Stanley Druckenmiller said U.S. interest rates are no longer restrictive and that further Federal Reserve cuts are unnecessary, while warning that the artificial intelligence investment cycle may have entered an earnings bubble. Speaking at a closed-door Piper Sandler conference in New York, he said current bond yields are at best too low given the U.S. economy, capital spending and global competition for capital. His comments came as the 30-year Treasury yield rose 7 basis points to 5.36%, its highest since 2007, and the 10-year yield approached 5%. Druckenmiller said his family office had cut AI-related holdings to 20% of their level six months earlier, despite AI investments accounting for most of Duquesne Capital's recent profits. He also disclosed short positions in the euro and British pound, while saying he would not short the U.S. dollar because of America's advantage in AI. Druckenmiller remains closely linked to Federal Reserve Chair Kevin Warsh and Treasury Secretary Scott Bessent, whose $6 billion bond buyback program he criticized last month.