AI Cyber Panic, Ken Griffin's Bubble Warning, The Fall of France?

Ken Griffin says AI is almost certainly a bubble and Chamath has responded.

Chamath responding and moving markets almost every week here on the pod.

Look out, France.

The Citadel founder made the comments this week at the company's annual Future of Global Markets conference.

But he says generally, hey, bubbles are normal.

Any radical transformation of our economy is generally intertwined with a bubble.

He said he's bullish on AI's long-term potential, but his concern is that companies are struggling to turn AI spending into productivity, something we've talked about here, I guess, last year.

And so companies are, quote, looking at their bills from anthropic and open AI and asking where the productivity is.

We had this discussion over and over again On

Thursday,

tech continued to get crushed on the podcast.

data center and CapEx front.

So people who are either making data centers like CoreWeave down 10%, or having a huge AI spend, Meta, which is an extraordinary one, they're down 6% after earnings, AMD down 5%, SpaceX was down 5%.

But these things have been swinging up and down a bit and generally trending up.

Chamath, what's your take here on the market sentiment, October 22nd, 2026.

What are your thoughts here on how markets are viewing the AI quote unquote bubble? And do you have concerns? Because Jensen from NVIDIA thinks money is available and money is going to want this opportunity to finance it.

And I think we all think companies are getting a ton of value out of AI technologies.

my social capital research team had a really great call with Bram's chief economist, Ara Karazian.

The first question that they had was because I was doing my own math.

And I tweeted this thing, Nick, maybe you can put it back up there, where I said, okay, my back of the envelope math, knowing everything that I know and everything that I see, is about 1% of all of the companies represent 90% of all the revenue and revenue

for AI spend.

Yeah.

So what I said was 1% of companies represent 90% of AI spending.

So that's tokens.

And of that 90%, 80% of them are from unprofitable VC backed companies.