Legendary investor Paul Tudor Jones: AI bull market has 'another year or two to run'

Summary

Paul Tudor Jones discusses the AI bull market, comparing it to historical productivity booms. He says he bought more AI stocks and expects another year or two of gains with roughly 40% upside. He also touches on Fed policy constraints ahead of the election and the massive infrastructure spending by hyperscalers.

• Paul Tudor Jones bought more AI stocks after returning from a conference.
• He compares the AI boom to the PC productivity miracle and the late-1990s internet rally.
• He estimates the AI bull market is 50-60% complete with one to two years left.
• He sees roughly 40% upside remaining, similar to late 1999.
• He notes that hyperscalers are spending 1% of GDP on AI infrastructure.
• He discusses potential Fed constraints before the election with Kevin Warsh as chair.
• He mentions the large budget deficit and potential need for rate hikes.