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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
Today's Crypto Fear and Greed Index dropped to 50, shifting market sentiment to neutral.
CoinWorld data: Today the cryptocurrency Fear and Greed Index fell to 50, down from 68 yesterday, with market sentiment shifting from greed to neutral.
BTC price is 0.46% below the 20-hour average price.
CoinWorld data: As of 08:00 Beijing time on 2026-10-23, the Binance BTC price is 81,416.09 USDT, 0.46% below the average price over the past 20 hours. Compared with the same-methodology snapshot 24 hours earlier, it is down 3.18%.
BTC saw a net capital outflow of 1,469.583 BTC over the past 24 hours.
BiJie.com data: BTC saw inflows of 10,465.4696 BTC and outflows of 11,935.0526 BTC over the past 24 hours, for a net outflow of 1,469.583 BTC. This figure comes from the rolling 24-hour calculation of the same BTC fund distribution interface, with the net amount calculated as inflows minus outflows. It does not represent net exchange inflows, on-chain exchange flows, or institutional fund flows, and should not be conflated with deposit/withdrawal data from any single exchange. Compared with the same-calculation snapshot 24 hours ago, it is down 56.67%; compared with the same-calculation snapshot 7 days ago, it is down 20.78%.
Gold prices stabilize at a three-month low as markets watch for liquidity sell-offs and rebounds.
According to CoinWorld news, gold prices have stabilized near their lowest closing level in more than three months after investors sold off precious metals and global stock markets experienced a wave of selling. Spot gold prices fell nearly 3% in the previous trading session, dropping to their lowest level since July 20, and are currently hovering around $4,020 per ounce. On Thursday, U.S. stocks declined, and U.S. Treasury yields of some maturities fell sharply, by as much as 20 basis points. Market traders' risk-aversion sentiment has intensified, and they have been buying bonds to hedge risk. Global X ETFs analyst Justin Lin said gold may recently face "liquidity-driven selling," a situation that often occurs during sharp market declines because gold is highly liquid and can be used to meet margin calls and capital needs. He also noted that gold prices are approaching the key level of $3,900 per ounce. Although gold still faces downward pressure in the short term, gold prices may experience a "V-shaped rebound." Falling interest rates, cooling enthusiasm for AI trades, and capital outflows from the United States that push the dollar weaker will all benefit precious metals.
SB Energy considers delaying IPO to December or next year, closely watching Anthropic's listing performance.
CoinWorld news: SoftBank's energy company SB Energy is considering an IPO as early as December this year, though it may also be delayed until next year. Company management is closely monitoring the progress of Anthropic's initial public offering (IPO); if Anthropic's share price performs well after listing, SB Energy could launch its IPO as early as December.
Analysis: Iran warns it will expand strikes on civilian targets in the Gulf region if the US and Israel resume airstrikes.
According to a Wall Street Journal analysis, Iran's message is very clear: if the United States and Israel restart aerial military operations, Tehran will launch a counterattack, with targets including not only U.S. military bases and warships, but also airports, oil pipelines, and other civilian targets in countries around the Persian Gulf. Iran issued these warnings through public statements and private diplomatic communications, clearly intending to use tough rhetoric to deter any potential attack. But these warnings also show that Iran does indeed have the capability to pose a threat. Iran still possesses a large inventory of missiles and drones, as well as the ability to use these weapons to launch attacks. Analysts estimate that Iran has hundreds to thousands of ballistic missiles. U.S. and regional officials believe that Iran has used stockpiled components to resume small-scale ballistic missile production in underground facilities. At the same time, the stockpiles of air defense interceptors used by U.S. and Arab state forces to intercept incoming attacks have been declining, and Israel's interceptor reserves are also under pressure.
Heatbit launches a new home water heater that can mine Bitcoin
According to CoinWorld news, Heatbit has launched a new type of household water heater. The device installs mining chips in existing water tanks, allowing users to mine Bitcoin while using hot water.
Japan's 10-year government bond yield fell 7 basis points to 2.81%, Cailian Press reported on October 23.
CoinWorld news, Cailian Press, October 23 — Japan's 10-year government bond yield fell 7 basis points to 2.81%.
New Zealand inflation faces a rebound, and economists expect a rate hike next week.
CoinWorld news: New Zealand faces a rebound in inflation, and economists expect a rate hike next week. Economists say the Reserve Bank of New Zealand will need to raise interest rates significantly if it is to bring inflation under control, even if that means acting just 10 days before the general election. Although New Zealand's third-quarter inflation rate edged lower, many analysts expect it to accelerate above 4% in the fourth quarter and to remain above the RBNZ's 1% to 3% target range for longer than the central bank previously forecast. Rising fuel prices and a weaker New Zealand dollar are the main factors driving inflation higher. Most economists believe the RBNZ will need to raise the official cash rate (OCR) to 3% next Wednesday. Smith, a senior economist at ASB Bank in Auckland, said persistently high inflation is a major challenge. He expects inflation to remain above 3% until the fourth quarter of 2027, and predicts the RBNZ will raise rates on October 28.