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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
Lockheed shares rise 1.3% premarket as company raises full-year profit outlook
According to Reuters, Lockheed Martin's stock rose 1.3% in pre-market trading after the company raised its full-year profit forecast.
QCP Capital: Hormuz talks stall as Saudi-Houthi conflict widens
Coin World news, QCP Capital noted in its October 22 macro theme report that Hormuz negotiations have stalled and the conflict between Saudi Arabia and the Houthis has expanded, yet physical tanker traffic is near zero, with dark ship estimates indicating that 3.7 million to 13 million barrels per day are still passing through the strait. Strategic petroleum reserves fell 30.5% year-on-year to 283 million barrels. The credit market has diverged due to AI financing pressure, with CoreWeave's CDS reaching 1128 basis points, nearly three times that of Oracle (300 basis points), and its debt-to-revenue ratio reaching 162%. The KOSPI plunged 14.5%, the largest single-day drop since October 2008, with Samsung and SK Hynix falling 17-24% on AI financing concerns. Bitcoin buying slowed to 267 coins, while STRC's $193.1 million buyback was more dominant.
NVDA off-exchange short sale volume ratio reported at 31.07%
CoinWorld US stock data: NVDA's off-exchange short selling volume accounted for 31.07% of the total that day. Compared with the same-caliber snapshot 24 hours earlier, it fell by 3.7331 percentage points; compared with the same-caliber snapshot 7 days earlier, it fell by 20.953 percentage points.
OKX has opened its Exchange OS Open API, enabling participation in "Prophet Season 3" via API.
CoinWorld news: OKX has announced the opening of its Exchange OS Open API, providing developers and professional traders with on-chain spot and perpetual contract trading interfaces. Developers can connect trading bots, trading terminals, and other trading systems to Exchange OS, using the API to obtain market data, manage orders, and execute on-chain trading strategies. The trading process adopts a self-custody model, and all related trading records can be verified on-chain. In addition, this Open API launch simultaneously supports "Prophet Season 3." During the public beta period, eligible users can use free XP through the API to participate in prediction trading and related leaderboard activities, competing for the corresponding prize pools while also testing automated trading strategies.
Analyst: Goldman Sachs commits $500 million to establish a small business AI research institute
Goldman Sachs announced a commitment of $500 million to establish a small business AI institute and expand its "10,000 Small Businesses" program, with plans to reach an additional 10,000 businesses. The institute will partner with Anthropic, Google, Meta, and OpenAI to help U.S. small businesses integrate AI into their daily operations. Specifically, the institute will work with OpenAI to provide customized AI training for businesses covered by community college partners, and with Google to offer AI professional certificate courses to nearly 20,000 small business owners and employees, along with three months of free access to Google AI Pro. Goldman Sachs said the initiative aims to help small businesses improve their AI application capabilities and scale their operations.
Personal AI assistants are gaining popularity as Today AI completes over $200 million in financing.
According to CoinWorld news, Cailian Press reported on October 22 that personal AI assistant company "Today AI" has completed over $200 million in financing, with investors including IDG Capital, Tencent, 5Y Capital, Ant Group, Sequoia China, Transsion Holdings, Tongge Venture Capital, and Shanghai Jiao Tong University Hanyuan Assets. Over the past month, personal AI assistants have become another highly sought-after application direction overseas after AI coding, and capital is accelerating its entry.
Azoma raises $11.2 million: helping L'Oréal and Unilever with GEO to secure AI shopping recommendation placements
Azoma has completed a $11.2 million Series A funding round led by Puma Growth Partners, with clients including L'Oréal, Unilever, Mars, and Reckitt. Azoma will help brands optimize their AI shopping recommendation placements, simulate consumer questions, and track how often brands are recommended and their competitors. The company analyzed 38 million AI citations and found that 51.9% of Gemini's citations came from media content, compared with only 7.6% for Google AI. Azoma said its revenue grew nearly 10-fold over the past year, and its team expanded from 12 to 40 people. The new funding will be used to cover more AI shopping agents and track the sales conversions of recommendation exposure.
Russian presidential envoy Dmitriev: The diesel fuel agreement reached with the United States will begin implementation tomorrow.
According to CoinWorld news, Russian presidential special envoy Dmitriev stated that the diesel fuel agreement reached with the United States will begin implementation tomorrow.
Cysic has proposed a settlement to the attacker, demanding the return of 90% of the stolen ETH within 72 hours.
CoinWorld news: Cysic has proposed a settlement to the attacker who unauthorizedly minted 10 million CYS tokens, requiring the party to return 275.872 ETH within 72 hours, which is 90% of the confirmed ETH proceeds. The attacker may keep the remaining approximately 30.652 ETH as a bug bounty. Cysic has reconstructed the key steps of the attack and retained the relevant technical and on-chain evidence. If the funds are not returned within the deadline, Cysic will seek law enforcement intervention and push for a full criminal investigation.