Overview
- Jones, speaking on CNBC’s Squawk Box on Thursday, said the AI-driven bull market is about 50% to 60% complete with another year or two of upside.
- He said he recently increased AI exposure by purchasing baskets of stocks rather than single names and did not disclose which shares or when he bought them.
- He likened today’s phase to Microsoft’s early PC era and the internet’s 1995 commercialization, pointing to Anthropic’s January release of Claude Code as an inflection point.
- He said the market could climb about 40% before peaking and warned that a valuation near 300% to 350% of U.S. GDP could set up a sharp correction.
- He urged eventual government regulation of AI due to long-term risks and spoke as a widely followed macro trader known for his 1987 crash call during a yearslong, AI-led run in chips, cloud, and generative AI.