the message. ### Bottom line? Jones just gave the AI trade a very loud endorsement. But he also described the ending in terms that sound a lot like a warning label. The cleanest read is this: he thinks the boom is still on — and already dangerous.