Ken Griffin: AI Bulldozes Moats, GPUs Echo the 2000 Bust | Investor Playbook

Griffin warns AI-driven moat erosion, GPU overcapacity risk, and a $40 trillion deficit together demand higher discount rates and bigger margins of safety.

• AI as moat-bulldozer: Griffin says AI models now solve work that took PhD teams 4-6 weeks in hours, warning competitive moats are being "filled in by bulldozers."
• $750B CapEx bet: Anthropic's S-1 reportedly projects $750 billion in compute/infrastructure spending, which Griffin frames against risk of overcapacity.

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