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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
The put/call ratio for single-stock options reported 0.69.
CoinWorld US stock data: The Put/Call ratio for individual stock options is 0.69, with call option trading volume higher than put option volume on the day. Compared with the same-caliber snapshot 24 hours ago, it rose by 0.17; compared with the same-caliber snapshot 7 days ago, it rose by 0.07.
BTC liquidations totaled $93.237 million over the past 24 hours.
BiJie Network data: BTC's rolling 24-hour liquidation amount is approximately 93.237 million USD, involving about 6,057 liquidated accounts. Compared with the same-caliber snapshot 24 hours ago, it is down 33.26%; compared with the same-caliber snapshot 7 days ago, it is up 6.13%.
Imran: a16z's shift toward frontier tech will drive the migration of crypto talent and capabilities.
According to a CoinWorld report, Alliance partner Imran said that a16z is shifting toward frontier technology sectors such as robotics, biology, artificial intelligence, energy, and computing power, which will allow the talent and capabilities accumulated in the crypto industry over the past decade to be used to build frontier technology. He believes that the development of AI infrastructure has benefited from Bitcoin mining infrastructure and talent flowing from crypto to AI, and he compared the degree of resistance to data centers to the early development of the crypto industry.
Hong Kong's tokenization efforts are moving toward implementation, with HKEX planning to launch a pilot for tokenized warehouse receipt financing.
According to a report by Bihang, Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui, said that Hong Kong's tokenization progress is moving from the experimental stage to the implementation stage. Currently, Hong Kong is home to more than 1,400 fintech companies, including 8 virtual banks, 4 virtual insurance companies, and 12 licensed virtual asset trading platforms. HKEX plans to launch a tokenized warehouse receipt financing pilot next year, cooperating with designated banks to use distributed ledger technology to use commodity warehouse receipts as collateral, and is building a multi-asset tokenization platform to include commodity warehouse receipts from recognized warehouses.
Two AI agent standard proposals from the finch team have been included in Ethereum's official repository.
According to CoinWorld news, the official Ethereum ERC repository has included the ERC-8436 collective decision-making framework for agents and the ERC-8444 on-chain ARD proposal put forward by the finch team. All seven proposals authored by finch founder and CEO Gary Yang have been assigned Ethereum ERC numbers, and ERC-8436 and ERC-8444 have now entered the Ethereum Magicians community review stage.
Anthropic's IPO creates fortunes: VCs make tens of billions each on average, while FTX exited early and missed out on a hundred-billion-dollar return.
According to Bijie news, Anthropic plans to go public as early as mid-November, and the market expects its IPO valuation to be about $1.5 trillion, roughly 55% higher than the $965 billion financing valuation in May this year. Several investment institutions will each receive paper returns exceeding $10 billion: 1. Spark Capital invested $75 million, with its stake now worth about $10.9 billion. 2. Sound Ventures invested $35 million and later added $400 million, with its stake worth several billion dollars. 3. Menlo Ventures has invested more than $1 billion in total, with its stake now worth about $21.8 billion. 4. Iconiq has invested more than $6 billion in total, with its stake now worth about $26.4 billion. 5. Sequoia Capital invested about $3 billion, with its stake now worth about $15 billion. 6. GIC invested more than $4.5 billion, with its stake now worth about $15 billion. 7. Eric Schmidt invested tens of millions of dollars, with his stake now worth about $15 billion. 8. FTX invested $500 million and ultimately recovered about $1.3 billion; if it had held until now, the theoretical value of the shares would be about $117.6 billion.
In the first three quarters, national fiscal revenue grew by 5.1% year-on-year.
CoinWorld news, [National fiscal revenue in the first three quarters grew 5.1% year-on-year] Cailian Press, October 23 — The Ministry of Finance released data on October 23 showing that in the first three quarters of this year, fiscal revenue grew steadily, with national general public budget revenue at approximately 17.23 trillion yuan, up 5.1% year-on-year, an increase 0.4 percentage points higher than in the first half of the year. Among this, in the first three quarters, national tax revenue was approximately 14.07 trillion yuan, up 6.1% year-on-year, an increase 0.8 percentage points higher than in the first half of the year. On the fiscal expenditure side, in the first three quarters, national general public budget expenditure was approximately 21.02 trillion yuan, up 1% year-on-year, and expenditures related to investment in people were well safeguarded.
Crude oil prices break above $114 for the first time, global stock markets affected by AI concerns
According to a report by Bijie, the Financial Times reported that crude oil prices have surpassed $114 for the first time, hitting a new high since May. The market faces a dual threat from soaring crude oil prices and concerns over the sustainability of the AI boom.
Bitget will adjust leverage multiples from October 27 to 29.
Bitget has announced that it will temporarily adjust the leverage multiples for the following key economic data releases from October 27 to 29: 1. October 27, 20:15, US ADP employment change weekly, affecting forex, gold, silver, indices, and commodities. 2. October 28, 22:30, US EIA crude oil inventories, affecting oil. 3. October 29, 02:00, Federal Reserve interest rate decision, affecting forex, gold, silver, indices, and commodities. 4. October 29, 20:30, US third-quarter real GDP annualized quarter-on-quarter preliminary value, affecting forex, gold, silver, indices, and commodities. The adjustment rules are as follows: from 15 minutes before the data release to 5 minutes after the release, the leverage multiples will be temporarily adjusted to: forex 1:200, crude oil 1:100, gold 1:100, silver 1:50, indices 1:100, and commodities 1:5. Users are advised to assess their position risks in advance and reasonably control their positions.