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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
OKX's US stock products recorded a trading volume of $57.938 billion over the past 30 days.
BiJie Network data: According to OKX market data, as of October 22, 2026, the trading volume of OKX US stock-related products over the past 30 days reached 57.938 billion USDT. Among this, stock perpetual trading volume was 56.491 billion USDT, and spot trading volume was 1.447 billion USDT. The most popular stocks in the past 30 days were SNDK, SOXL, and SPCX, and storage remained the hottest sector.
The on-chain perpetual futures trading platform extended has completed its migration to arc.
According to CoinWorld news, the on-chain perpetual futures trading platform extended has completed its migration to arc, involving $120 million in TVL, positions, and pending orders, with trading uninterrupted throughout the process. Users can use Circle CCTP's native USDC transfers and CIRBTC as BTC collateral assets, and deposit and withdrawal functions have now been reopened.
Ethereum ETFs saw net outflows of $110.58 million, with net inflows of $589 million so far in 2026.
CoinWorld data: On October 22, Ethereum ETFs saw a net outflow of $110.58 million, with a net outflow of $1.18 billion month-to-date and a net inflow of $589 million year-to-date in 2026. Among them, BlackRock's $ETHA had a net outflow of $75.5 million, Grayscale's $ETH (Mini) had a net outflow of $10.69 million, Grayscale's $ETHE had a net outflow of $9.56 million, Fidelity's $FETH had a net inflow of $2.37 million, BlackRock's staked $ethb had a net outflow of $17.2 million, and Bitwise's $ETHW, VanEck's $ethv, Morgan Stanley's $msse, Franklin's $ezet, 21Shares' $teth, and Invesco's $QETH all had no fund flows.
Bitcoin ETFs saw total net outflows of $63.554 billion, the largest single-day outflow since June 25.
CoinWorld data: On October 22, total net outflows from Bitcoin ETFs reached $63.554 billion, marking the largest single-day outflow since June 25. Among them, BlackRock's IBIT saw outflows of $25.410 billion, Fidelity's FBTC saw outflows of $21.746 billion, Grayscale's GBTC saw outflows of $2.953 billion, ARK's ARKB saw outflows of $10.943 billion, while Morgan Stanley's MSBT saw inflows of $233 million.
BlackRock's Bitcoin ETF saw a single-day net outflow of 3,125 BTC, the largest single-day outflow since June 29.
According to data from Bijie.com: BlackRock's Bitcoin ETF ($IBIT) recorded a net outflow of 3,125 bitcoins on October 22, equivalent to approximately $254.1 million at current prices, with trading volume reaching $2 billion. This is the largest single-day outflow for $IBIT since June 29.
The Nasdaq advance-decline ratio stands at 1.9789.
BiJie Network US stock data: The Nasdaq advance-decline ratio is 1.9789, with more advancers than decliners. Compared with the same-caliber snapshot 24 hours ago, it rose by 1.1444; compared with the same-caliber snapshot 7 days ago, it rose by 1.3626.
AI investment boom faces a test as the US Treasury safe-haven trade returns
As the selloff in technology stocks intensifies, the safe-haven function of U.S. Treasuries has returned markedly. For much of this year, U.S. Treasuries failed to provide investors with traditional protection, but that function has been restored this week. An indicator measuring the inverse relationship between U.S. Treasuries and artificial intelligence-related stocks has climbed back to levels seen a year ago, suggesting investors are returning to the bond market in search of safety. Charlie McElligott, a cross-asset strategist at Nomura Holdings, said bonds are once again playing a hedging role, and the market is reassessing the possibility of a growth scare in the United States.
U.S. spot BTC ETFs saw their largest net outflows in two months.
According to data from Bijie.com: Yesterday, U.S. spot BTC ETFs saw a net outflow of $636 million, the highest single-day net outflow since July 30. Among them, the largest outflow was from IBIT, amounting to $254 million, followed by FBTC, with an outflow of $218 million.
Financial Associated Press, October 23 — Trump said at a rally in Iowa that the volume of oil transported through the Strait of Hormuz over the past week exceeded any previous period, including before the Iran war, and attributed the reason to the US blockade, which remains to be verified.
According to a CoinWorld report, Caixin reported on October 23 that Trump said at a rally in Iowa that the volume of oil transported through the Strait of Hormuz over the past week exceeded any previous level, including before the Iran war, and attributed this to the U.S. blockade.