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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
In Q3 2026, revenue from applications on the Solana chain reached $369 million.
BiJie Network data: In Q3 2026, total revenue from applications on the Solana chain was approximately $369 million, up 43% quarter-over-quarter. The highest-revenue application remained Pumpfun, at about $145 million, accounting for roughly 39% of the quarter's application revenue. At the end of the quarter, DeFi TVL was approximately $6.485 billion, up 33% from the end of the previous quarter. Onre's TVL at the end of the quarter was approximately $292 million, up 42% from the end of the previous quarter.
SOL large holder account long-short ratio is 3.3554
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 3.3554, with net long accounts outnumbering net short accounts among large holders. Compared with the same-metric snapshot 24 hours earlier, it rose by 0.7058; compared with the same-metric snapshot 7 days earlier, it rose by 0.664.
Bitget lists Danaher (DHR) and AT&T (TSTOCK) stock contracts.
Bitget has announced the listing of perpetual contracts for two stocks, Danaher (DHR) and AT&T (TSTOCK). These contracts are settled in USDT and support up to 20x leverage and 24/7 trading. As of now, Bitget supports a total of 376 stock contract underlying assets.
Three AI IPOs hit roadblocks in a single month, and investors are starting to get "picky."
Recent news from Bijie: Three proposed listings related to AI infrastructure have been successively canceled, suspended, or delayed, and investors are beginning to become more selective. SK Hynix has canceled the U.S. listing plan for its subsidiary Solidigm, which was originally intended to raise funds for building a new wafer fab in the United States. In addition, Australian data center operator Firmus Grid canceled an IPO of nearly $5 billion, citing market volatility. A few days later, Blackstone-backed AirTrunk postponed its originally planned Singapore listing to the first half of next year. Interest rates are rising, the Federal Reserve resumed rate hikes in September, and the Bank of Japan has pushed its policy rate to a 31-year high. Higher interest rates make financing more costly for projects whose revenue will not arrive until several years after spending. Geopolitical risks are also rising. The Iran war has kept oil prices high, and inflation expectations remain elevated. As AI spending scales up, investors are paying closer attention to when it will bring returns.
Nasdaq advance-decline net value reported at 1,627 issues
CoinWorld US stock data: The net value of advancing and declining stocks on the Nasdaq is 1,627, with 1,627 more advancers than decliners. Compared with the same-caliber snapshot 24 hours ago, it rose 460.75%; compared with the same-caliber snapshot 7 days ago, it rose 237.3%.
The long-short ratio of ETH whale accounts is 3.0274.
BiJie Network data: The latest 4-hour snapshot for ETHUSDT shows that among the top 20% of accounts by margin balance, the long-short account ratio is 3.0274, with more net long accounts among large holders. Compared with the same-caliber snapshot 24 hours ago, it rose by 1.3385; compared with the same-caliber snapshot 7 days ago, it rose by 1.0217.
Global bond market risk aversion intensifies, corporate bond yields post largest spread widening
According to CoinWorld news, various indicators in the global bond market show that the market is in the strongest "risk-off" sentiment in more than a year. Affected by the sell-off in AI-related stocks and heightened geopolitical tensions, investors have flocked to safe-haven assets. On Friday, the spread on high-grade Asian corporate dollar bonds widened to its highest level since July last year, and the global corporate bond yield premium surged sharply to 129 basis points, the widest spread since May 2025. Growing market concerns over the pace of "debt-financed AI-related spending" have triggered market turbulence, with investors broadly worried that the technology may struggle to deliver expected profits in the short term.
The Chairman of South Korea's Financial Services Commission supports tokenized securities trading.
Coin World news, according to edaily, Lee Eog-weon, chairman of South Korea's Financial Services Commission, said on October 22 during a comprehensive audit of the National Assembly's Political Affairs Committee that he agrees with the proposal to use digital asset exchange technology and infrastructure to conduct tokenized securities trading, and that research will be carried out in light of market conditions, investor protection, integration of license categories, and concurrent business arrangements. South Korea's amendments to the Electronic Securities Act and the Capital Markets Act, which promote the institutionalization of tokenized securities, will take effect on February 4, 2027. Industry participants have also proposed establishing a comprehensive exchange that can simultaneously trade crypto assets, tokenized securities, RWAs, and stablecoins, while retaining investor protection and information disclosure requirements corresponding to each type of asset.
The long-to-short ratio of BTC large holder accounts is 2.2468.
BiJie Network data: The latest 4-hour snapshot of BTCUSDT shows that among the top 20% of accounts by margin balance, the long-short account ratio is 2.2468, with more net long accounts among large holders. Compared with the same-caliber snapshot 24 hours ago, it is up 1.1433; compared with the same-caliber snapshot 7 days ago, it is up 0.6648.