•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Renewed investor demand for chipmakers and companies supplying materials and equipment for data center expansion has pushed the S&P 500 and the tech-heavy Nasdaq Composite to new highs. The rally has also spilled into sectors with limited direct exposure to artificial intelligence, including struggling sneaker makers that have moved to align with the AI theme. Hedge fund billionaire Paul Tudor Jones said he is buying AI-related stocks, at least for now.
Jones told CNBC on Thursday that he “bought more AI stocks,” adding that he invested in a basket of them rather than trying to pick individual winners or losers. He described the current environment as “crazy times” similar to the period just before the Dotcom Bubble burst.
Jones compared today’s market mood to earlier technology milestones. He pointed to the January debut of Anthropic’s Claude Code tool as a marker of the current wave. He also likened the moment to 1981, when Microsoft rolled out MS-DOS 1.0 for IBM’s personal computer, describing it as the beginning of what he called “productivity miracles.”
Jones’ comments reflect a broader investor focus on the expectation of efficiency gains from AI, even as a large, economy-wide efficiency boom has not yet materialized. Investors appear to be rewarding “picks-and-shovels” companies—those supporting the infrastructure and supply chain for AI and data center buildouts—alongside major technology firms that are spending to expand their capabilities.
He noted that these companies have shown outsize growth during the current earnings season, contributing to continued strength in tech shares and record levels in major benchmarks.
Despite the momentum, Jones warned that the AI trade is unlikely to keep rising indefinitely. He said it likely has “another year or two to run.” After that, he expects investors to face “one of those breathtaking corrections.”
Jones said he has experienced similar market downturns before, including the 1987 stock market crash, which he previously profited from by shorting.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
