Citadel's Ken Griffin warns of AI bubbles as chip stocks slide
The gist
Citadel founder Ken Griffin said there are "almost certainly bubbles" in the AI boom.
New York's budget and chip-stock swings show how far the spending reaches.
How it unfolded
- Last week (as of Oct 20, 2026)The Philadelphia Semiconductor Index fell more than 11% before clawing back 2% on Monday.
- Oct 20, 2026Griffin said at Citadel's Future of Global Markets Conference that "There's almost certainly bubbles within this moment in time," telling Bloomberg speculative excess was accompanying AI's transformation of the economy.
- Oct 20, 2026New York Budget Director Blake Washington warned a slowdown in AI investment may cool the equities market with an outsized impact on New York State's receipts.