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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
Flapping Airplanes raises $1 billion: founder incubated Cursor, aims to rewrite AI training from the GPU level up
Coin World news: Flapping Airplanes has completed a $1 billion Series A funding round, co-led by Index Ventures and Lux Capital, at a post-money valuation of $6 billion, four times its valuation in January this year. The company was founded about a year ago, has a team of only just over 20 people, and has not yet launched a commercial product. Its investors include Sequoia Capital, Google GV, and Nvidia. Flapping Airplanes was co-founded by Ben Spector, Asher Spector, and Aidan Smith. During his time at MIT, CEO Ben co-founded the startup incubator Prod and participated in the early incubation of Cursor, Mercor, Etched, and Decart. In 2025, Ben and a Stanford team developed Megakernel, attempting to consolidate the computation of an entire model into a single GPU kernel, significantly improving memory bandwidth utilization and inference speed.
Bitget US stock night trading and market data have returned to normal.
Bitget has announced that the overnight trading system of Blue Ocean ATS, its upstream exchange system for U.S. stocks, has completed an upgrade and returned to normal. The U.S. stock overnight market data returned to normal yesterday afternoon, and there have been no further interruptions in market data. The U.S. stock overnight trading service (including U.S. stock spot, U.S. stock RToken, and other related instruments) has fully and automatically resumed, and orders previously frozen or suspended due to the upgrade are now being processed normally again.
Goldman Sachs maintains a Buy rating on Nvidia with a price target of $300.
Market concerns about peak AI capital expenditure are being countered by Nvidia at GTC Berlin. Physical AI revenue has already exceeded the full-year total of the previous fiscal year ahead of schedule, supply chain substrate capacity has been expanded 2.5 times, and CoWoS-R (advanced packaging) capacity has been expanded 3 times. Goldman Sachs maintains a Buy rating on Nvidia with a target price of $300, which is 38.6% higher than the October 20 closing price of $216.47. In a report released on October 21, 2026, Goldman Sachs noted that the immediate impact of the event on the stock price is limited, but it reinforces the judgment that AI deployment remains on track. While ensuring supply chain readiness, Nvidia is providing tools to help the ecosystem address security concerns related to agentic AI.
Jeremy Allaire: Bullish on digital dollar applications, stablecoin regulation expected to become clearer
Circle CEO Jeremy Allaire said he does not focus on Bitcoin's short-term price but is bullish on the use of digital dollars in payments and the AI agent economy. The U.S. Office of the Comptroller of the Currency is drafting the Genius Act, which would require stablecoin issuers to hold sufficient reserve assets, allow redemption within two days, and prohibit the payment of interest. Allaire believes the bill has bipartisan support and can provide policy safeguards for the stablecoin industry, but U.S. crypto market structure legislation has not yet made progress.
Jeremy Allaire: Focused on the digital dollar in the AI era, not on Bitcoin's price
According to CoinWorld news, Circle CEO Jeremy Allaire said he pays little attention to the specific price movements of digital commodities such as Bitcoin, and instead focuses on building non-speculative digital dollars for payments, trading, lending, and investment. He believes that AI agents will create demand for digital dollars and machine-native blockchains.
South Korea's National Assembly is divided over the timing and fairness of implementing virtual asset taxation.
CoinWorld news: South Korea's National Assembly Finance and Economy Planning Committee held its 2026 comprehensive state affairs audit, where the ruling and opposition parties clashed over the taxation of virtual assets. Democratic Party lawmaker Yoon Ho-deok stated that postponing or repealing laws that have already been passed undermines the foundations of the state. People Power Party lawmaker Lim Yi-ja pointed out that overseas exchanges have no obligation to submit transaction details to South Korea, which damages tax fairness, and that industry operators are insufficiently prepared in building the necessary infrastructure.
Nasdaq advance-decline net value reported at -451 issues.
BiJie Network US stock market data: The net value of advancing and declining stocks on the Nasdaq is -451, with 451 more decliners than advancers. Compared with the same-caliber snapshot 24 hours ago, it rose 80.17%; compared with the same-caliber snapshot 7 days ago, it rose 57.77%.
TRON's role in stablecoin settlement continues to grow.
CoinWorld data: TRON's role in stablecoin settlement continues to grow. According to the latest data, TRON currently holds about 73% of the stablecoin settlement market share.
A drone struck energy infrastructure in the Kremenchuk region.
A drone struck energy infrastructure in the Kremenchuk area, according to local officials in Ukraine's Poltava region, CoinWorld reported.