Paul Tudor Jones with an AI Outlook 5/7/26

Summary

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Squawk Pod: Paul Tudor Jones with an AI Outlook

Date: May 7, 2026
Podcast: Squawk Pod (via CNBC)
Host/Anchors: Katie Kramer, Andrew Ross Sorkin, Becky Quick
Featured Guest: Paul Tudor Jones (Founder, Tudor Investment Corporation)

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Episode Overview

In this episode, legendary hedge fund investor Paul Tudor Jones joins CNBC’s Squawk Box team to share first-hand insights from a private AI conference attended by leaders at the forefront of artificial intelligence development. The conversation dives into the astonishing pace of AI progress, growing calls for regulation (even among top builders), existential risks, and reflections on market parallels to past tech booms. Jones also discusses philanthropy, wealth disparity, and responses to recent local policy debates.

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Key Discussion Points & Insights

Unprecedented Growth and Market Impact of AI

• Anthropic’s Explosive Growth (03:09–04:33)
  The team discusses Anthropic’s reported “80x” annualized surge in usage and revenue in Q1, with a new partnership for compute power via SpaceX.
  Quote:

  “If you could keep that going for a couple of years, you’d be a trillion-dollar revenue company. Think about, just think about the sort of math of what that could look like.” — Andrew Ross Sorkin (03:39)

• Game-Changing Compute and Industry Moves
  The convergence of space and AI companies, compute bottlenecks, and regulatory responses highlight the scale and complexity of the current AI wave.

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Key Insights from Paul Tudor Jones’ AI Conference

Remarkable Progress Meets Existential Concern (12:24–20:53)

• Medical Revolution
  Use of AI to tailor mRNA vaccines could soon result in curing “probably 50% of cancer cases for under $100,000” within two years.
  Quote:

  “That’s the great side of this technology…we could be on the verge of the age of abundance.” — Paul Tudor Jones (12:52)

• Heightened Demand for Regulation
  Of the elite room of ~50 AI leaders, support for government regulation rose from 20% last year to over 80% this year, including “the head of one of the largest model companies.”
  Quote:

  “They obviously see something, right, in the last 12 months.” — Paul Tudor Jones (14:39)

• Existential Risk Polling
  When asked, “What’s the chance that half of humanity could be wiped out by AI in the next 20 years?”:

  • Last year: 5 of 50 (including Jones and the model builders) answered yes
  • This year: “60, 40. The answer was yes.” (i.e., 60% believe a 10% chance exists)
    Memorable moment:

  “So that’s not necessarily good.” — Paul Tudor Jones (15:25)

• Ethics and Alignment Concerns
  Few model builders believe in the concept of a “soul” (5 out of 50).
  Quote:

  “That’s who’s deciding the future of human…” — Becky Quick (19:00)
  “There’s a misalignment between what they’re doing, hell-bent on getting this answer, and the rest of society who has a variety of other values.” — Paul Tudor Jones (19:49)

• Urgency for Immediate Regulation
  Jones calls for instant regulation, starting with mandatory watermarking of AI-generated content to differentiate it from human-authored material.
  Quote:

  “Clearly, we need to regulate AI. We need to do it tomorrow. We’re late already.” — Paul Tudor Jones (20:30)

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Regulation Debate & Global Competition (21:02–21:42)

• Regulation Models and Geopolitics
  Despite industry leaders urging “please regulate me,” there’s resistance to slow, preemptive models like the FDA.

  “I am so tired about hearing ‘competing with China.’...We should be having a dialogue with them about AI safety.” — Paul Tudor Jones (21:42)

• Jones’ Plan: Watermarking First
  “We’ve got to watermark the hell out of it…Stop the deep fakes.” (22:17)

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Market Perspective: Are We in a New Tech Bubble? (22:38–25:11)

• Buying into AI Surge
  After the conference, Jones doubled down on AI stocks, favoring baskets over individual picks.
  Quote:

  “Absolutely, I bought more AI stocks.” — Paul Tudor Jones (22:48)

• Macroeconomic Parallels
  Jones compares today to both the “productivity miracle” of the PC/Internet era and the boom-bust dynamic of the late 1990s tech bubble.

  “We’re kind of where we were in October, November of ‘99… you’ve got more runway.” — Paul Tudor Jones (24:30)

• Potential Risks After the Boom
  Warning of what could happen “after that”:

  “It’ll be one of those breathtaking kind of play[s].” — Paul Tudor Jones (25:20)

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Broader Economic, Political, and Social Issues (27:00–32:19)

• Wealth Disparity & Local NYC Tax Debate
  Jones addresses criticism of Ken Griffin, highlighting philanthropy’s local impact and warning about personalizing policy disputes.

  “The idea of demonizing any individual for a societal issue… Wealth disparity is a huge societal issue. I get it, I’ve been talking about for a decade. But we should not bring individual personalities in it.” — Paul Tudor Jones (27:33)

• Poverty and Food Insecurity
  Robin Hood Foundation’s focus for the year is food insecurity in New York, which Jones describes as worse now than ever.
  Quote:

  “We really do have probably more hungry people in this city than we’ve had maybe ever.” — Paul Tudor Jones (31:11)

• Personal Responsibility & Call to Action

  “We can individually do something. We can give our time, we can give our money, we can give that.” — Paul Tudor Jones (32:16)

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Notable Quotes & Memorable Moments (with Timestamps)

• “In two years… tailor made mRNA vaccines. Probably 50% of cancer cases can be cured for under $100,000.” — Paul Tudor Jones (12:52)
• “Last year I would say 20% of that room was in favor of government regulation. This year it was 80%...” — Paul Tudor Jones (13:50)
• “Do you think there’s a 10% chance that half of humanity could be wiped out in the next 20 years?... This year that was 60, 40. The answer was yes.” — Paul Tudor Jones (15:00)
• “There’s a misalignment between what they’re doing… and the rest of society who has a variety of other societal values.” — Paul Tudor Jones (19:49)
• “Clearly, we need to regulate AI. We need to do it tomorrow. We’re late already. We should have already done it.” — Paul Tudor Jones (20:30)
• “We’ve got to watermark the hell out of it… so we know. Stop the deep fakes.” — Paul Tudor Jones (22:17)
• “We’re kind of where we were in October, November of 99… you got more runway.” — Paul Tudor Jones (24:30)
• “We really do have probably more hungry people in this city than we’ve had maybe ever.” — Paul Tudor Jones (31:11)

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Timestamps for Important Segments

• Anthropic’s AI growth & compute bottlenecks: 03:09–04:33
• AI safety, US-China dialog: 05:21–06:12
• Paul Tudor Jones’ AI Conference Takeaways (main segment): 12:24–27:00
• Market parallels: AI, tech bubble, and more: 22:38–25:11
• Ken Griffin, local tax, philanthropy: 27:00–30:32
• Food insecurity & Robin Hood Foundation: 31:11–32:19

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Tone & Takeaways

The tone throughout is candid, urgent, at times philosophical—mixing awe at technological advances with sobering warnings about societal risks and responsibilities. Jones is direct, calling for swift regulatory action and highlighting potential misalignments between AI builders and wider human values. He frames the present as a crucial inflection point, both for capital markets and for humanity’s future.

Listeners will walk away with a sense of the moment’s gravity, the pace of technological change, and the necessity for societal engagement and policy action—alongside big macro trading perspectives and a dose of hope for how leadership and giving can help address persistent inequities.

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Transcript

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[Katie Kramer]

Hi, I'm CNBC producer Katie Kramer. Today on Squawk Pod, legendary investor Paul Tudor Jones.

[Paul Tudor Jones]

We're kind of where we were in October, November of 99.

[Katie Kramer]

And his takeaways from a tight circle of the biggest builders in A.I. the opportunities.

[Paul Tudor Jones]

I bought more A.I. stocks.

[Andrew Ross Sorkin]

You did?

[Paul Tudor Jones]

Absolutely.

[Katie Kramer]

And the guardrails needed.

[Paul Tudor Jones]

Last year I would say 20% of that room was in favor of government regulation. This year it was 80% plus the

[Katie Kramer]

rest of today's news that got us squawking big compute, big money, anthropics, big rise.

[Andrew Ross Sorkin]

If you could keep that going for a couple of years, you'd be a trillion dollar revenue company. Think about, just think about the sort of math of what that could look like.

[Katie Kramer]

It is Thursday, May 7, 2026. Squawk Pod begins right now.

[Andrew Ross Sorkin]

Stand Becky by in 3, 2, 1. Q please.

[Becky Quick]

Good morning everybody. Welcome to squawk box right here on cnbc. We are live from the NASDAQ market site in Times Square. I'm Becky Quick along with Andrew Ross Sorkin. Joe is out today. Among our top stories this morning, energy prices in focus on optimism of a potential U. S. Iran peace deal. On oil. Oil right now is down by about 3.3%. WTI trading at 9,186. Brent is also trading lower even after yesterday's significant declines, a drop of about 7.8% this morning. Brent is sitting right at $98 a barrel. The CDC says that the United States is closely monitoring U.S. travelers that were on a cruise ship that was hit by a hantavirus outbreak. So far it has claimed three lives. People in three states are being monitored for potential infections after traveling cruise ship at the center of the outbreak. The biggest issue here is with this human to human transmission of this hantavirus. There's a one to eight week incubation period. It's a long time. You can be contagious even before you are symptomatic.

[Andrew Ross Sorkin]

Anthropic Giving some details about the monstrous growth it's seen recently at the company's developer conference, the company's CEO Dario Amodei saying the the revenue and usage increased 80 fold in the first quarter on an annualized basis. That's extraordinary. That is the reason we have had difficulties with compute, right?

[Paul Tudor Jones]

We've planned for anything from it only

[Andrew Ross Sorkin]

grows a little to it grows 10x and yet we saw 80x Amaday saying that Anthropic is working as fast as possible to provide more compute to users. And earlier in the day, the company announced a deal with Elon Musk's SpaceX to use all of the compute capacity at a giant SpaceX data center in Tennessee. Writing on X, Musk praised Anthropic topic and said he'd spent considerable time with senior company officials. Last week he also said, quote, everyone I met was highly competent and cared a great deal about doing the right thing. No one set off my evil detector. So long as they engage in critical self examination, Claude will probably be good. And that's a bit of a turnaround for Elon as it relates to how I think he was thinking about Claude in the past, clearly how he's thought about OpenAI in the past. But here he's doing a deal in part, by the way, separately. It should be noted that, that there has been some conversation that, you know, Xai is not using all of the compute and won't be using all of the compute that he's building. So there's sort of a balance there.

[Becky Quick]

Balance back and forth. You're, you're right though. Those numbers, I was listening to that yesterday too with, with Darius. The idea of 80 times demand, I mean that's just hard to get your head around. How, how could you possibly plan for that? How do you keep up with that? Where are the bottlenecks? How do you fix them? I mean, that's just hard to get your head around.

[Andrew Ross Sorkin]

Well, if you could keep that going for a couple of years, you'd be a trillion dollar revenue company. Think about, just think about the sort of math of what that could look like. Separately, in the partnership announcement, we should mention the company referred to itself. As Space. Xai Musk later posted, xai will be dissolved as a separate company. So it will just be SpaceX AI, the AI products from SpaceX. So it is a mouthful.

[Becky Quick]

Yeah. All right. In the meantime, the United States and China are reportedly considering starting an official dialogue on AI safety. The Wall Street Journal says that the issue could be on the agenda for President Trump's scheduled meeting with Chinese leader Xi Jinping next week. Officials are said to be interested in a series of ongoing conversations touching on the potential erratic behavior by AI system as well as autonomous military systems and non state actors using open source technology to stage attacks. The United States previously engaged with China on AI under former President Biden. The Journal notes that the current effort is being led by Treasury Secretary Scott Besant. It's probably pretty important too. We look at these things as the potential for nuclear weapons down the road. This is one thing we should definitely be talking with all parties and in particular China.

[Andrew Ross Sorkin]

Very much so. Okay. GameStop CEO Ryan Cohen saying his ebay account has been suspended. Cohen listed some personal items for sale saying he was, quote, selling stuff on ebay to pay for ebay shared a screenshot on X of a notice from ebay saying his account had been suspended, although listings from that account appear to still be available for sale. So you can support his effort if you'd like. So it isn't clear right now if the account was actually suspended. Among the items on sale, if you're so interested on Cohen's ebay account, there's some sports cards, a GameStop hat, vintage video games, and a pair of socks. As a thank you gift with the purchase, buyers will get a hand signed copy of the offer letter that he sent to ebay's board. Maybe I'll bid on it. The current high bid, by the way, on the pair of socks. Oh no, I won't be sorry. I didn't realize what was going on here. A pair of socks, 14,000 bucks above that.

[Becky Quick]

By the way. I wonder if this is a new account for him. I don't know if you noticed the Screenshot. Name is Ryan 50 50, which is 50% cash, 50% stock, which is what he came on here and said the deal was. Of course that doesn't account for the additional shares they'll have to issue and the debt that comes from that. But I wonder if that's a brand new account. How long that's been around?

[Andrew Ross Sorkin]

I don't know. 50 50. It's a meme. It's everywhere. I don't know if you've seen when your wife asks how you're going to pay for vacation, 50% stock, 50% cash.

[Becky Quick]

There you go.

[Andrew Ross Sorkin]

That's the line of the day. Surging jet fuel prices reportedly causing some anxiety in the White House. The Wall Street Journal reporting that President Trump's advisors are worried that the higher costs will result in losses for Republicans in November's midterm elections. That article noting that former New Hampshire Governor Chris Sununu recently told Treasury Secretary Scott Bessant that airfares could surge if the Iran war doesn't end soon. And Sununu is now president of the industry trade group Airlines for America. Just yesterday, transportation secretary said airlines jet fuel costs in March jumped more than 50% compared to February. And we've had a couple guests on but I'm thinking of one in particular who suggested that some airlines may just stop flying certain routes over the summer if things get out of control.

[Becky Quick]

Was it, who was it Lufthansa, one of the German air carriers canceled thousands of flights. They were short term flights, short haul ones. The CEOs that we've talked to here, I'm thinking specifically of Jeff Kirby from United, when we asked him about it during earnings last week, said, look, right now it looks like they're okay. He does not think that the long haul flights will be canceled. It would probably be short haul ones that do. But if you get to the end of May and there hasn't been anything that's opened up, I think beginning of June, you're looking at about 23 to 27 days of fuel that they have for jet fuel in Europe. We've managed to avoid some of those issues. Now, if you get this 30 day pause, perhaps you get some ships that move through before that. But it's certainly something every single one of the airlines are watching very closely.

[Andrew Ross Sorkin]

Scary stuff.

[Becky Quick]

Yeah.

[Andrew Ross Sorkin]

CHEESE will be next.

[Katie Kramer]

Don't go anywhere. Paul Tudor Jones is next on Squawk Pod. The hedge fund manager and founder of Tudor Investment is fresh off of an intimate conference with the leaders and builders of artificial intelligence. What he learned and what concerns him him about AI.

[Paul Tudor Jones]

Do you think there's a 10% chance that half of humanity could be wiped out in the next 20 years? And out of the 50 people there, five raised their hands. I was one of them. The other four were the people who actually built the model. So that was disconcerting. This year that was 60, 40. The answer was yes, that's next.

[Katie Kramer]

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[Katie Kramer]

what made you confident that you could do something that hadn't been done before?

[Becky Quick]

I have no fear of failure.

[Katie Kramer]

Trailblazing women, changing the game One of my favorite pieces of advice, think about

[Becky Quick]

what your boss's boss needs.

[Katie Kramer]

Leadership can look in many, many different forms. It really does come down to just trusting yourself. Life is short and you just gotta think big to accomplish big things. Julia Boorstin hosts CNBC Changemakers and Power Players. New episodes every Tuesday, wherever you get your podcasts. Welcome back to Squawk Pod from CNBC Today with Becky Quick and Andrew Ross Sorkin. Here's Andrew.

[Andrew Ross Sorkin]

Stand Andrew by in five seconds. Four, three, two, one, up. And Andrew Q. Is Mike joining us now exclusively on the markets, the Fed, artificial intelligence and so much more. Legendary investor and billionaire hedge fund manager Paul Tudor Jones is here, of course, founder and chief investment officer of Tudor Investment Corporation. And he is also founder and board member of the Robin Hood foundation, which is holding its annual benefit in just days right here in New York. And we always love having you here and so much to talk about in terms of the markets, we're at these record highs. It's a remarkable situation, I think in large part driven by AI.

[Paul Tudor Jones]

Correct.

[Andrew Ross Sorkin]

On the other end, we have the situation in the Middle east which has been a question mark, but for whatever reason, at least the way the markets are thinking about it, maybe not as big a question mark as we might think. You just got back from a big AI conference that I think has your head spinning. I thought maybe you could help us understand. And I remember last year you were with us, I think right around this time when you had been to maybe

[Paul Tudor Jones]

the same conference, 50 years conference, and

[Andrew Ross Sorkin]

I think you had people frankly a little freaked out last year.

[Paul Tudor Jones]

Yeah, I, I would say, I would say this one was, was, was really interesting. Some of the key takeaways, the first, a good part. The good part is in two years with mRNA vaccines empowered by AI tailor made mRNA vaccines. Probably 50% of cancer. Cancer cases can be cured for under $100,000. So that was, that's, that's the great side of this technology, right? 20, 30, probably robotics will be ubiquitous and we could be on the verge of the age of abundance. That's wonderful. I would say there were also two big attitudinal shifts last year. So this conference, there's, it's small, it's about 50 people. It's the leading, the leading AI entrepreneurs, modelers, the people who are actually building the models, overseeing their deployment, people who are using AI in the fields of medicine, biotech, the whole nine yards. So you got the best of the best in that room. The big attitudinal shift I would say is last year, I would say 20% of that room was in favor of government regulation. This year it was 80%, including the head of one of the largest model companies who said, I can't believe we're not regulated. I can't believe that no government is regulating us. We need to be regulated. So there's been a big attitudinal shift. They obviously see something, right in the last 12 months.

[Becky Quick]

They see something, yeah.

[Paul Tudor Jones]

So that's the other side of that to that point. And it's a really interesting conference because it's very interactive. A lot of polling as we go through to see where everyone is. So last year they asked the question, what is the, is there. Do you think there's a 10% chance that half of human humanity could be wiped out in the next 20 years? And out of the 50 people there, five raised their hands. I was one of them. The other four were the people who were actually built the model. So that was discourse disconcerting. This year that was 60, 40. The answer was yes, 6040.

[Becky Quick]

So fewer people are concerned. But the ones who are, include the ones who are.

[Paul Tudor Jones]

No, no, no, this year.

[Becky Quick]

Oh, this people.

[Andrew Ross Sorkin]

Oh yeah, no, this is scarier.

[Paul Tudor Jones]

Yeah, it's going from 10% to 60%. Oh, so that's, that's not necessarily good.

[Andrew Ross Sorkin]

We did a, that's, to put it

[Paul Tudor Jones]

politely, we did a simulation. We also did a simulation where we kind of walk forward the next few years in AI and you had, so we kind of broke up into groups of three or four and you had, you had all the major tech companies represented. You had US Military, US government, Chinese government, Chinese military, the rest of the world, the general public. So, and then we just kind of started walking forward. What was the advent of AI going to bring And I would say we did five rounds. After the second round, it got comedic. So I want to couch all this

[Andrew Ross Sorkin]

right as it is.

[Paul Tudor Jones]

Then it got to be, well, what could be the, you know, what could be the more interesting or funny thing that we could do? However, what was really interesting was to see the interplay of all the tech companies, which I don't really know that world as well, but it was so funny to see the competition. But just to fast forward to the end, it ended with Earth based AI, which was anthropic and open AI against space based, which was Elon. And he'd have sort of met about that point in time. Those two were kind of in a war. But Earth based AI got so tired of dealing with all the human personalities that it went rogue and wiped out all humanity. So that was. Now, it was a joke, right? It was comedic. But I'll tell you, I couldn't help but think about. Remember that movie Wag the Dog?

[Andrew Ross Sorkin]

Yep.

[Becky Quick]

Yeah.

[Paul Tudor Jones]

So wag the dog, 1997 it was. That was with Dustin Hoffman, Robert De Niro, I think Robert De Niro played the president, and he had an affair and then got in trouble and said, I'm going to go start a war so he can get reelected. At the time, I don't know what I thought. That's the dumbest thing. That's this. That's. How could Hollywood even write that? And then, of course, now it's kind of like, okay, well, that's Politics 101. It's the starting of the playbook.

[Becky Quick]

So although it hasn't really helped Trump's approval ratings in any way, shape or form.

[Paul Tudor Jones]

No, no, but I'm just saying life imitates art too often. Right? So. So that simulation gave me pause. Then I'd say the, the one that I thought was the most interesting. So there was the question, because we're. There was a discussion about how, how is AI going to have an ethical and moral foundation? And one of the heads of one of the models said, you know, we're going to take the. The greatest human beings in history with the greatest wisdom, and that's probably going to use foundationally how we do it. So we'll have Jesus Christ and we'll have Aristotle and Socrates and we'll have Gandhi and we'll have the greatest humans. And that's probably how that, how these models are going to be able to talk to us when we have our own personal bots. And then someone said, okay, how many people in this room? How many people in this room Believe you have a soul. No more definition than that. Out of the 50 people in that room, how many do you think said, we have a soul, people have a soul?

[Becky Quick]

48.

[Andrew Ross Sorkin]

I'm gonna go low.

[Paul Tudor Jones]

Okay, what's your number?

[Andrew Ross Sorkin]

10%.

[Paul Tudor Jones]

You're right, it was five. Five out of 45 said, we have

[Becky Quick]

a soul now, and that's who's deciding the future of human.

[Paul Tudor Jones]

But just hold it. You have to realize these are the smartest scientists, mathematicians, physicists in the world who've risen to the top of their game. So how did they get there? They got there because they're pursuing the scientific method. Right. They're always looking for the scientific answer, and so it's easy to see how they might be with such unbelievable telescopic focus on what they're doing. They're concerned about finding the answer to the greatest challenge that has ever faced humanity, which is artificial intelligence. Why is it concerning? It's concerning because there's a misalignment, right?

[Becky Quick]

Yeah.

[Paul Tudor Jones]

There's a misalignment between what they're doing, which is hell bent on getting this answer, and the rest of society who has a variety of other societal values that are going to require maybe a different pace, a different speed, a different way of approaching it.

[Becky Quick]

When you say it as soon as you said it, like, that's who's engineering how we're going to be, what. What this AI is that we're going to be dealing with. A little concerning. If nobody thinks there's a soul, really.

[Paul Tudor Jones]

Again, judge not lest ye be judged. With what judgment ye judge. One day you also should be judged. Having said that, but you brought it

[Becky Quick]

up for a reason.

[Paul Tudor Jones]

Clearly. Clearly, we need to regulate AI. We need to do it tomorrow. We're late already. We should have already done it. We need to do it. And we need to start with just the simplest thing, which is we've got a watermark. All AI so that we know the difference between what's human and authentic and what's algorithmically generated.

[Andrew Ross Sorkin]

I have so many questions. Just one follow up on this, though, is, you know, earlier this week we heard there could be an executive order by the White House that would actually regulate.

[Paul Tudor Jones]

Thank you, Lord.

[Andrew Ross Sorkin]

However.

[Paul Tudor Jones]

Thank you, Lord.

[Andrew Ross Sorkin]

I was with Dario Amodei and Jamie Dimon earlier this week, and we talked about what kind of regulatory body you would want over the AI space. Even though they've all said, please regulate me. I said, well, should there be an FDA for the models? They said, well, we really don't like the fda. The FDA is Not a good model for us because that could slow things down. We're competing against China. We like, you know, the National Transportation Bureau, for example, which sort of deals with stuff after there's a crash. Right. So it's a very interesting thing that yes, the, the industry says they want to be regulated, but in this, in this race against China and everybody else, how you do it properly without slowing it down.

[Paul Tudor Jones]

I am so tired about hearing competing with China. I swear I'm going to, if I hear it again, I'm kind of, I'm going to throw up. That's not what we need to be worried about. Right. They're just as. Do we really think China wants to wipe out the United States? No, I don't think anyone thinks everyone wants what's best for their people. So we should be having a dialogue with them about AI safety. We should be having clearly within this country. We need to just same just think about the automobile. It was a tool. Right. But over time we developed speed limits and then traffic lights and then we had, then we started making laws that criminalize vehicular manslaughter. This is a tool that needs, it's going to, we're going to go through a codification of how we utilize and deal with it. First thing we got to do is we got to watermark the hell out of it. So we know. Stop the deep fakes.

[Andrew Ross Sorkin]

Let's talk markets for a second. I want to know you got back from this conference and I want to know short term, long term, what you decided to do about more stocks. You did.

[Paul Tudor Jones]

Absolutely.

[Andrew Ross Sorkin]

And what would you say you bought more AI stocks? Was that the big hyperscalers? Was that the semiconductor chips?

[Paul Tudor Jones]

So, so again I'm a macro trader.

[Andrew Ross Sorkin]

Yep.

[Paul Tudor Jones]

So I just buy baskets. And what I would simply say is it's, it's a, it's a crazy, crazy time. If I had to pick, you know, I love always to find historical precedents. You can kind of look at the productivity miracle around the introduction of the PC 8182. Really 81. 77. See I would, I would kind of say 1977 when Apple dropped theirs was kind of like chat GBT. But it wasn't until Microsoft brought their PC in 81 when you got widespread commercial adoption. So Chad GBT in 22. I kind of think Claude code January of this year would be the equivalent of when Microsoft came out in 81. And then 95. You kind of look at when we finally allowed the Internet to be used for commercial purposes. I think that was May of 95. And then Windows 95 came a few months later. Those were both the beginning of productivity miracles that lasted four to five and a half years. We're kind of, I'd say 50 or 60% if I had to pick a period. We've got another year or two to run.

[Andrew Ross Sorkin]

Because I remember we spoke about a year ago and you thought we were maybe in the fall of 99.

[Paul Tudor Jones]

So it felt like 99.

[Andrew Ross Sorkin]

So interesting.

[Paul Tudor Jones]

That was October last year.

[Andrew Ross Sorkin]

Right. There was still 40% to go.

[Paul Tudor Jones]

Yeah. And so that's my second favorite one.

[Andrew Ross Sorkin]

Okay.

[Paul Tudor Jones]

Which is again, we continue to feel like 99. And it's so funny if you kind of compare, if you look at multiples and earnings and everything, we're kind of where we were in October, November of 99. So whether you're looking at the productivity, productivity miracles, and you want to look at that way where we've got another two years to run and 40% to go, or you think I'm going to go pick out a specific time where we're. Where, where if I just even look at kind of price analogs and stuff, it feels more like again, we're back to fourth quarter 99. You, you, you've got another ramp to go. You still got, you got more Runway.

[Becky Quick]

What, what happens after that? Because it's going to be crazy.

[Andrew Ross Sorkin]

Yeah.

[Becky Quick]

You go back to 2001, you may have had 40% more, but if you continue to ride it too far.

[Paul Tudor Jones]

Well, I mean, the, Again, the. Just imagine the stock market went up another 40%. The stock market of GDP is going to probably be, good Lord, 300, 350% something on a 17 volume instrument. You just know that there'll be some. It'll be, it'll be a, it'll be one of those breathtaking kind of play.

[Andrew Ross Sorkin]

Or do you, or do you, or do you play the Berkshire card, which is, I mean, you know, Warren is still sitting on $380 billion of cash waiting for this, waiting for the moment.

[Paul Tudor Jones]

Yeah, I'd just be happy to sit on 300. No, I know, I know. I think, look, I think you, I think you've certainly got a Runway. Like if the reason I like 99 is, remember we had Y2K.

[Andrew Ross Sorkin]

Yep.

[Paul Tudor Jones]

And that was kind of holding the Fed back because everyone was afraid of that. Well, now we've got the election this fall and you've got Kevin Warsh coming in as Fed chairman. Do I think he'll cut rates? No chance. But do I think he would raise rates before the election, even though, good lord, we got a 6% budget deficit. We're gonna have a 1% GDP spend just from the hyperscalers on infrastructure build out. You've got so much juice.

[Andrew Ross Sorkin]

So you would, you would raise them?

[Paul Tudor Jones]

Well, I'd be thinking about raising them. I'd want to see the data. But I mean for sure you'd be thinking about it. And I think he's going to be constrained before the election. So again, there's, there's that kind of, you get that feeling again that we're 99. Because those guys were, they were holding back because of Y2K. Right. And things were just on, on, on the ramp.

[Andrew Ross Sorkin]

Right. I want to talk about the Robin Hood foundation and what you guys are doing next week. But before I do that, I have a New York question for you.

[Paul Tudor Jones]

Yes.

[Andrew Ross Sorkin]

So there's a big debate. You probably saw your friend Ken Griffin, he's down in Florida and this Pieta terror attacks. But even more than that, the comments by the mayor.

[Paul Tudor Jones]

Yes.

[Andrew Ross Sorkin]

And he said, look, I'm going to start doing more in Miami. I'm going to build even more in Miami. He's upset about it. You care deeply about this city. Yes. And so I'm curious what your reaction is to all of this.

[Paul Tudor Jones]

I'm going to stay out of the politics and just simply say Ken Griffin gave to Robin Hood the very first year we started raising money at the benefit, 1993. He's given every single year, including 2008 when, if you remember Citadel, we didn't know whether that was going to exist or not. Right. And he gave really, he stepped up that year and gave really generously. So that guy, if I just think about what he's given New York, he's probably given New York 100 years worth of that damn pit Pieter Tax. Right. Philanthropically. So I would simply say on, on behalf of all New Yorkers, thank you, Ken, for what you do. We want you here. And I mean, and look, clearly I don't care whether it's, I don't care whether it's the left or the right. The idea of demonizing any individual for a societal issue. This is a societal issue. Wealth disparity is a huge societal issue. I get it. I'm sympathetic to it. I've been talking about for a decade. But we should not bring individual personalities in it. And what Ken has done for New York, my God, we need 100 kins in New York. I would like to say you have to wonder why the mayor said that. And I'll tell you what he's saying that I think a lot of us, that your audience is missing. And what the Mayor's seeing is CPI. Since 2015, this cities is up 28%. The poverty line is up 56%. Now think about that. So what you and I feel is 28%. What the people, the 45 million Americans in poverty and the 2.2 million in New York City, they're feeling 56%. So did the mayor make a mistake? Absolutely. Do I understand how he came to make that mistake? Because the constituents that he's representing. Absolutely. Do we as a society need to address the fact that the least among us right now feel this cost squeeze more than the rest of us? Do they really feel it? Because it's really hit them the hardest.

[Becky Quick]

But how do we address it? That's the, that's the issue. And if you address it the way the mayor has gone after it, you're going to end up making the problem worse. Because if Ken leaves, if Ken's not going to build anything here, if that goes away, the jobs go away, what he was bringing to the city goes away. And I don't think anybody would deny the fact that there is an inequality problem in this country. The question is how you get out.

[Paul Tudor Jones]

Yeah, I don't, I don't have the answer. I mean, clearly, the way it's going to ultimately be resolved, again, it's either taxes, revolution or war. That's how it's going to ultimately be resolved. And the fact that Mandami 1 is showing that the majority of the electorate cannot deal with the affordability issues, even though the stock market's making new highs, but their cost of living is at the same time.

[Andrew Ross Sorkin]

Well, one of the things you're doing is this remarkable dinner where you have raised, you know, hundreds of millions of dollars over the years. What's, what's, what's on tap this year? What are we, what are you looking at?

[Paul Tudor Jones]

Well, we have, it's going to be next Monday night. We have Pink and the Lumineers playing Pete Davidson doing comedy. Our, our focus this year is on food insecurity. Can you imagine in 2026 in America, we're talking about food insecurity. It's, it's actually that's disheartening, but it's food insecurity. Because we really do have probably more hungry people in this city than we've had maybe ever. We've, we actually had higher usage of food stamps back in 2008 at the height of the crisis. But that's because they were more available than they are today. Remember, we've cut all, we cut so much of the SNAP programs. So I really feel, I think it's all our obligation to do what we can. We can talk about what the government should do, etc. You know what? You. We can individually do something. We can give our time, we can give our money, we can give that.

[Andrew Ross Sorkin]

Paul Tudor Jones, it is a privilege to have you here. We wish you so much luck with the dinner and everything you're doing and want to thank you for being here and sitting at the table and walking us through all of this stuff. It's always great. It really is. It's a very special thing. I can see the emotion on your face about, about. No, it's, it's really been a. It's unbelievable what you've done for this city and what everybody at Robin Hood has done. So thank you very, very much.

[Katie Kramer]

Squawk Pod. We'll be right back.

[Keith Lansford]

This episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Join host Keith Lansford for this information packed daily market Preview delivered in 10 minutes or less, including projected stock updates, monetary policy decisions and key results and statistics that may impact your trading. Download the latest episode and [e-mail] MarketUpdatePodcast or find Schwab Market Update. Wherever you get your podcasts, what made

[Katie Kramer]

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[Becky Quick]

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[Katie Kramer]

Trailblazing women, changing the game. One of my favorite pieces of advice,

[Becky Quick]

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[Katie Kramer]

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[Andrew Ross Sorkin]

Now we are clear. Thanks, guys.

[Keith Lansford]

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