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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
U.S. banks face growing cyber threats as AI-powered attacks become increasingly common.
According to CoinWorld news, Bank of America is facing increasingly severe cyber threats, a problem that has become more prominent as AI-driven attacks grow more common.
OpenAI has officially fully opened its decision API, with input pricing at $0.10 per million.
CoinWorld news, Caixin reported on October 23: OpenAI has officially fully opened its decision API, with the input token pricing for the decision API set at $0.10 per million.
OpenAI: Cached input costs $0.01 per million tokens.
CoinWorld news, OpenAI stated that the cost of cached input is $0.01 per million tokens.
OpenAI: Decision API is officially launched.
CoinWorld news: OpenAI has announced that its decision-making API is now officially open to the public.
Gold prices fell 2.57% to $4,034.76, with market signals pointing to yen intervention or AI-related liquidation.
CoinWorld data: FirstSquawk reports that gold prices fell 2.57%, currently at $4,034.76, with market signals pointing to yen intervention or AI-related liquidation.
International oil prices rose on the 22nd.
BiJie Network data: International oil prices rose on the 22nd. As of the close of trading that day, the December-delivery light sweet crude oil futures price on the New York Mercantile Exchange rose by $2.32 to close at $99.47 per barrel, an increase of 2.39%. The December-delivery London Brent crude oil futures price rose by $4.35 to close at $113.17 per barrel, an increase of 4.0%.
U.S. Chicago refinery issues drive up gasoline prices in Michigan and Ohio
A refinery problem in the Chicago area sent gasoline prices surging in Michigan and Ohio. With just 12 days left before the U.S. midterm elections, the average price of regular gasoline in Michigan rose 17 cents on Wednesday to $4.61 per gallon, while Ohio gasoline prices climbed 10 cents to $4.08 per gallon. To curb rising costs triggered by the Iran war, Ohio has suspended its state gasoline and diesel excise taxes. Energy consulting firm Wood Mackenzie said a refinery in Joliet, Illinois, shut down a key unit, affecting fuel supplies across the Midwest. Wholesale prices for Chicago conventional gasoline blendstock rose 33 cents to $3.67 per gallon, with the premium to benchmark futures contracts widening to 55 cents per gallon, the widest since November 2022. According to U.S. Energy Information Administration (EIA) data, Midwest gasoline inventories are already at record lows, and nationwide gasoline stockpiles fell by 3 million barrels last week.
White House: U.S. President Trump signs an executive order to address housing costs.
CoinWorld news, White House: U.S. President Trump signs an executive order to address housing cost issues.
SOL large holder account long-short ratio is 2.9588
CoinWorld data: The latest 4-hour snapshot for SOLUSDT shows that among the top 20% of accounts by margin balance, the long-short account ratio is 2.9588, with more net long accounts among large holders. Compared with the same-metric snapshot 24 hours ago, it rose by 0.3668; compared with the same-metric snapshot 7 days ago, it rose by 0.2191.