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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
Germany's October flash composite PMI came in at 52.8, versus expectations of 53.3 and a previous reading of
CoinWorld data: Germany's October composite PMI preliminary reading came in at 52.8, below the expected 53.3 and the previous reading of 53.8.
Malaysia and Thailand join Singapore's Bloom digital currency initiative
CoinWorld news, Malaysia and Thailand joined Singapore's Bloom digital currency initiative on October 23, 2026, becoming policymaker members. Bloom (meaning borderless, liquid, open, online, multi-currency) is a public-private initiative aimed at helping financial institutions use stablecoins and tokenized deposits for cross-border payments. The Monetary Authority of Singapore said Bloom aims to reduce costs and accelerate time to market for services by reducing the need for financial institutions to establish arrangements with each counterparty or market.
The UAE-led operation tracked over $39 billion in fraud funds and crypto assets, arresting more than 960 people.
According to WatcherGuru, a UAE-led operation tracked over $39 billion in fraud funds and crypto assets, leading to the arrest of more than 960 people.
Ukraine's Energy Ministry: Russia attacked energy infrastructure in 6 regions of Ukraine.
According to CoinWorld news, Ukraine's Ministry of Energy: Russia attacked energy infrastructure in 6 regions of Ukraine, causing power outages for more than 500,000 people.
France's 10-year government bond yield pared its decline after the PMI data was released, last at 5.071%.
According to CoinWorld news, the yield on French 10-year government bonds narrowed its decline after the release of PMI data, and was last reported at 5.071%.
Austrian Foreign Ministry: Declared four Russian diplomats stationed in Vienna as "persona non grata" due to conduct incompatible with their diplomatic status.
According to CoinWorld news, the Austrian Ministry of Foreign Affairs: declared four Russian diplomats stationed in Vienna as "persona non grata" due to conduct inconsistent with their diplomatic status.
Bitcoin ETFs saw $635 million in outflows in October, with fund flows turning negative again.
According to Biji.com data: U.S. spot Bitcoin ETFs recorded a net outflow of $635 million on Thursday, pushing October's fund flows back into negative territory. This outflow exceeded Wednesday's inflow of $528 million, bringing October's total net outflow to $175 million. This was the largest single-day net outflow since June 25, when Bitcoin ETFs lost $696 million. Despite this, Bitcoin ETFs still had a net inflow of $443 million over the past week.
Bitcoin whales move over $415 million in funds, possibly to sell
Biji Network data: According to OnchainLens, a Bitcoin whale transferred over $415 million worth of Bitcoin, of which 949.7 BTC (approximately $77.55 million) was deposited into Binance and Deribit and may be sold. In addition, another 4,150 BTC (approximately $338 million) was transferred to their own wallet, which has also previously transferred funds to exchanges. The address is: 1l6hpatycrs33oibkrue1fskrzdpsjalcg.
Financial Associated Press, October 23 - After the release of French PMI data, the decline in EUR/USD widened to 0.2%.
According to CoinWorld news, Caixin reported on October 23 that after the release of French PMI data, the decline in EUR/USD widened to 0.2%.