Citadel founder Ken Griffin stated at the annual Global Markets Summit that the market is shifting from the "thematic buying" of the past two years to fundamental research. He warned that there is "almost certainly" a localized bubble in the AI market and pointed out three major pitfalls: GPUs are similar to the aviation industry, where marginal pricing could collapse once supply exceeds demand; investment institutions' depreciation models for the "useful life" of chips may become invalid; and enterprise AI spending is tightening, with a focus on return on investment. Griffin also mentioned Anthropic's plan to invest $750 billion in computing power, which contradicts the trend of enterprises cutting budgets. He believes that after the bubble bursts, it will leave behind technological infrastructure that changes the world, but the current pricing risks should not be ignored.