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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
Bitcoin's market dominance has broken above 60%, hitting a new 5-month high.
CoinWorld data: According to Bitcoin Magazine, Bitcoin's market dominance has surpassed 60%, the highest level in the past five months, with new capital continuing to flow into the Bitcoin market.
Brent crude oil futures broke through $113 per barrel, rising more than 4% on the day.
Brent crude oil futures broke through $113 per barrel, rising more than 4% intraday.
CryptoQuant CEO: Bitcoin hashrate is rising again, and miners are running at full capacity.
According to Cointelegraph, CryptoQuant CEO Ki Young Ju stated that Bitcoin's hash rate is rising again and miners are running at full capacity, which is seen as a bullish signal.
Deepwater Asset Management：Nvidia被低估，AI基础设施需求上升
According to Benzinga, Gene Munster of Deepwater Asset Management said Nvidia ($NVDA) is still undervalued by investors and highlighted the long-term growth opportunities presented at GTC Berlin. Munster noted that CEO Jensen Huang's speech reinforced Nvidia's transformation from a GPU supplier to an "AI factory" company, combining hardware, software, and libraries into a complete technology stack. He mentioned Nvidia's new DSX Pod, which is expected to shorten data center deployment time from five months to one month, improving the returns for customers building AI infrastructure. Munster also focused on AI agents as a major driver of future computing demand, believing that Meta's Muse and SpaceX's Grok Bot will significantly increase token consumption, with AI agents consuming 10 to 15 times more tokens than traditional chatbots. Nvidia is expected to report quarterly earnings in November, with analysts forecasting earnings per share of $2.48 and revenue of $109.17 billion, nearly double last year's $57.01 billion.
The U.S. 10-year Treasury yield fell below 5% as safe-haven demand pushed bond prices higher.
Bitcoin World news: U.S. Treasuries surged, driven by safe-haven buying triggered by the sharp sell-off in AI-related stocks, with the 10-year yield falling back below 5%. The rally pushed Treasury yields across maturities down by as much as 16 basis points, with yields on 5- to 30-year maturities all hitting their lowest levels in nearly a month. In addition to safe-haven demand, fading market expectations of a Federal Reserve rate hike next year also boosted Treasuries. Michael Chang, rates derivatives strategist at Citi, said U.S. Treasuries still exhibited safe-haven characteristics despite the day's rise in oil prices. Shares of U.S. semiconductor companies, seen as a barometer of AI investment sentiment, resumed their decline on Thursday, with the Philadelphia Semiconductor Index plunging as much as 6.3% to its lowest level since July. The next move in Treasuries may depend in part on which prevails: high oil prices or concerns about AI stock trading. Eugene Leow, senior rates strategist at DBS Bank, said market sentiment has appeared fickle recently as investors reassess AI-related assets.
Datadog bids $4 billion to acquire Upwind
CoinWorld news: Market sources say Datadog is acquiring startup Upwind for $4 billion.
21Shares purchases another 6.54 million ETH, bringing total purchases to 5
Coin World news: 21Shares has recently purchased another 6.54 million ETH, marking its fifth purchase. The Ethereum address for this transaction is 0x455e53cbb86018ac2b8092fdcd39d8444affc3f6.
Ukrainian President Zelensky: Ukraine is willing to hold peace talks during the G20 summit, but has not yet received a relevant invitation.
CoinWorld news, Ukrainian President Zelensky: Ukraine is willing to hold peace talks during the G20 summit, but has not yet received a relevant invitation.
Oil prices break above $111, AI stocks slide and drag down global markets
Brent crude oil prices rose 2.6% on Thursday to $111.66 per barrel, hitting a five-month high, according to data from Bihang Network. Meanwhile, AI-related stocks declined, dragging global markets broadly lower. In New York, the Nasdaq fell 1.5% and the S&P 500 dropped 0.8%. In addition, South Korea's KOSPI fell 3.52%, Japan's Nikkei 225 dropped 2.65%, and Hong Kong's Hang Seng Index declined 3.03%. China's CSI 300 entered a bear market, down more than 20% from its recent high.