Paul Tudor Jones says 2027 could be a really challenging year for the stock market

Legendary hedge fund manager Paul Tudor Jones tells CNBC that next year could be a challenging one for the stock market because of increased equity supply from big tech IPOs coming down the pipe. "2027 is going to be really, really challenging for the stock market," Jones told CNBC's "Squawk Box" on Tuesday. "You've probably got the most negative flow picture for the U.S. stock market that we've had, say, since 2002." Tudor Jones says that corporate buybacks, along with mergers and acquisitions, have been a tailwind for the stock market for most of this four-year bull market as it decreased the equity supply. That is now turning with major offerings ahead in the AI space from Anthropic and OpenAI, along with one just finished in SpaceX.