Paul Tudor Jones said the artificial intelligence bull market likely has another year or two to run [1].
The projection from a prominent hedge fund manager suggests that despite rapid growth, the AI sector has not yet reached its peak. This perspective provides a counter-narrative to fears of an immediate market bubble, suggesting that investors may still find gains in the technology sector before a correction occurs.
Jones, the founder and chief investment officer of Tudor Investment Corporation, said his analysis during an appearance on CNBC’s ‘Squawk Box’ on May 7, 2026 [1]. He compared the current market environment to the year 1999 [1], which was approximately one year before the dot-com bubble peaked in early 2000 [1].
According to Jones, the development of AI is still in its early stages [1]. He said that the current trajectory of tools like ChatGPT and Claude resembles the early days of personal computing, specifically drawing a parallel to the Apple II [2]. This comparison implies that the foundational utility of the technology is still expanding into new applications.
While the comparison to the late 1990s often signals an impending crash, Jones used the 1999 benchmark to highlight the remaining runway for growth [1]. He said that the market feels similar to that period, suggesting that the peak is not yet here [1].
Jones also serves as a board member of the Robin Hood Foundation [1]. His views on the AI trade reflect a broader debate among institutional investors regarding whether AI valuations are supported by fundamental productivity gains, or speculative momentum.
“the AI bull market has ‘another year or two to run’”
By likening the current AI boom to 1999 rather than the 2000 peak, Jones is suggesting that the market is in a 'late-growth' phase rather than a 'collapse' phase. This implies that while the risk of a bubble exists, the actual utility and adoption of AI tools may provide enough fundamental support to sustain higher valuations for a limited window of time.
