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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">
Morgan Stanley: Initial estimates put Middle East crude exports last week at 17 million barrels per day.
According to a report by Bijie, Morgan Stanley stated in a report that Middle East crude oil exports last week, including exports that do not pass through the Strait of Hormuz, were preliminarily estimated at 17 million barrels per day, about 94% of the pre-war level. Saudi Red Sea loadings reached 3 million barrels per day, of which about 75% flowed north into the Mediterranean. Vortexa data shows that refined product shipments recovered to at most only 50% of normal levels. On a seven-day average basis, including LNG and LPG carriers, 8 tankers per day exited through the Strait of Hormuz, unchanged from the previous week. Oil stored on ships in the Persian Gulf decreased by 15 million barrels to 165 million barrels, reflecting that many tankers are still leaving the Persian Gulf.
Strong demand for corporate loans in Japan may leave room for further interest rate hikes by the Bank of Japan.
A Bank of Japan survey released on Thursday showed that corporate borrowers at Japan's major banks increased their demand for funds compared with three months earlier, indicating that recent interest rate hikes have not yet hindered lending activity. Ahead of the Bank of Japan's policy meeting next week, the data further reinforce the prevailing market view that the Bank of Japan will continue to raise its current interest rate level of 1.25% to reduce the risk of inflation exceeding its target. Shigeto Nagai, head of Japan economics research at Oxford Economics, said that the overall resilience the Japanese economy has shown to rising interest rates may enable the Bank of Japan to raise the policy rate further to above 1.75%, thereby preventing further weakening of the yen and avoiding a de-anchoring of inflation expectations.
BTC、ETH、SOL和XRP ETF资金流入情况
CoinWorld data: According to Cointelegraph, on October 21, spot ETFs for BTC, ETH, SOL, and XRP recorded net inflows. The specific figures are: BTC net inflow of $528.4 million, ETH net inflow of $14.96 million, SOL net inflow of $585,300, and XRP net inflow of $70,852.
Saudi General Authority of Civil Aviation: Death toll from Dammam airport attack rises to 2
According to a report from Bijie.com, on October 22 local time, the General Authority of Civil Aviation of Saudi Arabia issued a supplementary statement regarding the attack on King Fahd International Airport in Dammam on the evening of the 21st, stating that the death toll from the attack has risen to 2, one of whom was a Saudi citizen and the other an Indian national. The statement said the attack also injured 8 people, including 1 Saudi citizen, 2 Indian residents, 2 Yemeni residents, 2 Bangladeshi residents, and 1 Nepalese resident, with injuries ranging from minor to severe, all of whom are currently receiving treatment in multiple hospitals. The General Authority of Civil Aviation of Saudi Arabia stated that relevant authorities are still assessing the damage to the airport and taking necessary measures to ensure the safety of passengers and staff. Airport operations have resumed, and air traffic has also returned to normal.
Mitsubishi UFJ analysts said that Bank Indonesia kept its policy rate unchanged at 5.75%, using a combination of policies such as reserve requirement cuts and optimized hedging tools to support the Indonesian rupiah exchange rate without significantly tightening financial conditions.
Mitsubishi UFJ analysts said that Bank Indonesia kept its policy rate unchanged at 5.75%, using a combination of policies such as reserve requirement cuts and improved hedging tools to support the Indonesian rupiah exchange rate without significantly tightening financial conditions, Cailian Press reported on October 22.
Caixin, October 22 — Capital Economics economists said the Reserve Bank of New Zealand still needs to continue withdrawing stimulus; there is still substantial spare capacity in the economy, and the peak OCR in this rate-hiking cycle will be 3.25%.
CoinWorld news, Cailian Press, October 22 — Capital Economics economists said the Reserve Bank of New Zealand still needs to continue withdrawing stimulus; the economy still has substantial spare capacity, and the peak OCR in this rate-hike cycle is 3.25%.
NVIDIA CEO Jensen Huang: The pace of global AI development is "ridiculous"
According to CoinWorld news, NVIDIA CEO Jensen Huang stated that the pace of global AI development is "absurd."
The Ministry of Commerce: Will work with countries around the world to jointly build international AI economic and trade rules.
According to a report by Bihaiwang, Vice Minister of Commerce Jiang Chenghua stated at a press conference held by the State Council Information Office that the current global economic governance is facing many new situations and challenges, and that the digital divide, development deficit, and over-securitization have become worldwide problems. In the face of these issues, China will firmly uphold the World Trade Organization-centered global trading system, deepen bilateral and multilateral economic and trade cooperation, expand the network of high-standard free trade zones, actively lead the formulation of international rules in emerging fields such as digital and green development, promote the building of an open AI ecosystem, and work with countries around the world to jointly establish international economic and trade rules for artificial intelligence.