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At the JPMorgan Robin Hood Investors Conference on Wednesday, billionaire Ken Griffin poured cold water on Wall Street's latest obsession. While everyone else is racing to plug generative AI into their models, Griffin, Bloomberg reports, says the tech hasn't done much for hedge funds where it matters most — beating the market.
"With GenAI there are clearly ways it enhances productivity, but for uncovering alpha it just falls short," the Citadel Advisors founder said.
The data backs him up. Citadel's top 20 holdings have generated a 101.9% cumulative return over the past three years, easily outpacing the S&P 500's 63.9% gain. That's a clear reminder that Citadel's edge comes not from chatbots, but from sharp stock selection and risk discipline.
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A look at Griffin's $115 billion 13F portfolio shows no overreliance on trendy AI names. His biggest positions include JPMorgan Chase & Co (NYSE:JPM), Amazon.com Inc (NASDAQ:AMZN), Hess Corp (NYSE:HES), Home Depot Inc (NYSE:HD), and Medtronic PLC (NYSE:MDT)— all rooted in fundamentals, not flashy narratives.
Even when Citadel holds AI-linked giants like Nvidia Corp (NASDAQ:NVDA) and Microsoft Corp (NASDAQ:MSFT), the scale and timing suggest fundamental conviction rather than speculative hype.
Citadel's track record proves the point. Its top 20 stocks have delivered a 26.4% annualized return over three years, nearly doubling investors' money, while the S&P 500 lagged far behind. Griffin's focus on earnings power, sector balance, and capital efficiency continues to pay off — no generative models required.
As Griffin put it, GenAI may boost workflow and research speed, but it's not creating alpha on its own. For one of the most successful hedge fund managers in history, the formula still seems to be part intuition, part discipline — and zero reliance on ChatGPT.
Griffin's message to Wall Street is simple: while the industry trains its models, Citadel keeps training its instincts — and so far, the humans are winning.
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