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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
International oil prices rose on the 22nd.
BiJie Network data: International oil prices rose on the 22nd. As of the close of trading that day, the December-delivery light sweet crude oil futures price on the New York Mercantile Exchange rose by $2.32 to close at $99.47 per barrel, an increase of 2.39%. The December-delivery London Brent crude oil futures price rose by $4.35 to close at $113.17 per barrel, an increase of 4.0%.
U.S. Chicago refinery issues drive up gasoline prices in Michigan and Ohio
A refinery problem in the Chicago area sent gasoline prices surging in Michigan and Ohio. With just 12 days left before the U.S. midterm elections, the average price of regular gasoline in Michigan rose 17 cents on Wednesday to $4.61 per gallon, while Ohio gasoline prices climbed 10 cents to $4.08 per gallon. To curb rising costs triggered by the Iran war, Ohio has suspended its state gasoline and diesel excise taxes. Energy consulting firm Wood Mackenzie said a refinery in Joliet, Illinois, shut down a key unit, affecting fuel supplies across the Midwest. Wholesale prices for Chicago conventional gasoline blendstock rose 33 cents to $3.67 per gallon, with the premium to benchmark futures contracts widening to 55 cents per gallon, the widest since November 2022. According to U.S. Energy Information Administration (EIA) data, Midwest gasoline inventories are already at record lows, and nationwide gasoline stockpiles fell by 3 million barrels last week.
White House: U.S. President Trump signs an executive order to address housing costs.
CoinWorld news, White House: U.S. President Trump signs an executive order to address housing cost issues.
SOL large holder account long-short ratio is 2.9588
CoinWorld data: The latest 4-hour snapshot for SOLUSDT shows that among the top 20% of accounts by margin balance, the long-short account ratio is 2.9588, with more net long accounts among large holders. Compared with the same-metric snapshot 24 hours ago, it rose by 0.3668; compared with the same-metric snapshot 7 days ago, it rose by 0.2191.
BFC Hong Kong Seminar: CFO to Discuss Bitcoin Custody
BFC Hong Kong seminar will be held tomorrow, where the CFO will discuss where Bitcoin is custodied. Avik Roy will present the perspective from the United States, Jay Lee will defend Hong Kong, and Tracy Hoyos-Lopez from Kraken will serve as moderator. The event is part of the 2026 Bitcoin Asia conference.
The long-to-short ratio of ETH whale accounts is 2.8081.
BiJie Network data: The latest snapshot of ETHUSDT on the 4-hour timeframe shows that among the top 20% of accounts by margin balance, the long-short account ratio is 2.8081, with more net long accounts among large holders. Compared with the same-caliber snapshot 24 hours ago, it rose by 1.1841; compared with the same-caliber snapshot 7 days ago, it rose by 0.5645.
Spot gold fell below $4,030 per ounce, hitting a new daily low.
According to Bijie news, the spot gold price fell below $4,030 per ounce, hitting a new intraday low with a decline of 2.70%.
Microsoft and the American Library Association launch new AI literacy education initiative.
CoinWorld news: Microsoft has announced a new initiative with the Public Library Association (PLA) to expand resources and provide free AI literacy education.
BTC liquidations totaled $139 million over the past 24 hours.
According to BiJie.com data: BTC's rolling 24-hour liquidation amount is approximately $139 million, involving about 7,841 liquidated accounts. Compared with the same-caliber snapshot 24 hours ago, it is up 62.45%; compared with the same-caliber snapshot 7 days ago, it is down 35.27%.