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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
Crypto Long & Short: Why real-world assets need fixed-rate loans onchain
You're reading <a href="/newsletters/crypto-long-short/" rel="nofollow" target="_blank">Crypto Long & Short</a>, our weekly newsletter featuring insights, news and analysis for the professional investor. <a href="/newsletters/crypto-long-short/" rel="nofollow" target="_blank">Sign up here</a> to get it in your inbox every Wednesday. This is your institutional newsletter, Crypto Long & Short. This week: <em>…and if you’re looking for more institutional insights: ETF Central’s <a href="https://www.etfcentral.com/global-etf-survey/2026" target="_blank" rel="noopener noreferrer">>Trackinsight Global ETF Survey 2026</a>, produced with Calamos Investments and S&P Dow Jones Indices, finds nearly 7 in 10 professional investors are reassessing their ETF holdings.</em> <em>Plus, CoinDesk’s latest <a href="/research/digital-assets-quarterly-review-and-outlook-q3" rel="nofollow" target="_blank">Digital Assets Quarterly Report</a> is out now.</em> <a href="https://www.linkedin.com/in/kim-klemballa-80101812/" target="_blank" rel="noopener noreferrer">>- Kim Klemballa</a> <em>by <a href="/author/peter-gaffney" rel="nofollow" target="_blank">Peter Gaffney, co-founder, O2O Capital Partners</a></em> Fixed-rate lending is the clearest growth lever for real-world assets (RWAs) in decentralized finance (DeFi). It unlocks a strategy that credit desks have run for decades but DeFi has never meaningfully implemented: buy a quality income asset, borrow against it at a locked rate below the asset’s yield and buy more of the asset. Stablecoins are steadily sitting around $300 billion in <a href="https://app.rwa.xyz/stablecoins" target="_blank" rel="noopener noreferrer">>supply</a> and aggregate <a href="https://o2ocapital.com/research/rwa-vaults-institutional-track-record" target="_blank" rel="noopener noreferrer">>vault assets</a> are nearing the $20 billion milestone. Morpho alone carries more than <a href="https://data.morpho.org/" target="_blank" rel="noopener noreferrer">>$16 billion</a> in deposits, most of it in variable-rate markets priced on pool utilization, which serve crypto-native traders who manage liquid positions in real time but leave longer-dated borrowers with uncertainty. Fixed-rate, fixed-term lending closes that gap by matching the term of the loan to the duration of the collateral, especially for RWAs whose redemptions can settle anywhere from T+7 to T+90. With the borrow cost and maturity known at entry, institutional counterparties can underwrite an RWA looping vault the same way they approve conventional term financing. This is the same bedrock foundation that formed and grew traditional credit markets to $51 trillion in US <a href="https://www.sifma.org/research/statistics/research-quarterly-fixed-income-outstanding" target="_blank" rel="noopener noreferrer">>fixed income</a> versus $1.6 trillion in <a href="https://www.lsta.org/content/morningstar-lsta-leveraged-loan-index-analysis-december-2025/" target="_blank" rel="noopener noreferrer">
Traders expect Chile's October inflation to be 0.5% month-on-month.
Cointime news: traders expect Chile's October month-on-month inflation to be 0.5%.
Siemens and NVIDIA sign a partnership agreement on an industrial AI operating system.
CoinWorld news: Market sources say Siemens has signed a cooperation agreement with Nvidia (NVDA.O) for an industrial AI operating system.
Siemens and NVIDIA sign a partnership agreement on an industrial AI operating system.
CoinWorld news: Market sources say Siemens has signed a partnership agreement with NVIDIA (NVDA) for an industrial AI operating system.
Citadel CEO Ken Griffin: AI can complete weeks of financial research in hours
Citadel CEO Ken Griffin said that artificial intelligence can now complete weeks of PhD-level financial research in just a few hours. He warned that many companies are facing a situation where their competitive moats are being "bulldozed flat," while startups are gaining new opportunities.
South Korea's Digital Asset Basic Act enters final discussions as the 2027 tax deadline approaches.
According to Yonhap News Agency, South Korea's Basic Act on Digital Assets is entering its final discussion stage, with financial regulators and lawmakers debating whether cryptocurrency taxation should begin before the regulatory framework is completed. Lee Eok-won, chairman of the Financial Services Commission, said at the National Assembly's Political Affairs Committee that legislative discussions are nearing completion and that relevant departments will push for the bill to pass as soon as possible. The bill is expected to establish rules for cryptocurrency businesses, exchange licensing, and stablecoin issuance, and negotiations are still ongoing over the regulation of trading platforms and the conditions for companies to issue won-denominated stablecoins. South Korea plans to impose a 22% tax rate on annual cryptocurrency gains exceeding 2.5 million won, including 20% national income tax and 2% local income tax.
a16z has renamed its flagship blockchain fund to a16z frontier.
Coin World News reports that a16z has announced the renaming of its flagship blockchain fund to a16z frontier, with long-serving GP Ali Yahya departing. The fund has raised nearly $10 billion in total, including $4.5 billion in 2022 and this year's $2.2 billion Fund 5. Chris Dixon remains, stating that crypto assets and blockchain remain core investment areas, while the fund's investment scope will broaden to wider frontier technology sectors.
On October 22, Cailian Press reported that Meta's stock continued to decline in pre-market trading, hitting a low with a drop of 3%.
CoinWorld news, Cailian Press, October 22: Meta shares continued to fall in pre-market trading, hitting a low with a decline of 3%.
Coinbase Derivatives will suspend trading on October 24.
Coinbase announced that its derivatives trading will be suspended on Saturday, October 24, 2026, at 5:00 AM CT for scheduled maintenance, expected to last 9 hours. During the maintenance period, futures and perpetual futures trading on Coinbase Financial Markets will be unavailable, but users will still be able to access their accounts. The Coinbase Markets X account advised users to make appropriate arrangements in advance. Recently, Coinbase also suspended trading of the Blast token, and users holding Blast were advised to transfer their assets before October 26.