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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
JPMorgan strategists: The market is overly concerned about AI financing.
JPMorgan strategist Nikolaos Panigirtzoglou believes the market is overly concerned about financing issues for AI buildouts, and the recent selloff in AI-related stocks may be losing momentum. The strategist team noted that investors' previous heavy bets on semiconductor stocks have largely been unwound, with overall positioning metrics significantly down from their mid-September peak, potentially limiting further downside. They also noted that the tech industry generated about $400 billion more cash than it spent on investment this year, and listed tech companies are expected to spend about $1.8 trillion on investment and R&D this year, with smaller AI infrastructure providers accounting for only about $80 billion of that. If financing problems force these smaller providers to cut spending, large companies can take over that spending.
Media mogul predicts SpaceX may invest up to $10 billion in Paramount Skydance.
BiJie News, [Media Mogul Predicts: SpaceX May Invest Up to $10 Billion in Paramount Skydance] Cailian Press, October 22 — Media mogul John Malone said that SpaceX may invest $8 billion to $10 billion in Paramount Skydance. He believes that cooperation between the two companies could ease the balance sheet pressure on Paramount Skydance while helping SpaceX enter the content distribution sector. Malone pointed out that Ellison had helped Musk acquire Twitter in 2022, and later used Tesla stock to fund the creation of Skydance (which was later merged into Paramount Skydance). The two have long had financial cooperation, which provides a good foundation for cooperation between SpaceX and Paramount Skydance.
Libya's National Oil Corporation: Continued production shutdowns will lead to significant losses in crude oil output and revenue.
Libya's National Oil Corporation: Continued production halt will lead to significant losses in crude oil output and revenue.
DeFi total value locked daily snapshot reports 90.871 billion USD
CoinWorld data: The daily snapshot for 2026-10-22 shows that total DeFi value locked is $90.871 billion, a decrease of 0.8% compared with the previous statistical period using the same methodology.
Hourly snapshot of key U.S. stock market indicators
Biji.com news, Yahoo Finance has released an hourly snapshot of key U.S. stock market indicators: the S&P 500 is currently at 7,757.17 points, up 0.58% from the previous close; the Nasdaq Composite is at 26,702.86 points, up 1.05% from the previous close; the Dow Jones Industrial Average is at 52,856.10 points, up 0.69% from the previous close; the Russell 2000 is at 2,781.02 points, up 0.27% from the previous close; the VIX fear index is at 18.42 points, up 10.43% from the previous close; and the U.S. 10-year Treasury yield is 5.146%, up 0.57% from the previous close. These figures only describe the latest market performance and do not infer future direction.
Financial Associated Press, October 22 - U.S. cloud infrastructure companies' pre-market share prices fell, with Nebius down 5.6% and Coreweave down 5.2%.
According to CoinWorld news, Caixin reported on October 22: U.S. cloud infrastructure companies' premarket share prices fell, with Nebius down 5.6% and Coreweave down 5.2%.
Japan: Stablecoins enter government policy discussions
According to CoinWorld news, the Japanese government is discussing stablecoin policy, mentioning that "yen-based stablecoins could offer a new option: refunds could be sent directly to digital wallets, potentially enabling round-the-clock service."
Three heads of ByteDance's commercialization GenAI unit have left in succession, and the remaining members of the original team are reportedly being reassigned.
According to Biji.com, Wen Shilei, head of GenAI R&D for commercialization at ByteDance, recently left the company, and his next stop may be Octopus Dynamics, an embodied intelligence company, where he will serve as a partner. Wen Shilei joined Baidu in 2011 and previously served as head of visual technology. In 2021, he moved to ByteDance, where he was responsible for engineering R&D of generative AI in commercialization scenarios such as advertising. Recently, this business line has lost core leaders one after another. Peng Bingyue, former head of the commercialized GenAI department, left in July this year, and subsequently joined Google. Yuan Zehuan, former head of Google China, also left in July and shifted to entrepreneurship in world models. With Wen Shilei's departure, the remaining personnel of the team have been reassigned to other departments. Wen Shilei's rumored new employer, Octopus Dynamics, was founded in January 2026 and mainly develops world models for robots, dexterous hands, and data collection systems. As of June this year, it had raised nearly 1 billion yuan in cumulative financing.
Ukraine attacks Russia's Belgorod region.
Russian authorities say a Ukrainian attack on Russia's Belgorod region killed one person and injured another, according to BiJie Network.