‘Blood in the streets’: Legendary investor Jeremy Grantham pulls back the curtain on the AI wars to reveal a ‘brutal, competitive world’
Legendary investor Jeremy Grantham warns that the AI boom is leading to a highly competitive market rather than creating new tech monopolies. He believes that the current environment is reminiscent of past technological revolutions, where initial advantages eventually normalize. Grantham emphasizes that while AI spending is significant, it may not sustain high profit margins for tech giants in the long run.
- ▪Jeremy Grantham warns that the AI boom is creating a brutal competitive environment among tech giants.
- ▪He argues that the Magnificent 7 built their dominance during a time of antitrust permissiveness, which is now ending.
- ▪Grantham predicts that AI will not significantly increase aggregate profit margins, as competition intensifies among major companies.
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| Canonical URL | https://fortune.com/2026/05/19/blood-in-the-streets-jeremy-grantham-ai-monopoly-brutal-competitive-world-recession/ |
| Publication time | Tue, 19 May 2026 16:11:46 +0000 |
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Opening excerpt (first ~120 words) tap to expand
Jeremy Grantham has spent five decades calling market bubbles before anyone else wanted to hear it. Now he has a warning for investors still betting that AI will mint a new generation of tech monopolies: the exact opposite is happening.Recommended Video “We have gone from a monopoly world to a brutal competitive world,” Grantham said in a recent appearance on the Excess Returns podcast. “And we will stay there for years and there will be blood in the streets.” The GMO co-founder and market historian argues that the Magnificent 7—the mega-cap tech giants that powered Wall Street’s AI-fueled rally—built their dominance over the past two decades in an unusual era of antitrust permissiveness.
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