Jim Rogers liquidated all his USA holdings, as he anticipates a correction and a bubble due to AI. Concurrently, in an interview with RBC Investments, the investor mentioned that he continues to hold PRC stocks, and also invested in an exotic market—Uzbekistan assets.
The American investor Jim Rogers sold all his US shares because he fears a correction in the American market and a slowdown in economic growth. He shared this with RBC Investments and Radio RBC in his annual New Year interview. In 2025, the broad-market S&P 500 index gained more than 16%, reaching 6845.49 points. The main gauge of American stocks set a new historical record on December 26, hitting 6945.77 points (an 18.1% rise since the end of 2024), marking its highest level for the year.
“The American market recently reached record highs. It has been climbing since 2009—this is the longest growth period in US history. I sold everything in America because this is the longest period [of growth] ever. I clearly sold too early, but in my view, the [growth] cycle is concluding. There might be one more major upward surge, but I divested all I held in the US,” he stated. The investor did not specify the exact date of the transaction but noted it was closer to the end of 2025.
Around the same time, Rogers added an unusual holding to his investment portfolio—shares from Uzbekistan. “I acquired most [of the shares] traded on the exchange—there aren’t many—and I bought nearly all of them,” he remarked.
Currently, 85 company shares trade on the Uzbekistan stock exchange, “Tashkent.” Issuers from the banking, oil and gas, telecommunications, and other sectors are represented.
Jim Rogers had previously indicated interest in the Uzbekistan stock market back in 2021, but at that time, he did not possess assets in that jurisdiction.
“The economy has finally opened up, and I’m certain that international investors will seize this chance to tap into the growth potential. I will be closely monitoring their announced privatization and IPO plans,” he told Forbes USA.
Rogers clarified that his portfolio only contains shares of Uzbek issuers; he does not hold that country’s sovereign debt. Furthermore, the American investor trusts the Uzbek currency—the sum—and has not hedged it.
He also disclosed that he did not sell his Chinese stocks and maintains his position in them. Early in 2024, the investor informed RBC Investments that he specifically held shares of Air China and China Eastern.
However, Rogers might divest his PRC assets, as he perceives overheating in that market. “I have a broad portfolio of Chinese equities. But I repeat, the Chinese market has been climbing almost ceaselessly lately, so perhaps I will soon need to sell Chinese securities because everything is rising. I’m not certain yet; I’m contemplating what to do,” he concluded.
The Bubble in the Artificial Intelligence Sector
The rally in US markets was accompanied by an artificial intelligence boom. NVIDIA shares appreciated by 38.9% by the end of 2025, reaching $186.5 per share. Amid the excitement surrounding the largest AI firms, the fortunes of America’s wealthiest tech billionaires grew by over $550 billion in 2025.
Jim Rogers does not yet see a full-blown bubble in the AI market, but he believes one could materialize in 2026. He noted that bubbles periodically emerge in markets, and each instance is tied to the advent of new technologies—as was the case with automobiles and railways.
Despite the potential downturn in the US market, Rogers is not shorting it and holds a significant amount of cash in dollars. Jim Rogers has frequently predicted trouble for the dollar due to record US debt, but he is not rushing to offload the American currency, as the dollar functions as a “safe haven” during a severe economic crisis. “I know the US is the biggest debtor in history, and the situation worsens daily. But I also understand that when troubles start, people view the US dollar as a ‘safe haven.’ That’s why I keep it. If something happens and the dollar strengthens, I hope to be sensible enough to sell it,” he said.
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