Big quote: Businesses are paying for AI models without consistently getting enough value from them, even as developers plan to spend more on chips, data centers and new systems. The uneven results are becoming a concern for investors trying to judge whether the industry's spending will produce the profits they expect. According to Ken Griffin, companies are still working out how to make AI useful enough to justify the expense.

"Corporate America has been very uneven in its ability to extract value from its AI models," Griffin said at the Future of Global Markets Conference in New York on Tuesday.

The billionaire, whose businesses include hedge fund Citadel and market maker Citadel Securities, said investors are "almost certainly" in an AI bubble. But he also expects the technology to create opportunities for entrepreneurs and reshape competition across industries.

Anthropic's expansion plans show how much capital AI development could require. The company is expected to publicly file paperwork for a stock market debut in the coming weeks. The offering could rank among the largest ever, raising money for the chips, data centers and talent needed to build new models.

The Wall Street Journal has reported that Anthropic could spend $750 billion on additional computing power in the coming years.

That spending would come as businesses continue to assess what they get from the models already available. Griffin said Anthropic would need to persuade investors that its technology is essential across industries.

For developers, the challenge is to keep improving their models while building demand strong enough to support those investments.

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