Legendary hedge fund manager Paul Tudor Jones told CNBC that 2027 could be an extremely difficult year for the U.S. stock market due to increased equity supply from big tech IPOs. He described the current flow picture for U.S. stocks as probably the most negative since 2002, as corporate buybacks and M&A are no longer providing support. Several major offerings are expected in the AI sector, including those from Anthropic and OpenAI, along with a recently completed one from SpaceX, with likely more secondary offerings to fund AI development. The bull market, now in its fourth year with the S&P 500 having more than doubled, faces growing concerns about inflation, higher bond yields, and a more hawkish Fed.
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