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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
BTC/ETH/SOL 12-hour liquidation pain point update
CoinWorld data: BTC is currently priced at 81,653 USDT, with the downside long pain point at 81,042 (-0.75% from the current price, estimated strength 135 million USDT), and the upside short pain point at 85,428 (+4.62% from the current price, estimated strength 206 million USDT); ETH is currently priced at 2,406.6 USDT, with the downside long pain point at 2,380.2 (-1.1% from the current price, estimated strength 70.3177 million USDT), and the upside short pain point at 2,466 (+2.47% from the current price, estimated strength 61.6397 million USDT); SOL is currently priced at 104.9 USDT, with the downside long pain point at 103.5 (-1.33% from the current price, estimated strength 15.8096 million USDT), and the upside short pain point at 106.7 (+1.72% from the current price, estimated strength 23.6906 million USDT).
ETF fund flows: BTC net inflows exceeded $470 million, ETH net outflows were $2.9 million.
BiJie Network data: The ETF fund flow update for October 22 shows that BTC had a net inflow of 5,766 coins over the past day, worth about $470 million, and a net inflow of 11,503 coins over the past 7 days, worth about $938 million. In relative terms, ETH had a net outflow of 4,422 coins over the past day, a loss of about $106,300, and a net outflow of 120,629 coins over the past 7 days, a loss of about $290 million.
Meta falls 6% on concerns over AI spending plans
CoinWorld news: Meta shares fell 6% on concerns over its AI spending plans.
Meta's future spending commitments reach $825 billion, shares fall more than 5%.
On Thursday, Meta (META.US) shares fell more than 5% to $657.65. According to disclosures in Meta's regulatory filings, as of the end of September this year, the company had committed to total future expenditures of approximately $825 billion, covering leases, cloud computing contracts, data centers, and other types of agreements, with a large portion of the funds directly related to AI computing capacity and infrastructure construction. This figure has risen sharply from the approximately $700 billion disclosed in July this year, with more than $100 billion in new commitments added in just a few months.
Spot gold fell below $4,050 per ounce, the first time since August 4.
According to Bijie.com data, the spot gold price has fallen below $4,050 per ounce for the first time since August 4, with an intraday decline of 2.19%.
Fidelity purchased $23.08 million worth of BTC for the FBTC ETF.
Bjie.com data: Fidelity purchased and withdrew 282.63 bitcoins, worth approximately $23.08 million, for its FBTC ETF wallet, with the withdrawal address being bc1qfse9t6kejejy5twvwmcmy5fepafdnrpj5cwwk9.
Bessent: No crude oil tankers seen at Iran's main oil loading terminal
According to a report from Bijie.com, U.S. Treasury Secretary Bessent: Previously, Iran's main oil loading terminals were packed with tankers. Today, no crude oil transport vessels can be seen. Kharg Island is now nothing more than a monument, bearing witness to the only thing the Iranian regime can still produce—failure. The Iranian regime's arrogance and belligerent posture continue to make ordinary Iranians pay the price. The "Economic Isolation Campaign" is cutting off the regime's oil lifeline, depriving it of the resources used to fund terrorism, procure nuclear-related materials, and sustain the lavish lifestyle of the Islamic Revolutionary Guard Corps elite.
The U.S. Blockchain Association has sent a letter to Congress urging progress on digital asset tax legislation.
The Blockchain Association sent a letter on October 22 to the leadership of both chambers of the U.S. Congress, calling for the advancement of digital asset tax legislation and proposing five policy principles. The association noted that approximately 67 million people in the United States hold or use digital assets, and that current tax rules increase the compliance burden on taxpayers. The five principles include: establishing a tax exemption threshold for small transactions, clarifying the taxation of mining and staking rewards, protecting taxpayer privacy, taxing based on economic substance, and formulating reasonable wash sale rules.
Fireblocks denies that Visa is in talks to acquire it.
Fireblocks denies reports that Visa is in acquisition talks, saying the claim is "not true at this time." According to The Block, Visa declined to comment.