Griffin calls AI 'almost certainly' a bubble
The move
Speaking at Citadel Securities' Future of Global Markets conference in New York on Oct. 20, Ken Griffin said AI is "almost certainly" in a bubble, comparing it to the dot-com era, but stopped short of predicting a collapse. He said "corporate America has been very uneven in its ability to extract value from its AI models," and that businesses are scrutinizing their spending on services from OpenAI and Anthropic. He said companies that come out ahead of a bubble tend to lead markets for decades.
Why it matters
Griffin is one of the most closely watched voices in markets, and his comments show even a prominent AI bull now treats a bubble as the base case, not a fringe worry.
The bear case
Griffin's own argument is that bubbles and genuine technological transformation often happen together, and he says AI, like the internet before it, could still produce market leaders for decades even after a bubble bursts.
What to watch
Whether other major investors echo Griffin's bubble call, and how AI-heavy stocks trade into year-end.
