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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
Papertrade announces that the PAPER token is non-transferable, with daily revenue falling out of the top 20 among protocols.
According to CoinWorld news, after Papertrade announced that its token PAPER would be non-transferable, its daily revenue fell to $178,000, dropping out of the top 20 in protocol revenue. Papertrade's total revenue over 12 days since launch was $61.96 million, ranking in the top 3 for revenue over the past 7 days. Since announcing the non-transferability of the PAPER token on October 20, user trading activity has declined, and the protocol's TVL has dropped to $40 million. Papertrade founder Jez stated that whether the token is transferable does not change users' choice to trade on Papertrade.
VIX volatility index daily change reported at -3.64%
CoinWorld US stock data: The VIX volatility index fell 3.64% from the previous trading day. Compared with the same-caliber snapshot 24 hours earlier, it rose 2.4885 percentage points; compared with the same-caliber snapshot 7 days earlier, it fell 14.1176 percentage points.
The total market capitalization of the crypto market stands at 2.79 trillion US dollars.
CoinWorld data: The total market capitalization of the crypto market is $2.79 trillion, with a 24-hour trading volume of $87.786 billion.
Legal AI company Legora raises another $550 million: valuation up 57% in seven months, annualized revenue tops $200 million
Biji.com news: Legal AI company Legora has announced the completion of a $550 million Series E funding round, reaching a post-money valuation of $8.8 billion. The round was led by Atreides Management, with participation from institutions including JPMorgan and Fidelity. Founded in 2023, Legora primarily helps lawyers review contracts, search legal materials, draft documents, and execute multi-step tasks through AI agents. The company disclosed that its annual recurring revenue (ARR) grew from $1 million to $100 million in less than a year and a half, and then surpassed $200 million in less than half a year. Currently, Legora covers more than 2,400 law firms and corporate legal teams worldwide, with over 140,000 legal professional users. The United States has become its largest revenue market, with more than half of the 50 highest-revenue law firms in the U.S. being its clients. The new funding will be used for global expansion and for developing an AI agent operating system for lawyers.
Gate's 30-day net inflow was approximately $444 million, ranking second among centralized exchanges globally.
CoinWorld data: Gate's net capital inflow over the past 30 days was approximately $444 million, ranking second among global centralized exchanges.
Anthropic: plans to publicly file for IPO on Friday
According to a report from Bijie, Anthropic plans to publicly file its IPO application this Friday, according to Yahoo Finance.
The proportion of active buy trades in SOL contracts over the past 4 hours is 44.63%.
CoinWorld data: Over the most recent 4 complete hours, the taker buy volume share of the SOLUSDT perpetual contract was 44.63%, while the taker sell share was 55.37%, with taker selling dominating. Compared with the same-methodology snapshot 24 hours earlier, it fell by 2.7697 percentage points; compared with the same-methodology snapshot 7 days earlier, it fell by 3.7319 percentage points.
ETH contract active buy volume accounted for 46.01% over the past 4 hours.
CoinWorld data: Over the most recent 4 complete hours, the taker buy share of ETHUSDT perpetual contract trades was 46.01%, while the taker sell share was 53.99%, with taker selling dominating. Compared with the same-methodology snapshot 24 hours earlier, it fell by 4.3328 percentage points; compared with the same-methodology snapshot 7 days earlier, it rose by 2.7181 percentage points.
KuCoin Futures New Listing: AXISUSDT Perpetual Contract, up to 20x leverage
KuCoin announces the new listing of the AXISUSDT perpetual contract, with leverage of up to 20x.