Paul Tudor Jones warns that AI is an 'existential' threat, needs government regulation
Billionaire investor Paul Tudor Jones said Tuesday that he has grown increasingly worried about the potential dangers of artificial intelligence, warning that the risks go beyond disruption to the stock market and economy. The hedge fund manager told CNBC's Andrew Ross Sorkin he views AI as an "existential" threat after attending a conference where experts on the topic discussed both the benefits and drawbacks of the emerging technology. "The one that disturbed me the most, is that AI clearly poses an imminent threat — security threat, imminent — in our lifetimes to humanity. And that was the one that really, really got me going," Jones said on " Squawk Box ." The hedge fund manager said he agrees with the idea that there is a 10% chance that AI will kill half the world's population in the next 20 years. He also said a recent podcast discussion between Elon Musk and Joe Rogan also colored his view. Countering the threat of AI requires more spending on security from corporations and new government regulation, Jones said. "President Trump has to get in the game," he said. Jones isn't alone in warning of the potential dangers of AI or to push for government intervention. Earlier this year, the emergence of the DeepSeek AI model out of China, for example, led to a sell-off in tech stocks and calls to treat AI as a geopolitical issue. Jones is the founder and chief investment officer of Tudor Investment, and rose to prominence for winning trades at the time of the 1987 stock market crash. He is also a philanthropist and the co-founder of Just Capital and the Robin Hood Foundation. "I'm not a tech expert," Jones said Tuesday. "I'm not. But I've spent my whole life managing risk ... I'm as good as there is on macro risk management. And we just have to realize, to their credit, all these folks in AI are telling us that we're creating something that's really dangerous — it's going to be really great too — but we're helpless to do anything about it."
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European defense stocks have soared this year — could a rare earths bottleneck put a lid on the rally?
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U.S. Commerce Secretary Howard Lutnick told reporters Chinese restrictions on rare earths were "fundamental" to the agreement. Speaking to CNBC's Charlotte Reed on Wednesday, Thales CEO Patrice Caine said the situation was gradually improving, while warning that supply tensions could affect areas like mechanical parts and electronic boards. However, he downplayed the direct impact an ongoing bottleneck would have on Thales' operations. "It's much lower down in our supply chain, so it's not directly visible to us," Caine explained. "Of course, if we lack these key resources at one stage it will impact us, but for the moment it's much too low in the supply chain to be visible and have any impact on what we do at the other end." French defense giant Thales, which supplies companies and governments with defense technology, has seen its shares jump around 80% so far this year. Back in March, Caine told CNBC planned defense spend hikes in Europe ought to remain in the region and benefit companies native to the bloc. 'Hard to see' another big boost for sector Maximilian Uleer, Deutsche Bank's head of European equity and cross asset strategy, is cautious on the sector, regardless of what happens to the supply of rare earth minerals. "European [defense] stocks increasingly reflect higher spending plans," he said in a Friday note, pointing out that the average price to earnings ratio in the sector had moved much higher since the beginning of the year. Uleer added that markets were expecting military alliance NATO to propose its members commit to spending 5% of their GDP on defense — a notion touted by U.S. President Donald Trump that has had a divided response from European leaders — at its upcoming summit. "The biggest spender, Germany, has already announced a plan to invest accordingly … This could support further inflows [to the sector] short term," he said. "But apart from that, it is hard to see how the NATO summit could beat expectations and what the next driver for the Defence sector will be. We see limited upside for the sector in H2." Aymeric Gastaldi, international equities portfolio manager at Edmond de Rothschild Asset Management, disagreed, arguing that the long-term outlook has "fundamentally changed" for the sector. "The combination of growth and visibility commands a structurally higher multiple for the whole sector," he told CNBC in an email on Wednesday. Edmond de Rothschild Asset Management expects sales of European defense to grow by more than 150% over the next seven years. "The sector will benefit from the rise of defense spending from < 2% GDP to +3%, the rise of equipment spending within the overall mix from 35% currently to 40%-50%, and the willingness of European countries to source more of their spending locally," Gastaldi explained. "Now, Germany is contemplating boosting its military spending towards 5% of GDP by 2032. This is a sea change." Having pared some of the gains seen in the wake of a European commitment to ramp up defense spending , the regional Aerospace and Defense index is now up by around 45% since the beginning of the year. Some of the regional defense giants, however, have seen much steeper year-to-date rallies. Tank parts maker Renk has soared around 270% so far this year, while arms manufacturer Rheinmetall has surged 172% and defense tech giant Hensoldt is up by 163%. German players have been major beneficiaries of the bullish sentiment toward the sector, thanks to the country's historic debt reform in March that paved the way for greater spending on national security. Short term, Edmond de Rothschild's Gastaldi conceded that there could be some tactical sell-off as investors questioned whether the sector had peaked. "However, in the long-term we still see value in the space, and in a context of low economic growth, companies that are able to post high and robust earnings growth will trade on [a] much higher multiple than the market," he said. Mark Boggett, CEO of Seraphim Space, which manages a space tech investment fund, also told CNBC he did not believe regional defense stocks had reached their peak. "Global defence priorities are undergoing a fundamental, structural transformation," he argued. "Governments worldwide are not only maintaining but also accelerating investments in sovereign space capabilities, recognizing the critical strategic importance of space-based infrastructure for national security." He pointed to Trump's recently announced $1 trillion defense budget that would include a so-called "Golden Dome" missile defense system , as well as the European Union's plans to mobilize up to 800 billion euros ($917.5 billion) for defense spending.
