Citadel's Ken Griffin has a warning about artificial intelligence. The billionaire said investors are "almost certainly" in the midst of an AI bubble as many companies still grapple with how much they will spend on the technology and how it will transform the economy.
城堡投資公司的肯·格里芬就人工智慧發出了警告。這位億萬富翁表示，由於許多企業仍在糾結於將在該技術上投入多少資金、以及它將如何重塑經濟，投資者「幾乎可以肯定」正處於一場人工智慧泡沫之中。
The timing of his "bubble" call is notable. Three months ago, Citadel bought the public stock book of one of Wall Street's most aggressive AI funds near the bottom of a brutal selloff.
他「泡沫」論的提出時機引人注目。三個月前，Citadel在一輪慘烈的拋售接近底部之際，購入了華爾街一家最為激進的人工智慧基金的公開股票持倉。
SNDK stock is moving. See the real-time price action here.
SNDK股價正在波動。請在此查看實時價格走勢。
Griffin, speaking Tuesday at Citadel's Future of Global Markets Conference in New York, framed bubbles as a feature of major economic shifts.
格里芬週二在紐約舉行的「全球市場未來」大會上表示，泡沫是重大經濟轉型的固有特徵。
"Any radical transformation of our economy is generally intertwined with a bubble," he said, per CNBC. He added corporate America has been uneven in pulling value from AI models, and businesses are scrutinizing what they spend on services from OpenAI and Anthropic.
「任何對經濟的深刻變革，通常都與泡沫密不可分，」他援引CNBC的話表示。他還指出，美國企業從人工智能模型中獲取價值的能力參差不齊，各家企業正在仔細審視其在OpenAI和Anthropic等公司服務上的支出。
The Fire Sale
清倉大甩賣
Situational Awareness, an AI-focused hedge fund founded by former OpenAI researcher Leopold Aschenbrenner, sold its entire public equities portfolio to Citadel in late July.
由前OpenAI研究員利奧波德·阿申布倫納創立的專注於人工智能的對沖基金「情境感知」於7月下旬將其全部公募股票投資組合出售給了Citadel。
The fund's five largest disclosed holdings at the end of June, according to a 13F filing, were:
根據一份13F文件，截至6月底，該基金披露的五大持倉分別爲：
Griffin Bought the Dip
格里芬抄底了
Griffin spoke directly with Aschenbrenner and spent a night reviewing the fund's trading positions and their liquidity alongside top Citadel executives, Reuters reported.
據路透社報道，格里芬與阿申布倫納進行了直接溝通，並在當晚與 Citadel 的高層管理人員一道，對基金的持倉及其流動性進行了全面審查。
They made a deal, and the bet paid off on timing. In an August letter, Griffin told clients Citadel had unwound more than 80% of the risk tied to the portfolio.
他們達成了一項協議，而這一押注在 timing 上也取得了成功。在一封八月的信中，格里芬向客戶表示，Citadel 已經平倉了該投資組合所承擔的風險中的逾80%。
After Citadel stepped in, the AI trade rebounded, with the sale marking a bottom for the selloff that started in June.
在Citadel出手干預後，人工智能板塊的交易出現反彈，此次拋售也標誌着自6月啓動的這輪跌勢已觸底。
Aschenbrenner is back, too. Situational Awareness has been buying options in Advanced Micro Devices (NASDAQ:AMD), SK Hynix (NYSE:SKHY) and CoreWeave (NASDAQ:CRWV). The fund held onto stakes in private companies like Anthropic.
阿申布倫納也回來了。情境感知基金一直在增持美國超微公司（納斯達克：AMD）、SK海力士（紐約證券交易所：SKHY）和CoreWeave（納斯達克：CRWV）的股票。該基金還持有Anthropic等私營公司的股份。
What Comes Next
接下來是什麼
Griffin's bubble call lands ahead of the biggest AI listing yet. Anthropic reported a net loss of $42 billion in 2025 and plans to spend $518 billion on cloud, computing and infrastructure obligations, according to its IPO prospectus seen by Reuters.
格里芬的「泡沫」論斷恰逢迄今爲止規模最大的人工智能企業上市前夕。據路透社看到的其IPO招股說明書顯示，Anthropic公司2025年淨虧損達420億美元，並計劃在雲服務、算力及基礎設施相關支出上投入5180億美元。
The debut is likely to come after the November U.S. midterm elections.
該產品預計將於11月美國中期選舉之後正式亮相。
The Bottom Line
底線
Griffin profited by buying AI stocks from a forced seller. His latest comments suggest he expects more sellers before the cycle ends.
格里芬通過從被迫拋售者手中買入人工智能概念股而獲利。他最新發表的言論表明，他認爲在本輪週期結束前還會有更多賣家出現。 (Benzinga)