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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 selloff in U.S. tech stocks has reignited demand for safe-haven assets, pushing the yen to a one-month high.
According to CoinWorld news, as the U.S. tech stock sell-off intensifies, investors are flocking to traditional safe-haven assets including the yen, Japanese government bonds, and U.S. Treasuries, driving the yen higher to its strongest level in more than a month. After trading in a narrow range for several weeks, the yen broke out against the dollar over the past 24 hours and has now recovered to its highest level since September 18 (the day the Bank of Japan raised interest rates). During Friday's Tokyo trading session, the yen rose as much as 0.4% against the dollar, touching 156.08. On Thursday, the yen had already posted a 0.9% gain. As investors continued to pull money out of tech stocks, Asian equities followed Wall Street lower. Japanese benchmark 10-year government bond prices surged, with yields falling 10 basis points in tandem, while U.S. Treasuries largely held onto Thursday's gains. Carol Kong, a strategist at Commonwealth Bank of Australia, said that as a safe-haven asset, the yen is favored over the dollar. She added that if the unwinding of tech stock positions intensifies further, the yen could strengthen even more against the dollar.
Japan's core inflation exceeds the central bank's target, reinforcing the likelihood of a near-term rate hike.
Japan's September core consumer inflation exceeded the central bank's 2% target for the first time in nine months, indicating that price pressures are broadening and reinforcing the case for a recent interest rate hike. Data show that the Middle East conflict is driving up fuel costs, a weak yen is raising import prices, and price pressures from strong AI demand are undermining the effectiveness of government fuel subsidies. Masato Koike, senior economist at Sompo Institute Plus, said core inflation is expected to accelerate due to higher energy costs caused by the Middle East conflict and its subsequent second-round effects. However, since prices have not accelerated sharply, there is little need for consecutive rate hikes in October, and the Bank of Japan's next rate hike is expected in December. Marcel Thieliant, head of Asia-Pacific at Capital Economics, expects the Bank of Japan to keep policy unchanged next week but to signal continued concern about upside inflation risks.
Federal Reserve interest rate outlook drives gold prices to their biggest drop in four months.
Data from Bihaiwang: Gold prices weakened on Friday due to the outlook for Federal Reserve interest rates, and the weekly decline is expected to be the largest in more than four months. Soaring oil prices and strong U.S. economic data have intensified market expectations that the Federal Reserve will keep interest rates high for longer. Elevated energy prices increase the opportunity cost of holding non-yielding gold. The number of Americans filing for initial unemployment benefits fell last week to the lowest level in nearly 57 years, indicating a modest rebound in job growth in October. Market focus has shifted to the Federal Reserve's policy meeting on October 27-28 and the PCE data to be released next week, a key indicator closely watched by the Federal Reserve.
Two tokenized money market funds under JPMorgan are now open on the Solana blockchain.
JPMorgan Asset Management has announced that its two tokenized money market funds, My Onchain Net Yield Fund (MONY) and JPMorgan Onchain Liquidity–Token Money Market Fund (JLTXX), are now available to eligible U.S. investors on the Solana blockchain. MONY is a private fund for qualified investors offering USD-denominated yield, while JLTXX is a U.S.-registered government money market fund designed to help stablecoin issuers meet the requirements of the GENIUS Act.
The long-short account ratio for ETH contracts is 3.55.
CoinWorld data: The ETHUSDT 4-hour long-short account ratio is 3.55, with more net long accounts than net short accounts. Compared with the same-caliber snapshot 24 hours ago, it rose by 1.194; compared with the same-caliber snapshot 7 days ago, it rose by 0.9085.
Fed rate outlook drives gold to its biggest weekly drop in four months.
CoinWorld news: Gold prices weakened on Friday amid the outlook for Federal Reserve interest rates, with the weekly decline set to be the largest in more than four months. Surging oil prices and strong U.S. economic data have reinforced market expectations that the Federal Reserve will keep interest rates higher for longer. Elevated energy prices increase the opportunity cost of holding non-yielding gold. U.S. initial jobless claims fell last week to the lowest level in nearly 57 years, indicating a modest rebound in employment growth in October. Market focus has shifted to the Federal Reserve's policy meeting on October 27-28 and the PCE data due next week.
App跟单体验全新升级｜Bitget Support Center
Bitget has announced a simplification and upgrade of the copy-trading feature within its app. Users can now complete all copy-trading operations directly on the trading page. The copy-trading feature has been integrated into the "Trade" tab in the app's bottom navigation bar, with a new "Copy Trading" sub-tab added. This upgrade will not affect any existing copy-trading plans or data; all features remain unchanged, with only the navigation path adjusted. Users need to update the app to the latest version to use these features.
The NFT project Ptah sold out within half a day of launch, with cumulative trading volume exceeding $928,000.
According to CoinWorld news, the NFT project Ptah opened minting last night and sold out entirely this morning, with a floor price of $23 and cumulative trading volume reaching $928,000. The project requires users to mint using a Binance agent ID, with each agent ID allowed to mint up to 4 relics, and a total supply of 100,000.
Guan Tao: Take a rational view of the spillover effects of overseas capital market turmoil on the domestic market
According to a report from Bijie Network, Guan Tao, chief economist of Huafu Securities, stated that affected by the escalation of geopolitical tensions and growing divergence in the performance of overseas technology stocks, recent adjustments in China's domestic capital market have intensified, reflecting fluctuations in market sentiment. He pointed out that the allocation value of Chinese assets has become more prominent, and there is a certain misalignment between the capital market's performance and this value. The fundamentals of long-term positive economic growth have not changed, the certainty of stronger and more effective policies has not changed, innovative momentum is gradually being released, and the market's valuation advantages remain to be tapped. Driven by both market demand and policy guidance, China's economy is clearly moving toward new and better development, with a clear trend of structural upgrading. Investors should view market volatility rationally, grasp the main line of earnings recovery, and maintain cautious optimism about the medium- and long-term market trend. At the same time, deepening the comprehensive reform of investment and financing in the capital market is a "two-way effort": it is necessary to continuously improve, at the institutional level, the capital market ecosystem that supports long-term capital and long-term investment, and investors must also continuously strengthen the investment philosophy of long-term investment, value investment, and rational investment. The current period is precisely the "touchstone" for the aforementioned investment philosophy and another major test for China's capital market to move away from "chasing rises and selling declines" and become more mature.