Bill Gross says the stock market’s record rally is at risk of stalling, and fresh support is needed to keep it going.

There’s been a “little wobbling” to start the year, signaling the market’s in “need of a cane to steady its momentum,” the billionaire investor known as the “Bond King” wrote in an investment outlook on Wednesday.

The AI boom has propelled Big Tech stocks to historic highs, fueling a nearly 80% rise in the S&P 500 over the last three years. But the benchmark index has whipsawed this month between a 2.1% gain at its peak and a 0.8% decline at its trough.

“Lower interest rates would help, as would continued news that AI actually results in higher productivity, and continuing 15% plus earnings gains,” Gross told Business Insider by email.

Gross, who cofounded PIMCO and grew its flagship Total Return Fund to $270 billion over nearly 30 years, wrote in his outlook that stocks are being shored up by rosy earnings forecasts, which are underpinned by fiscal and monetary stimulus.