Paul Tudor Jones, Tudor Investment Corporation founder and CIO and Robin Hood Foundation founder and board member, joins 'Squawk Box' to discuss the latest market trends, 2027 outlook, state of the AI boom, AI safety concerns, and more.
What Paul Jones said
Written from the verified transcript and checked against it. Every figure links to the moment it was said.
Paul Jones said the market still feels like 1999, a two-speed market split between AI adopters and others, and predicted that 2027 will be 'really, really challenging' for stocks. He cited the most negative flow picture for US equities since 2009, when summing buybacks and M&A against IPOs and secondaries, with SpaceX's $2 trillion valuation and upcoming Anthropic and OpenAI deals shifting the math. Jones expects a strong fourth quarter after the midterms, with markets typically bottoming late October or early November. He expects Anthropic to do well, but said OpenAI's performance depends partly on Anthropic. Jones noted he has used neural nets in his quant and sports analytics businesses, and remains concerned about AI safety because outputs are known but not the reasons for them, especially with models potentially going rogue.
Key takeaways
2027 will be really challenging for the stock market, with the most negative flow picture since 2009
The market is still like 1999, a two-speed market split between AI adopters and non-adopters
Expect a strong fourth quarter, with markets typically bottoming late October or early November
Anthropic will do well, and OpenAI's performance depends partly on Anthropic's outcome
Welcome back to Squawk Box. This morning we are in Midtown Manhattan at Good Shepherd Services, which is a beneficiary of the Robin Hood Foundation. Joining us right now in an exclusive interview is legendary investor Paul Tudor Jones. Of course, he's the founder and chief investment officer of the Tudor Investment Corporation. He's also, of course, the founder and board member of the Robin Hood Foundation, which is hosting its annual investor conference next week. You got a huge lineup, and it's great to see you. And by the way, great to be here at Good Shepherd Services, which is a foundation that Robin Hood has long supported.
We've supported them for over 30 years. They're kind of like the Kobe or the Shaq of not-for-profits in New York City. They serve 30,000 kids. Just a spectacular organization. I first met them. It was run by Sister Paulette, and if you met her, you would want to hug her. She was just the most brilliant, loving, warm human being. And she says she's retired, but she's not. She's still working and has new ideas. And Mitch Mitchell, who runs the place now, plays catch with her all the time. So it's a great place. And again, the best thing about this is this place. It believes so firmly as we do: a child's circumstance does not determine their future.
I want to talk philanthropy in New York City and Robin Hood and this conference as well. But I want to talk markets, if you'd indulge me, because we have bank earnings coming out this morning. But I was thinking back to a conversation that we had about a year ago around the same time, and I had said something to the effect to you of, where do you think we are in the market cycle? And you said something to the effect of maybe it's like 1999, but remember that the market still went up another 40% after 1999. So here we are a year later. Where do you think we really are?
Boy, it still feels like 1999, a two-speed market. You've got it completely, perfectly bifurcated in the sense that you have, obviously, everything that's adopting AI and everything that's not, and they're going in opposite directions. And that was pretty much the case in 1999. I'll tell you, it was so crazy. I did this conference about a week ago, and we were going through, you know, what period does this remind you of? And we're talking about 1999. So I asked everyone at the conference, I said, how many of you here were trading in 1999? There's probably 200 people there. What percent do you think were trading in 1999?
It was about 20%. And I thought, oh my gosh. Because for me, it's just so clear that again, we're on this path that could be great short term, but may not be so great long term. And I just was, I forget, I guess I'm dating myself. I forget that so many people haven't lived this. But what were you doing in 1999? How old were you in 1999?
In 1999, I was just graduating from college. I was writing about mergers and acquisitions at the height of the boom in the M&A business for The New York Times. That's what I was doing, right? And it was a heck of a time.
Jones, P. (2026, October 13). Legendary investor Paul Tudor Jones: 2027 is going to be really challenging for the stock market [Interview transcript]. CNBC Television. CEOInterviews.AI. https://ceointerviews.ai/interview/3051931/
MLA
Paul Jones. "Legendary investor Paul Tudor Jones: 2027 is going to be really challenging for the stock market." CNBC Television, 13 Oct. 2026. Transcript, CEOInterviews.AI, https://ceointerviews.ai/interview/3051931/.
BibTeX
@misc{jones2026_3051931,
author = {Paul Jones},
title = {Legendary investor Paul Tudor Jones: 2027 is going to be really challenging for the stock market},
howpublished = {Interview transcript, CNBC Television. CEOInterviews.AI},
year = {2026},
month = {oct},
url = {https://ceointerviews.ai/interview/3051931/},
note = {Speaker-attributed transcript with timestamps}
}
