Christian Sewing, CEO of Deutsche Bank, rejected warnings of an AI bubble on October 21, 2026, one day after Ken Griffin, founder of Citadel, warned that markets were almost certainly in speculative bubble territory. Griffin argued that companies are investing heavily in AI without being able to convert these expenditures into real productivity gains. Sewing attributed market volatility and rising interest rates to geopolitical tensions rather than to AI. Deutsche Bank analysts identified a potential revenue shortfall of 800 billion dollars between AI revenues and capital expenditures, while noting that valuations of Microsoft and Nvidia are supported by solid fundamentals, unlike the internet bubble of the 1990s.
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