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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.…