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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
Crypto Long & Short: Why real-world assets need fixed-rate loans onchain
You're reading <a href="/newsletters/crypto-long-short/" rel="nofollow" target="_blank">Crypto Long & Short</a>, our weekly newsletter featuring insights, news and analysis for the professional investor. <a href="/newsletters/crypto-long-short/" rel="nofollow" target="_blank">Sign up here</a> to get it in your inbox every Wednesday. This is your institutional newsletter, Crypto Long & Short. This week: <em>…and if you’re looking for more institutional insights: ETF Central’s <a href="https://www.etfcentral.com/global-etf-survey/2026" target="_blank" rel="noopener noreferrer">>Trackinsight Global ETF Survey 2026</a>, produced with Calamos Investments and S&P Dow Jones Indices, finds nearly 7 in 10 professional investors are reassessing their ETF holdings.</em> <em>Plus, CoinDesk’s latest <a href="/research/digital-assets-quarterly-review-and-outlook-q3" rel="nofollow" target="_blank">Digital Assets Quarterly Report</a> is out now.</em> <a href="https://www.linkedin.com/in/kim-klemballa-80101812/" target="_blank" rel="noopener noreferrer">>- Kim Klemballa</a> <em>by <a href="/author/peter-gaffney" rel="nofollow" target="_blank">Peter Gaffney, co-founder, O2O Capital Partners</a></em> Fixed-rate lending is the clearest growth lever for real-world assets (RWAs) in decentralized finance (DeFi). It unlocks a strategy that credit desks have run for decades but DeFi has never meaningfully implemented: buy a quality income asset, borrow against it at a locked rate below the asset’s yield and buy more of the asset. Stablecoins are steadily sitting around $300 billion in <a href="https://app.rwa.xyz/stablecoins" target="_blank" rel="noopener noreferrer">>supply</a> and aggregate <a href="https://o2ocapital.com/research/rwa-vaults-institutional-track-record" target="_blank" rel="noopener noreferrer">>vault assets</a> are nearing the $20 billion milestone. Morpho alone carries more than <a href="https://data.morpho.org/" target="_blank" rel="noopener noreferrer">>$16 billion</a> in deposits, most of it in variable-rate markets priced on pool utilization, which serve crypto-native traders who manage liquid positions in real time but leave longer-dated borrowers with uncertainty. Fixed-rate, fixed-term lending closes that gap by matching the term of the loan to the duration of the collateral, especially for RWAs whose redemptions can settle anywhere from T+7 to T+90. With the borrow cost and maturity known at entry, institutional counterparties can underwrite an RWA looping vault the same way they approve conventional term financing. This is the same bedrock foundation that formed and grew traditional credit markets to $51 trillion in US <a href="https://www.sifma.org/research/statistics/research-quarterly-fixed-income-outstanding" target="_blank" rel="noopener noreferrer">>fixed income</a> versus $1.6 trillion in <a href="https://www.lsta.org/content/morningstar-lsta-leveraged-loan-index-analysis-december-2025/" target="_blank" rel="noopener noreferrer">
OKX will list the BTWUSD X-PERP perpetual contract.
CoinWorld news: OKX exchange has announced that it will list the BTWUSD X-PERP perpetual contract.
Tesla cut its capital expenditure forecast, and its shares fell 5% in premarket trading.
According to CoinWorld news, Tesla (TSLA.O) fell 5% in pre-market trading on the U.S. stock market after the company lowered its annual capital expenditure forecast. Meanwhile, SpaceX (SPCX.O) shares fell 2.5%, and IBM (IBM.N) shares fell 5.6%.
Tesla's third-quarter revenue fell short of expectations, and its stock dropped about 5%.
According to CoinWorld news, in pre-market trading in the U.S. stock market, Tesla's stock fell about 5% because the company's third-quarter revenue missed market expectations and it lowered its capital expenditure target. At the same time, semiconductor stocks generally declined, with IBM and Intel both down about 5%, Micron Technology down about 3%, and Nvidia down about 2%. Among optical communication stocks, Marvell Technology also fell about 5%. However, Meta's stock rose slightly. The company's third-quarter revenue and fourth-quarter guidance both exceeded expectations, and it raised the lower bound of its AI capital expenditure and plans to issue new non-voting shares.
Nasdaq-listed company Alpha Modus purchased 3,170 bitcoins, worth more than $250 million.
CoinWorld data: Nasdaq-listed company Alpha Modus recently purchased 3,170 bitcoins, worth more than $250 million at current prices, an amount exceeding four times Alpha Modus's total market capitalization.
Samsung Electro-Mechanics receives 3.7 trillion won investment from Tesla and NVIDIA
Samsung Electro-Mechanics has received investments of 1.1 trillion won from Tesla and 2.6 trillion won from NVIDIA, totaling 3.7 trillion won, to build production facilities for next-generation flip-chip ball grid array (FC-BGA) substrates for artificial intelligence (AI) chips. The collaboration will help Samsung Electro-Mechanics consolidate its position as a core supplier in the AI next-generation substrate market.
The Ministry of Commerce: Industries related to new quality productive forces have become a new track for foreign investment.
According to a report by Bijie.com, Vice Minister of Commerce Jiang Chenghua stated at a press conference held by the State Council Information Office that China's absorption of foreign investment this year faces many unfavorable factors, and some people have even talked down China's economic development prospects and investment environment. He believes that when it comes to whether China's investment environment is good or not, the international community and foreign-funded enterprises are best positioned to speak. The 26th China International Fair for Investment and Trade held last month attracted more than 1,200 government agencies and business enterprise delegations from 129 countries and regions and 30 international organizations, with both the number of participating countries and the number of delegations reaching new highs compared with previous sessions, reflecting the long-term trend of global investors continuing to be optimistic about the Chinese market and eager to seize opportunities in China. Jiang Chenghua pointed out that the willingness of foreign investors to reinvest is currently strengthening. In the first nine months, foreign investors' reinvested profits reached 93.99 billion yuan, up 4.7 percent year on year. In fields such as artificial intelligence, biomedicine, aerospace, and green chemicals, foreign-invested reinvestment projects continue to be implemented. From the latest structure of foreign investment attraction, industries related to new quality productive forces have become a new track for foreign investment layout.
Stablecoin card quarterly transaction volume surpasses $4.3 billion.
According to Bijie.com data, stablecoin card transaction volume exceeded $4.3 billion in the third quarter of 2026, an increase of 33% compared with $3.24 billion in the second quarter.
Russian President Putin's special envoy Dmitriev: The Nord Stream gas pipeline will resume operations in the future.
According to CoinWorld news, Dmitryev, the special envoy of Russian President Putin: The Nord Stream gas pipeline will resume operations in the future.