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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
India's October services PMI preliminary reading came in at 56.2, versus expectations of 55.5 and the previous reading of
CoinWorld data: India's October services PMI preliminary reading was 56.2, expected 55.5, previous 55.2.
Singapore's September CPI year-on-year 2.2%, expected 2.40%, previous 2.30%
CoinWorld news: Singapore's September CPI year-on-year came in at 2.2%, versus expectations of 2.40% and a previous reading of 2.30%.
BTC DVOL指数报37.86点
CoinWorld data: The latest reading of the BTC DVOL index is 37.86 points.
US Ambassador to the United Nations: Trump "is balancing the world's energy needs."
CoinWorld news, U.S. Ambassador to the United Nations Waltz stated that Trump is balancing the world's energy needs. According to a report by the Financial Times, the Iran war has triggered record fuel prices, as well as shortages of fertilizer and commodities. In order to reduce fuel costs, Trump reached an agreement with Russian President Putin this month to allow the sale of Russian diesel, a move that has sparked strong opposition from European and Ukrainian leaders. Waltz said the agreement is necessary to offset the global shortage of refined products suffered by industries "from aviation to agriculture" this year, and noted that it is causing a humanitarian crisis in East Africa. Waltz believes the cash can also incentivize Russia to return to the negotiating table in a meaningful way and end the conflict.
OpenAI 28-Day Product Sprint Day 18: Multiple Updates Released in Succession, but in the End Another Reset Was Given
CoinWorld news, OpenAI executive Tibo Sottiaux announced the day 18 update of the 28-day product sprint. This update includes the Decisions API moving from public beta to general availability, allowing applications to quickly complete classification and select the next action. OpenAI handed over the cross-model API specification Open Responses to the Agentic AI Foundation under the Linux Foundation, and released a batch of performance optimizations. In addition, Uber announced that it will expand ChatGPT Work from an initial pilot of 1,000 people to more than 30,000 employees worldwide, while engineering teams continue to use Codex. Tibo added at the end that quotas will also be reset today, expected to take effect before 1 a.m. Beijing time on October 24, along with a small update whose details have not yet been disclosed.
VIX volatility index daily change reported at 14.09%
CoinWorld US stock data: The VIX volatility index rose 14.09% compared with the previous trading day. Compared with the same-caliber snapshot 24 hours earlier, it was up 17.7282 percentage points; compared with the same-caliber snapshot 7 days earlier, it was up 16.5191 percentage points.
HSBC launches its first stablecoin, RedCoin, on PayMe.
According to CoinWorld news, HSBC today launched its first stablecoin "HSBC RedCoin" on PayMe by HSBC. Within days of launch, more than 3.3 million PayMe users will be able to open a stablecoin wallet within the app, supporting person-to-person transfers and person-to-merchant payments. Users can instantly transfer stablecoins to friends and family through PayMe, or make payments at more than 100,000 partner merchants. HSBC also plans to add stablecoin wallet functionality to the HSBC Hong Kong mobile banking app later this year, after which customers will be able to use HSBC RedCoin to subscribe to tokenized investment products, including a new share class of the HSBC Hong Kong Dollar Money Market Fund. This is also one of the products corresponding to the first two stablecoin licenses approved by the Hong Kong Monetary Authority. The other license is held by Anchorpoint Financial, a joint venture led by Standard Chartered, whose Hong Kong dollar stablecoin HKDAP was launched earlier this August.
Bitcoin Core adjusts its security vulnerability disclosure policy to speed up fixes for vulnerabilities easily discovered by AI.
Bitcoin Core has adjusted its security vulnerability disclosure policy, moving to fix vulnerabilities that are easily discoverable by large language models as quickly as possible across all maintained versions and to publish security advisories. Bitcoin Core developer Antoine Poinsot stated that large language models have lowered the barrier to rediscovering vulnerabilities, making the protective value of delayed fixes limited. Low-severity vulnerabilities are disclosed two weeks after a fix is released, medium- and high-severity vulnerabilities are disclosed two weeks after the affected versions reach end-of-life, and critical vulnerabilities are handled through ad hoc procedures. In August, the Bitcoin Red Team reported nearly 5,000 potential issues across 390 projects. In the same month, Core Lightning developers asked node operators to upgrade or shut down their nodes and delayed disclosure of technical details for two weeks.
The total market capitalization of the crypto market stands at 2.75 trillion US dollars.
According to Bijie data: the total market capitalization of the crypto market is $2.75 trillion, and the trading volume over the past 24 hours was $76.539 billion.