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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">
An unknown wallet received 663 BTC, worth approximately $54.29 million.
According to data from Bijie.com: Whale Alert monitoring shows that 663 BTC were transferred from an unknown wallet, valued at approximately $54.29 million at current prices.
The VIX1D one-day volatility index stands at 11.38 points.
CoinWorld US stock market data: The VIX1D one-day volatility index closed at 11.38 points. Compared with the same-caliber snapshot 24 hours earlier, it rose 0.18 points; compared with the same-caliber snapshot 7 days earlier, it fell 2.73 points.
The Chinese government purchases $2.5 billion in ETFs every day to support the market.
According to CoinWorld news, the Chinese government has been purchasing approximately $2.5 billion worth of stock ETFs daily since July in an attempt to support the market, especially after a decline in the artificial intelligence sector. Notably, China's typical daily ETF inflows are only about $218 million, meaning the government's purchases are 10 times the average level. This situation is comparable to the U.S. Treasury purchasing $100 billion worth of ETFs here every day.
CoinDCX responds to abnormal deposits to old addresses, emphasizing user asset safety.
CoinDCX issued a statement on October 22 regarding on-chain anomalies in the tqkjq wallet. The address involved is a deposit address that was leaked and abandoned during a security incident in July 2025. Operational losses caused by the recent failure of the consolidation process will be borne by CoinDCX, and user assets transferred to the old address have been credited. User assets are stored in isolation in cold wallets. The platform's current main address and the addresses in use by users have not been affected, and trading on the platform is operating normally.
DeepSeek plans to raise about 100 billion yuan, with Tencent and CATL as major investors.
According to a report by Cailianshe on October 22, Chinese large-model company DeepSeek plans to raise approximately 100 billion yuan (about 15 billion US dollars) in its latest funding round, with Tencent and CATL being the largest investors in this round, and the deal is expected to be officially completed within the next few days. As of now, DeepSeek, Tencent, and other relevant investors have not publicly responded. Sources say the fundraising target for this round was initially set at 50 billion yuan, and was subsequently raised multiple times to about 100 billion yuan. It has not yet been officially announced, and the final amount is still not fully determined. The funds will continue to be used for model training, computing power infrastructure, and talent recruitment to support DeepSeek's participation in global competition. Some sources believe this funding round will pave the way for the company's planned IPO on the STAR Market.
XMTP Labs will shut down its shared communication network in early 2027.
According to CoinWorld news, Shane Mac, co-founder of the web3 communication protocol XMTP, announced that XMTP Labs will shut down its operated shared communication network in early 2027, pivoting to open-source, self-hosted messaging infrastructure that requires no tokens or crypto wallets, with a focus on supporting encrypted communication between humans and AI agents. Shane Mac admitted that web3 social and communication failed to meet expectations; the team long relied on partners to drive network adoption but never formed sustainable demand. He also confirmed that XMTP has never issued a token and will not issue one in the future, because it has not found a reasonable model in which token value is supported by real usage demand. XMTP raised a $20 million Series A round led by a16z crypto in 2021, and completed a $20 million Series B round in 2025 at an equity valuation of $300 million.
Samsung Electro-Mechanics signs long-term supply contract with Tesla
Biji.com news: Samsung Electro-Mechanics has signed a long-term supply contract with Tesla for flip-chip ball grid array (FC-BGA) substrates, with a term of up to five years (2029 to 2033). Under the contract, Tesla can secure medium- and long-term substrate supply assurance, while Samsung Electro-Mechanics will receive about 1.1 trillion Korean won (approximately US$832 million) for expanding production facilities and capital expenditure. The production line is still under construction and is scheduled to be completed by the end of next year, with equipment installation and commissioning expected to be completed in the first half of 2028, mass production to begin in the second half of the year, and official delivery of products to Tesla in 2029. The FC-BGA substrates produced by the new line will be used in the AI chips for Tesla's self-driving electric vehicles and its humanoid robot Optimus.
Norfolk Southern Corporation reported third-quarter revenue of $3.5 billion, exceeding expectations.
CoinWorld news: Norfolk Southern reported third-quarter revenue of $3.5 billion, exceeding the $3.477 billion expected by Ibes.