Nov 7, 2026 · 1h 3m
Bitcoin challenges AI stocks as market risks multiply
Bitcoin Beats Stocks for the Next 5 Years? | Jordi Visser
The episode weighs Bitcoin’s potential advantage against structural pressures facing public companies, from AI competition and regulation to leverage and liquidity.
- 1Visser argues Bitcoin may outperform public equities as institutional adoption grows and AI stocks face competition, regulation, and multiple compression.
- 2The hosts connect Bitcoin’s outlook to falling oil prices, easing inflation expectations, real yields, and a potentially improving liquidity environment.
- 3AI’s practical reach extends from market research to health tracking, journaling, and everyday decisions, raising both utility and social concerns.
Don't miss
Visser turns from market strategy to personal health, explaining how he uses AI as an ongoing journal for symptoms, medication, blood work, exercise, and physical therapy.
The brief
Jordi Visser and Anthony Pompliano examine an AI-driven sell-off, arguing that hedge-fund deleveraging and political pressure expose fragility beneath technology stocks.
Visser describes the S&P 500 as mostly bond-like companies plus a small group of AI call options, with competition, regulation, and leverage threatening the leaders.
His Bitcoin case rests on fewer competitive and governmental hurdles, rising institutional acceptance, ETF flows, tokenization, and a liquidity backdrop shaped by oil and inflation.
The conversation tests that thesis against Bitcoin’s Nasdaq correlation, semiconductor valuations, Marvell’s consolidation, data-center costs, and the possibility of deeper AI-trade multiple compression.
The episode’s practical turn shows Visser using AI to reconcile financial charts and track health patterns, while Pompliano builds an AI health coach from wearable and food data.
The larger takeaway is a market split between AI’s transformative promise and its political, financial, and social costs—and Bitcoin’s bid to benefit from the tension.
What was said on this episode
54 statements · 18 positive · 29 negative · 7 neutral
Microsoft offering buyouts to 27% of employees signals an unprecedented and worsening dystopian period.
“When Microsoft says they're going to offer buyouts to 27% of their employees, how is that not like a major warning sign that we have reached a level?”
Listen at 1:07
The midterm election outcome will have little impact on next year’s construction.
“I don't really think it has a huge impact on next year from what'll be built.”
Listen at 2:43
Regulations will become stricter in certain states.
“regulations will get heavier in certain states”
Listen at 3:04
A new Texas governor will slow the process of completing AI infrastructure.
“There's no way having a new governor in Texas won't slow down the process of getting it done.”
Listen at 3:08
The election does not change demand for compute.
“I don't think this changes the demand side of compute.”
Listen at 3:33
Aggregate hedge-fund leverage has peaked and will never return to its prior dollar level.
“The peak of hedge fund leverage has passed. We will never, ever, ever again be as levered as we were in dollar terms overall.”
Listen at 4:10
“the growth of pretty much all public companies will be done”
Listen at 5:16
AI will disrupt companies with large workforces.
“All companies that have large groups of people will be disrupted by AI.”
Listen at 5:40
Large public companies will experience no growth.
“The public companies, the big ones, I don't think there'll be any growth.”
Listen at 6:26
Nebius and CoreWeave are bond-like because they cannot grow tenfold.
“They're effectively bonds. They're not call options, because I don't think they can grow up. 10 times.”
Listen at 9:37
AI infrastructure investments will outperform the S&P for two to three years.
“the infrastructure trade will create S&P plus returns, but only for the next two years, three years”
Listen at 9:46
AI progress will accelerate over the next two years, increasing pressure on jobs.
“That's two more years of AI. That's two more years of a massive progress acceleration where we're gonna see pressure on jobs.”
Listen at 10:21
Tokenization and agentic commerce will occur within two years.
“tokenization... that agentic commerce, that all of those things are gonna happen over the course of the next two years.”
Listen at 11:02
Crypto growth over the next three years should benefit Bitcoin.
“over the course of the next three years, crypto is something that is a growth that should benefit Bitcoin.”
Listen at 11:52
Bitcoin faces fewer hurdles than stocks.
“Bitcoin doesn't have the hurdles that stocks do”
Listen at 12:07
Government involvement in public markets reduces expected returns.
“when the government gets involved in public markets, you can't expect the same types of returns.”
Listen at 13:38
Bitcoin ETF shares reached record highs despite Bitcoin being below its peak.
“The outstanding shares for the Bitcoin ETF hit new all-time highs despite the fact that we are significantly off the all-time highs”
Listen at 15:02
Bitcoin is a legitimate diversification asset.
“as a diversification, I think it's legitimate.”
Listen at 15:15
Liquidity headwinds for Bitcoin will diminish.
“I think the liquidity headwinds are going to drop off”
Listen at 17:13
The agentic compute trade will never again match its first-half performance.
“We're never again going to see what we saw in the first half for the agentic compute trade.”
Listen at 17:30
Portfolio adjustments will occur over the next five years.
“I do think that that is what's going to play out over the course of the next five years.”
Listen at 17:51
Brent crude fell $20 over three days.
“Brent crude was down $20 in three days.”
Listen at 21:10
The AI trade is genuine and not a bubble.
“I also think the AI trade is real and this isn't a bubble.”
Listen at 23:02
Bitcoin completed a five-wave advance followed by a three-wave correction.
“Bitcoin's moved from the lows back really in June into early July, and then up to where we just peaked. That was five waves, and now we've seen a three-wave correction.”
Listen at 24:04
Bitcoin has been more correlated with the Nasdaq than the S&P this year.
“Bitcoin has been this year fairly correlated to the NASDAQ over the S&P.”
Listen at 25:36
Investors will become frustrated with assets whose growth has slowed.
“I actually think when the true trade happens, People get frustrated by things that are not growing anymore the way that they used to.”
Listen at 26:23
Public technology stocks will face recurring material risks at least every three months.
“there will never be a time where you will be able to go three months without some risk that makes this question that happened with the midterms rise to the surface again.”
Listen at 28:34
Interest rates will not fall substantially and AI headwinds will persist.
“I don't think rates are going to go falling down. I also don't think that the headwinds are going to be gone from AI.”
Listen at 29:48
Investing in AI-related public technology requires trading rather than passive holding.
“if you're investing in this stuff, you're becoming a trader whether you like it or not.”
Listen at 29:53
S&P 500 earnings grew nearly 30% while valuation multiples compressed.
“earnings are growing close to 30%. So multiples have compressed.”
Listen at 30:09
Government involvement in AI will increase as AI becomes more dangerous.
“if you don't think the government's gonna get involved as this thing gets more dangerous, you're out of your mind.”
Listen at 31:25
Government involvement in AI is greater than it was one year ago.
“The government is more involved today than it was a year ago with AI”
Listen at 31:31
AI progress is advancing faster than humans can manage.
“progress is moving faster than humans can handle it.”
Listen at 32:12
Marvell’s acquisition increases potential future risk through greater scale.
“I think it creates a lot of... Whenever you get bigger, it creates potential risk going forward.”
Listen at 33:46
Hedge funds have reached a point where they can no longer tolerate risk.
“I think hedge funds reached the no mas moment.”
Listen at 35:10
The AI trade has not ended.
“I also don't believe that the AI trade is over.”
Listen at 36:33
The probability of a further oil-price increase is lower than previously believed.
“I think there's less chance than we thought of a move higher.”
Listen at 42:31
November CPI will likely show a negative reading in December.
“that means that CPI will be negative for the December reading for November, most likely”
Listen at 42:49
Inflation fears have peaked.
“my whole estimate is that the inflation fears have peaked as well now.”
Listen at 43:43
Bitcoin has performed strongly during recent market turmoil.
“Bitcoin has acted extremely well during this chaos.”
Listen at 45:18
Bitcoin will correlate positively with gold during an upside move.
“I do believe it'll be correlated to gold on the upside.”
Listen at 45:21
Bitcoin will correlate with any rebound in the AI trade.
“I believe it will be correlated to any bounce in the AI trade from this point”
Listen at 45:23
The AI trade will not collapse from current levels.
“I don't think the AI trade is going to collapse from these levels”
Listen at 45:28
NVIDIA’s price-to-earnings ratio is approaching single digits.
“for NVIDIA, you're getting close to a single-digit P.E.”
Listen at 45:43
Micron will not return to a 10-times P/E ratio.
“Do I think Micron will ever get to a 10 PE? No.”
Listen at 45:57
Valuation multiples across companies will decline.
“I think all of the PEs are coming down.”
Listen at 46:11
Apple has outperformed because investors view it as a safe quality company.
“Apple has done well because it's a quality, safe company that people have migrated into.”
Listen at 46:37
Car sales are not increasing.
“car sales are going higher, which is not happening.”
Listen at 48:42
By June, stock prices had not priced in AI-trade bottlenecks.
“At June... The stock market was not discounting any bottlenecks.”
Listen at 49:30
Political polarization between the left and right is increasing.
“the left and the right are getting further away from each other”
Listen at 54:32
Neither extreme spending nor austerity will resolve the deficit problem.
“I don't think either of those is gonna work”
Listen at 55:01
AI can now accurately extract approximate data from financial charts.
“It's now good enough to do this, which was not the case six months ago.”
Listen at 55:40
AI-generated instructions successfully removed an olive-oil stain from clothing.
“I got rid of it.”
Listen at 57:23
Ongoing AI conversations reveal patterns in Visser’s health data and guide exercise decisions.
“Only way this stuff comes up is by the conversations I'm having with AI.”
Listen at 1:01:42
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
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