And if Jones is correct that the economy realizes massive efficiencies thanks to artificial intelligence, then the stock market could be set to boom in turn.
"I just go back and look historically what that's done during those productivity miracles, you've had the stock market on average appreciate 15% per year, you've had inflation come down, and you've had a PE expansion of somewhere between 1.5 and 2," Jones said. A decline in inflation would be a big win for the Federal Reserve and would allow policymakers to lower interest rates from their current target of just over 5%, creating another potential tailwind for the stock market.
But not all stocks will benefit from the onset of AI, according to Jones, hinting that there will be many winners and losers as a result of the disruption. One"We have a long term productivity boom that's going to come from LLMs that within the stock market there will be war. Within the stock market there are going to be huge winners and huge losers," Jones said, adding that overall"that makes me think the tide is coming in for the stock market.
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