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

All right, everybody, welcome to the literal number one podcast in the world, 3 weeks running. We got a lot to get to. Sachs is out this week. We've got a special guest coming up. Let's get to our first story. 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. >> [laughter] >> 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 OpenAI and asking where the productivity is. We we had this discussion over and over again. On Thursday, tech continued to

get crushed on the 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 there, it's 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, cuz 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