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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
Russian industrial facility in Perm region damaged in Ukrainian drone attack.
CoinWorld news: An industrial facility in Russia's Perm region was damaged in a Ukrainian drone attack.
The Reserve Bank of India issues 330 billion Indian rupees of bonds as planned.
CoinWorld news: The Reserve Bank of India announced that it will issue 330 billion Indian rupees in bonds as planned.
Hong Kong Exchanges and Clearing Limited and China Southern Fund have signed a licensing agreement to launch an ETF.
HKEX announces licensing agreement with China Southern Fund Management to launch an ETF in mainland China based on the HKEX AI Index.
Hong Kong Exchanges and Clearing launches the AI Industry Value Chain Performance Index
CoinWorld news: The Hong Kong Stock Exchange announced the launch of a new index designed to measure the performance of 40 Hong Kong-listed companies that are deeply involved in the artificial intelligence industry value chain. The index will provide investors with a reference for the market performance of companies related to the AI industry.
Euro area household inflation expectations rise, supporting expectations of an ECB rate hike.
CoinWorld news, according to Gelonghui, eurozone households' inflation expectations rose slightly in September, with consumers expecting prices to rise 3.1% over the next year, up from the 3% forecast in August. The three-year inflation indicator remained at 2.9%, while the five-year inflation indicator held at 2.5%. The market widely expects the European Central Bank to keep interest rates unchanged next week, but economists believe a third and final rate hike may come in December. Although inflation is close to 4%, double the ECB's target, it is mainly driven by rising energy prices, and officials say they have not seen second-round effects such as wage increases.
Hong Kong Exchanges and Clearing launches artificial intelligence and semiconductor indices
HKEX news: Hong Kong Exchanges and Clearing Limited announced today (Friday) the launch of the HKEX AI Index and the HKEX Semiconductor Index, and has authorized Southern Asset Management to launch an ETF in mainland China that tracks the HKEX AI Index. The HKEX Semiconductor Index tracks the performance of the 30 largest semiconductor-related companies listed in Hong Kong. The two newly launched indices further expand the HKEX's self-compiled index series and provide investors with benchmarks to capture the opportunities brought by the two major technology themes of artificial intelligence and semiconductors.
Analyst: Futu Securities launches BNB deposit and withdrawal services for qualified professional investors in Hong Kong.
Futu Securities has announced the launch of BNB deposit and withdrawal services for qualified professional investors in Hong Kong, enabling asset connectivity between self-custodial wallets and Futu crypto accounts via the BNB Smart Chain network, according to CoinWorld.
ECB: Consumer inflation expectations rose in September.
According to a report by Bijie, the monthly survey published by the European Central Bank on Friday showed that inflation expectations among euro area households rose slightly in September, with consumers expecting prices to rise 3.1% over the next year, up from the 3% forecast in August. The three-year inflation indicator remained at 2.9%, while the five-year inflation indicator held at 2.5%. The market widely expects the European Central Bank to keep interest rates unchanged next week, but economists surveyed by Bloomberg believe a third and final rate hike may come in December. Although the inflation rate is close to 4%, double the European Central Bank's target, it is mainly driven by rising energy prices, and officials said they have not seen second-round effects such as wage increases.
Moonshot AI will release Kimi K in the near future.
CoinWorld news: Moonshot AI will soon release Kimi K3.1, adding a medium thinking intensity level, accepting four tiers: low, high, max, and medium. In addition, today the official Kimi account released a 24-second video, with the model field in the upper left corner reading: model: Kimi K3.1.