PAUL TUDOR JONES TODAY:

- "2027 is going to be a very challenging year for the market."

- "Right now feels exactly like 1999, for me it’s just so clear that we’re on this path that could be great short term but may not be so great long term. I forget that so many people haven’t lived this."

- “I’ll be short the whole year. There just — there’s little value. You had all this issuance, all these IPOs in ’98 and ’99, and really 2000, 2001, 2002. Those were the easiest years to be short because you kept having these unlocks that just kept adding supply to the market.”

PTJ was one of the few investors that began actively shorting the Nasdaq Composite Index in 1999. The question becomes...is he right that we are in 1999, or is it more like 1997? Even Jensen has said that this will all eventually become a bubble but he thinks we have many years before we get there.

I think his comments today are creating more pressure on the semis as many people are trying to navigate 2027 positioning and if the core names in the AI trade are the ones to continue betting on going into next year.

Source: amit