In a recent interview, Ray Dalio argues that the global economy is approaching a major turning point, with rising government debt, higher interest costs and growing geopolitical tensions putting pressure on markets. He is also cautious about the AI boom, drawing parallels with past bubbles and suggesting that the bigger long-term winners may be companies that use AI well, rather than those simply selling the technology. His advice: look beyond the latest market excitement, stay diversified and prepare for a more fragmented global economy. His main ideas: