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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
Shanghai Financial Regulatory Bureau issues measures for the development of digital finance.
According to CoinWorld news, the Shanghai Financial Regulatory Bureau issued the "Several Measures for Promoting the High-Quality Development of Digital Finance in Shanghai's Banking and Insurance Industries," proposing to use technologies such as big data and blockchain to steadily expand supply chain financial services, standardize the development of products such as accounts receivable financing, supply chain bill financing, warehouse receipt pledge financing, and order financing, and continue to deepen the layout of insurance services for advanced manufacturing, enhancing comprehensive risk protection capabilities.
The most recent funding rate for the SOL perpetual contract is -0.000626%.
Bijie.com data: The most recent funding rate for the SOLUSDT perpetual contract is -0.000626%, with shorts paying longs. Compared with the same-caliber snapshot 24 hours ago, it rose by 0.0006 percentage points; compared with the same-caliber snapshot 7 days ago, it fell by 0.0035 percentage points.
Global enterprises and governments are accelerating efforts to protect websites from cybersecurity vulnerabilities.
As warnings increase that hackers are exploiting network flaws detected by artificial intelligence to carry out attacks, companies and governments around the world are accelerating efforts to protect their websites in response to critical security vulnerabilities.
U.S. pre-market cryptocurrency-related stocks fell sharply, with MSTR down 5.98%.
币界网数据：美股盘前加密货币概念股大幅下跌，其中MSTR跌5.98%，CRCL跌5.00%，COIN跌4.35%，BMNR跌5.38%，SBET跌5.51%，HOOD跌4.44%，PURR跌6.13%。
AI stocks slide, French bonds plunge, oil price breaks through $112
Coin World news, WSJ market report: AI stocks fell after disappointing earnings, French bond prices plunged, and oil prices broke through $112.
The most recent funding rate for the ETH perpetual contract is 0.001936%.
BiJie Network data: The most recent funding rate for the ETHUSDT perpetual contract is 0.001936%, with longs paying shorts. Compared with the same-caliber snapshot 24 hours ago, it has decreased by 0.0046 percentage points; compared with the same-caliber snapshot 7 days ago, it has increased by 0.0007 percentage points.
Hong Kong's September CPI rose 1.9% year-on-year, with an estimated 1.8%, according to Cailian Press on October 22.
CoinWorld news, Cailian Press, October 22: Hong Kong's September CPI rose 1.9% year-on-year, compared with an estimated 1.8%.
Hong Kong, China September composite CPI year-on-year 1.9%, expected 1.8%, previous 1.70%
CoinWorld news: Hong Kong, China's September composite CPI annual rate came in at 1.9%, versus expectations of 1.8% and a previous reading of 1.70%.
BTC saw a net capital outflow of 2,855.9705 BTC over the past 24 hours.
BiJie.com data: BTC saw inflows of 10,358.8315 BTC and outflows of 13,214.802 BTC over the past 24 hours, for a net outflow of 2,855.9705 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 net exchange inflows, on-chain exchange flows, or institutional fund flows, and should not be conflated with deposit and withdrawal data from any single exchange. Compared with the same-calculation snapshot 24 hours ago, it is down 1,400.58%; compared with the same-calculation snapshot 7 days ago, it is down 358.98%.