But Coons told Reuters' Lisa Bernhard that his firm actually trimmed its position in the stock on Friday, explaining that there's still "not a lot of proof about what the monetization of [AI] can be."

Coons also discussed the S&P 500 closing above the 5,000 mark for the first time in the history of the benchmark index.

While he called it a "somewhat arbitrary level", Coons does believe the so-called milestone has a positive "psychological impact" on investors.

And at a time when consumers have been spending money on experiences over goods, Coons explained why shares of Expedia took a double-digit nosedive after the travel company reported quarterly earnings.