Bubble
The bubble is the point in a tournament where one more player has to be eliminated before anybody gets paid, which makes it the moment where busting costs the most.
It is the sharpest example of what ICM measures. Every stack has real money value the moment the bubble bursts, so risking chips to win chips is a bad trade for anyone who can simply wait, and short stacks feel that most.
The other side of that is why big stacks make money here. If everyone around you is trying not to bust, the pots nobody wants to contest are worth taking, and the cost of being wrong is far lower for the player who is not close to elimination.
an example
your cards
Four players are left with 4,000, 3,000, 2,000 and 1,000 chips, and three prizes of 500, 300 and 200 are paid. ICM values those stacks at 336.03, 294.88, 235.87 and 133.21. The leader holds four times the short stack and is worth barely two and a half times as much in money.
This example is made up. The real one is in your own hand history: find bubble in your own hands and see how often it came up and what it cost you.
related terms
ICM
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In the money
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Final table
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The full order of play, from the blinds to the showdown.