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More →Ken Griffin Says AI Is 'Almost Certainly' in a Bubble—And Compares GPUs to Airline Seats
Ken Griffin, founder of the Wall Street giant Citadel, <a href="https://www.marketwatch.com/story/ai-stocks-are-probably-in-a-bubble-but-might-be-worth-holding-onto-says-citadels-ken-griffin-87f535ce" target="_blank" class="sc-adb616fe-0 dJryYS" rel="nofollow">said</a> Tuesday that investors are “almost certainly” in an AI bubble—though he isn’t telling them to dump their AI stocks. “What’s left in the wake of these bubbles, if we want to use that word, is often game changing for the world. And the companies that are on the other side of that bubble are the market leaders for decades to come,” Griffin said at Citadel’s Future of Global Markets Conference in New York on Oct. 20 This reaches beyond tech investors, since the AI buildout has <a href="https://decrypt.co/359175/nvidia-earnings-steady-markets-ai-spending-debate-intensifies" target="_blank" class="sc-adb616fe-0 dJryYS" rel="nofollow">underpinned equity markets</a> over the past year, so many index funds and retirement accounts hold a slice of it. A bubble is what happens when prices climb far faster than the businesses behind them can justify, until reality catches up. Citadel is a hedge fund, a private firm that invests money for wealthy clients and institutions. But the fact that it seems like a bubble isn’t <i>that</i> big a deal if you look at the big picture, according to Griffin. “Any radical transformation of our economy is generally intertwined with a bubble,” he said, recalling the internet boom and adding that he wishes he had kept his Amazon stock. The companies that emerge on the other side of a bubble tend to lead markets for decades, he argued, though he stopped short of predicting a collapse. His own firm is a case study: Griffin said AI agents, software that carries out multistep tasks on its own, cut some high-level Citadel research from weeks to a couple of hours. Griffin compared GPUs, the graphics chips that many companies use to train and run AI models, to airline seats. Both have a very low marginal cost to run, meaning the extra expense of serving one more customer is tiny, so prices can collapse once supply outstrips demand. He pointed to the telecom boom around 2000, when companies laid more fiber-optic cable than demand required and communication prices fell. He also doubted that chips five or six years old, which still earn rental rates he called extraordinary, will keep doing so for another five or six years. Buyers are getting pickier, Griffin said, sorting which jobs justify premium models from OpenAI and Anthropic and which can run on cheaper open-source alternatives, meaning models anyone can download and run on their own computers. Corporate America has been uneven at extracting value from AI, he added, with companies studying their bills from the labs and asking where the productivity is. Gartner forecasts worldwide<a href="https://www.gartner.com/en/newsroom/press-releases/2025-09-17-gartner-says-worldwide-ai-spending-will-total-1-point-5-trilli
UK October flash composite PMI 53.1, expected 51.8, previous 52.
CoinWorld data: The UK's October composite PMI preliminary reading was 53.1, expected 51.8, previous 52.
BTC saw a net capital inflow of 583.4749 BTC over the past 24 hours.
BiJie.com data: BTC saw inflows of 9,509.4461 BTC and outflows of 8,925.9712 BTC over the past 24 hours, for a net inflow of 583.4749 BTC. This figure comes from the rolling 24-hour calculation of the same BTC fund distribution interface, with the net amount calculated as inflows minus outflows. It does not represent exchange net inflows, on-chain exchange flows, or institutional fund flows, and should not be conflated with deposit/withdrawal data from any single exchange. Compared with the same-caliber snapshot 24 hours ago, it is up 120.43%; compared with the same-caliber snapshot 7 days ago, it is up 153.51%.
VIX期权Put/Call比报0.41
CoinWorld US stock data: The VIX options Put/Call ratio is 0.41, with call option trading volume higher than put option volume for the day. Compared with the same-caliber snapshot 24 hours ago, it rose by 0.23; compared with the same-caliber snapshot 7 days ago, it rose by 0.06.
USDD led with $180 million market cap growth in a single week, while Sky and United Stables entered the top five.
According to data from Bijie.com: between October 12 and 19, USDD's market capitalization increased by $180.3 million, ranking first among similar stablecoins in terms of growth and accounting for about 40% of the $449.1 million total increase among the top ten similar stablecoin issuers during the same period. During the same period, Sky ranked second with an increase of $86 million, and United Stables ranked fifth with an increase of $22.8 million.
Gate's 24-hour spot trading volume reached $1.6 billion, with its asset scale firmly ranking among the top six.
CoinWorld data: As of October 20, 2026, Gate's 24-hour spot trading volume reached $1.6 billion, ranking second among global centralized trading platforms. In terms of asset scale, the total value of on-chain assets tracked by DefiLlama for Gate is approximately $7.49 billion, of which the asset scale excluding the platform token is approximately $6.19 billion, ranking sixth, reflecting the platform's comprehensive strength in spot trading activity and asset scale. Gate's latest proof of reserves shows that as of October 18, the platform's total reserve scale reached $8.688 billion, with a total reserve ratio of 118.49%, covering 500 currencies. In addition, the report noted that GT has risen about 70% since August and has remained at a high level after Gate founder and CEO Dr. Han delivered a keynote speech themed "one gate, everything money," reflecting users' confidence in the platform ecosystem and development direction. Active spot trading and ample asset reserves also provide strong support for Gate to extend its services to investment, payments, and daily capital management.
Valero Energy's third-quarter net profit hit a record high of $6.8 billion, with shareholder returns in sight.
Valero Energy reported its earnings before the U.S. market open on Thursday, with third-quarter net profit reaching $6.8 billion, a record high. Soaring freight rates have amplified the refining advantage of the U.S. Gulf Coast, with resilient demand, favorable spreads, and promising shareholder returns. Executive Vice President and Chief Operating Officer Gary Simmons said he is highly confident in the sustainability of the current cracking spread environment. For some low-complexity refining capacity in the Far East, the combined cost of crude inbound freight and refined product outbound freight puts margins at around $2 to $3 per barrel. In addition, natural gas prices in these regions have begun to rise, further raising the floor that cracking spreads must reach to compel these refineries to maintain high utilization rates, while the world currently needs this capacity to remain in operation.
The number of tokenized stock holders has surged to approximately 5.3 million, making it the largest RWA category.
CryptoRank data: According to cryptorank data, from June to October 2026, the number of RWA holders increased from about 1.4 million to 6.4 million, a growth of about 4.5 times. Among them, the number of tokenized stock holders surged from 502,000 to about 5.3 million, an increase of more than 10 times, and their share of total RWA holders rose from 36.8% to 82.9%. During the same period, the number of tokenized fund holders increased slightly from 559,000 to 573,000, and the number of tokenized commodity holders increased from 302,000 to 523,000. cryptorank pointed out that tokenized stocks have become the largest RWA category measured by number of holders.
RingCentral shares rose 15.5% in premarket trading, with FY26 revenue and adjusted EPS expected to exceed expectations.
According to a CoinWorld report, citing Reuters, RingCentral's stock rose 15.5% in pre-market trading, with the company expecting its fiscal 2026 revenue and adjusted earnings per share to exceed market expectations.
Sources: BOJ expected to continue rapid rate hikes, with focus on December
CoinWorld news, sources: The Bank of Japan is expected to continue raising interest rates rapidly, with focus on December. The Bank of Japan said that the current interest rate level is still far from the neutral rate. The Bank of Japan believes that inflation needs to stabilize near the target.