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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
Inside the OpenAI firing of 3 safety researchers: external audit partnership drawn into leak investigation
BiJie Network news: OpenAI dismissed three safety researchers at the end of September on the grounds of violating regulations on the management of sensitive information. The Wall Street Journal disclosed on October 22 that OpenAI at the time suspected the three of leaking confidential model architecture information to external security expert Ryan Greenblatt and demanded that they unlock their personal phones. The investigation found that some of them had enabled automatic message deletion in their Signal chats with Greenblatt. A week later, the three were called into a meeting at the same time and dismissed. All three denied leaking information and believed the dismissals might be related to their efforts to promote AI safety oversight. OpenAI denied retaliation and emphasized that the dismissals stemmed from violations discovered in an internal investigation, without publicly disclosing full details of the violations.
Nabep, the company developing Venezuelan oil in cooperation with the United States, is adding drilling rigs to boost production.
CoinWorld news: North American Blue Energy Partners (Nabep), which is working with the U.S. government to develop oilfields in Venezuela, is adding a sixth drilling rig in the South American country to expand oil production. The person familiar with the matter said Nabep is a private company led by Venezuelan entrepreneur Alejandro Betancourt and has grown without relying on external investment or debt. He added that as cash flow grows, the company plans to increase its annual reinvestment by as much as 50%.
U.S. liquefied natural gas exports to the EU have surged.
Data from Bijie: According to the latest data released by the U.S. Department of Energy's Energy Information Administration, U.S. liquefied natural gas exports to the European Union in August increased by 36% compared with July, reaching about 5.5 million tons. Statistics show that total U.S. LNG exports in August were about 10.8 million tons, of which 51% were destined for the EU. Among EU countries, the Netherlands received the most U.S. LNG, at 1.2 million tons, up nearly 5% month-on-month; Italy ranked second, receiving 1 million tons. U.S. LNG exports to France more than doubled in August, reaching 800,000 tons; supplies to Germany increased 1.7-fold, reaching 700,000 tons. Reuters analysis suggests that, against the backdrop of prolonged hostilities with Iran driving up international energy prices, many European countries are seeking to diversify energy supplies and have increased imports from the United States. At the same time, European countries increased purchases ahead of winter by building up natural gas inventories in advance.
Ukrainian energy company DTEK: Russian attack hit one of its power plants.
CoinWorld news, Ukrainian energy company DTEK: Russian attack hit one of its power plants.
Zhongji Innolight: Demand for high-end optical modules such as 1.6T and 800G is expected to maintain rapid growth.
According to a report from Bijie.com, Zhongji Innolight announced during the midday break that the company's production and operations are currently normal, its supply chain is stable, its capacity utilization is sufficient, and customer order demand is strong. Downstream demand remains highly robust, and the company's order backlog is full. In overseas markets, orders from major customers have already been placed through 2027, and some key customers have provided clear guidance on demand for 2028. Demand for high-end optical modules such as 1.6T and 800G is expected to maintain rapid growth, and demand for next-generation optical interconnect products such as NPO and XPO is also expected to gradually emerge. In the domestic market, the construction of AI computing infrastructure is advancing rapidly, and demand for products such as 400G and 800G is also expected to grow further.
The U.S. government is expected to invest $175 million in fusion energy startup Helion.
According to a report by the UK's Financial Times, the US government is expected to invest $175 million in fusion energy startup Helion. The company's backers include Josh Kushner, the brother of Trump's son-in-law, conservative tech billionaire Peter Thiel, and OpenAI founder Sam Altman.
Crypto trader kimchi launches a new meme coin, market cap briefly surges to $15 million.
According to CoinWorld news, crypto trader kimchi released a promotional image with a QR code this morning, pointing to a new meme coin project called kimchi. After pumpfun co-founder alon reposted the post, the new token's market cap briefly surged to a peak of about $15 million, and then alon canceled the repost. kimchi deleted the original post and removed the word "pumpfun" from the bio, and the token price subsequently fell sharply. According to CoinWorld data, the token's market cap is currently about $284,000, a decline of more than 98% from its all-time high, with 24-hour trading volume of about $9.3 million.
U.S. Ambassador to the United Nations: The current "United Nations Interim Force in Lebanon" model is unsustainable.
CoinWorld news, U.S. Ambassador to the United Nations: The current "United Nations Interim Force in Lebanon" model is unsustainable. Consultations are being held with France, Israel, and Lebanon on an alternative force to the United Nations Interim Force in Lebanon.
HSBC launches Hong Kong dollar stablecoin Redcoin for 3.3 million PayMe users.
CoinWorld news, according to Cointelegraph, HSBC has begun rolling out its HKD-backed stablecoin Redcoin to more than 3.3 million PayMe users.