Ken Griffin Says AI Is ‘Almost Certainly’ in a Bubble, Compares GPUs to Airline Seats

Griffin's framing matters because it separates the asset cycle from the technology cycle: a GPU glut is a pricing problem for hardware holders, not necessarily a verdict on AI itself. Coming from the head of one of the largest hedge funds, the airline-seat analogy signals that the risk being priced is overcapacity and depreciation, not demand collapse. The real question is whether the capital now flowing into compute gets concentrated among a few survivors, as Griffin expects, or whether the shakeout is broad enough to hit the infrastructure financing layered on top of it.