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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
Financial Associated Press, October 22 — Tesla CEO Musk said the company will increase production to meet demand, with the goal of achieving annual production of 5 million vehicles around 2030.
According to a CoinWorld report, Caixin reported on October 22 that Tesla CEO Elon Musk said the company will increase production to meet demand, with the goal of achieving annual production of 5 million vehicles around 2030.
Jeff Walton: Bitcoin is the new gold mine, attracting new capital.
Jeff Walton of Strive said: "It's a gold rush. We're all accumulating as much Bitcoin as we can. We know we're in a debt crisis, they're going to print more money, and we want to be at the forefront of the new monetary ecosystem." He also mentioned: "We're attracting new capital from different pools of funds into the market, which fundamentally changes how Bitcoin will operate in the future."
The 4-hour trading volume ratio of BTC contracts to spot is 8.69.
CoinWorld data: Over the most recent 4 full hours, BTCUSDT perpetual contract trading volume was 8.69 times spot trading volume. Compared with the same-caliber snapshot 24 hours earlier, it fell by 1.9068; compared with the same-caliber snapshot 7 days earlier, it fell by 0.221.
13 counterfeit versions of JPMorgan's Ethereum token JPMD have appeared.
According to CoinWorld news, after JPMorgan launched its token JPMD on Ethereum, 13 counterfeit tokens with the same name appeared on the market. JPMorgan's official documentation reminds users that same-name tokens at other addresses are unrelated to the bank, and currently the bank's genuine Ethereum token has zero supply and zero holders.
Tesla pivots to AI and robotics, with third-quarter spending significantly below market expectations.
According to a report from Bijie, Caixin reported on October 22 that Tesla's total capital expenditure in the third fiscal quarter reached $4.73 billion, far below Wall Street's consensus estimate of $7.95 billion. These funds were originally intended to be the key investment supporting Tesla's strategic transformation toward core business lines such as artificial intelligence, robotics, and autonomous driving. At present, Tesla's entire business is supported by only three vehicle models, while the company is advancing a potential merger with SpaceX, and both sides have each established special committees to evaluate the transaction. Tasha Keeney, director of investment analysis at Ark Invest, said that robotaxi autonomous ride-hailing is Tesla's core future track. Compared with Waymo's next-generation vehicles, Tesla's Cybercab has a significant operating cost advantage and is in a leading position in the industry. Tesla's adjusted earnings per share in the third quarter were 48 cents, exceeding the market's average expectation of 44 cents, with profit performance better than expected.
Dolomite brings in $100 million in Bitcoin collateral, launching borrowing functionality.
According to CoinWorld news, the decentralized lending platform Dolomite has onboarded $100 million in Bitcoin collateral through Concrete's BTCCX infrastructure and enabled related borrowing functionality. BTCCX is an Ethereum token issued and managed by Concrete, representing underlying Bitcoin held in custody by BitGo. This collaboration brings Bitcoin into Dolomite's lending market.
Polymarket: 67% probability that Bitcoin exceeds $90,000 within the year.
According to Bijie news, prediction markets show that the market currently believes there is a 67% probability that Bitcoin will exceed $90,000 within 2026.
US media: US recently reduced troops at Middle East bases to guard against escalation of actions against Iran.
According to NBC News, the U.S. military has recently been quietly reducing its forces at several bases in the Middle East, involving military bases in Jordan, Qatar, and Kuwait. Two U.S. officials said that on Wednesday, the heads of several U.S. diplomatic missions in the Middle East were notified that the relevant institutions would begin reducing personnel. Previously, the U.S. State Department clarified that the relevant diplomatic evacuations were limited to Saudi Arabia. The report said that as Trump considers restarting large-scale military operations against Iran, further evacuating U.S. military personnel from dangerous areas is one of the plans being formulated by U.S. military officials, and related actions may occur around the midterm elections next month. The U.S. side plans to retain a small number of personnel at the relevant bases to be responsible for air defense and security.
618 BTC transferred from Coinbase to an unknown wallet
According to data from Bijie.com: Whale Alert monitoring shows that 618 bitcoins (worth approximately $52.3423 million) have just been transferred from Coinbase Institutional to an unknown wallet.