Oct 22, 2026 · 1h 7m
Investor says AI is rewriting the macro playbook
#423 Jordi Visser: Why the AI Bears Are Wrong — and the One Asset He’d Bet On Right Now
Jordi Visser argues that AI is reshaping growth, employment, finance, and investing faster than traditional economic indicators can capture.
- 1AI agents could disrupt banks, software companies, and other intermediaries by automating commerce and routine services.
- 2Visser favors agentic compute and sees Bitcoin as a contrarian beneficiary of AI-driven economic change.
- 3Cybersecurity failures and government intervention pose the clearest threats to an otherwise strongly bullish AI thesis.
Don't miss
Visser identifies agentic compute as his preferred investment area and links Bitcoin to the emerging AI economy.
The brief
Jordi Visser argues that AI has displaced rates, oil, debt, and other traditional indicators as the dominant force shaping the economy and markets.
The conversation moves from personal agents that manage subscriptions and schedules to a broader disruption of banks, software firms, and intermediary-heavy businesses.
Visser says investors who have not used AI directly may be relying on outdated intuitions, while younger builders and researchers see the technology’s implications more clearly.
His preferred investment area is agentic compute, spanning semiconductors, industrial equipment, and infrastructure; he also presents Bitcoin as a highly contrarian AI beneficiary.
The bullish case has limits: hacking, weak safeguards, and government intervention could slow adoption or turn AI’s benefits into serious risks.
What was said on this episode
31 statements · 18 positive · 9 negative · 2 mixed · 2 neutral
Artificial intelligence is currently the dominant macroeconomic force.
“The only macro thing I care about right now is artificial intelligence.”
Listen at 2:49
Semiconductors have risen over 60% year-to-date and will post a fourth consecutive 40%-plus year.
“Semiconductors are up 60-plus percent year to date. This will be the 4th year in a row that they've been up at least 40%.”
Listen at 3:41
Earnings are growing rapidly while profit margins are expanding.
“earnings are growing rapidly. That's the positive side. Profit margins are expanding.”
Listen at 4:08
The global economy is K-shaped, with divergent performance across sectors.
“you do have a K-shaped economy, not just in the US, but I would say globally.”
Listen at 4:30
Anthropic and OpenAI combined ARR will rise from $30 billion to about $170 billion this year.
“They're going to finish this year somewhere around $170 billion. So they've gone from $30 billion to $170 billion.”
Listen at 8:28
Siri and Alexa will gain personal-agent capabilities within six months.
“over the course of the next 6 months, I'm certain that Siri will now reach that point, that Alexa will reach that point.”
Listen at 9:25
Anthropic and OpenAI together are valued at $3.5 trillion before IPOs.
“Anthropic and OpenAI combined are now worth $3.5 trillion before they IPO.”
Listen at 12:20
Agentic services will cause persistent shifts away from traditional banks.
“It will happen. The question is when, but the second that it starts, it will never go the other direction.”
Listen at 17:13
AI agents will manage transportation and schedules over time.
“All of those things will happen over time, and that's where we're going to be.”
Listen at 19:43
Most of Visser’s older macro peers do not use AI despite holding strong opinions about it.
“The majority of them don't use AI at all, but they have a lot of opinions on AI.”
Listen at 21:25
Young AI builders possess more useful near-term information than economists or macro investors.
“Those people in the conversations that I listen to have more information that is valuable about what the next 12 months are going to be than any economist or any macro person can have.”
Listen at 31:16
AI skills provide children greater entrepreneurial value than traditional college degrees.
“If your kids learn how to use artificial intelligence, they gain entrepreneurial skills and empowerment, which are far more valuable than the assembly line working mentality that we created with these degrees at college.”
Listen at 33:12
The S&P 500 has not risen at least 30% despite unusually strong earnings growth.
“I would've expected the S&P to be up at least 30%, there to be this bullish feel going on, but that hasn't happened.”
Listen at 34:49
Humanoid robots will have a disruptive economic effect in about three years.
“around the time that humanoids will be having a disruptive effect as well.”
Listen at 35:14
AI is eliminating durable competitive advantages across businesses.
“all moats are disappearing.”
Listen at 36:59
The crypto ecosystem will grow as financial infrastructure develops.
“I think the crypto ecosystem is absolutely going to grow because the financial guardrails are just starting now.”
Listen at 38:42
AI will substantially improve cancer outcomes and reduce sudden disease deaths.
“It will have huge impact on cancer in this country. It will have a huge impact on people not dying suddenly from diseases.”
Listen at 41:10
AI has destroyed traditional corporate career progression.
“The corporate ladder has been destroyed.”
Listen at 42:41
The economy has produced no job creation despite 30% S&P earnings growth.
“when you have 30% growth in earnings, but no job creation.”
Listen at 43:21
People can avoid AI displacement by choosing to use AI.
“If you allow AI to destroy you, it's because you choose not to believe in it. If you choose to use it, then you become a victim of it.”
Listen at 44:26
Agentic compute is the safest investment area for the next few years.
“for the foreseeable future, which means at least the next few years, the safest place to invest is in the agentic compute side.”
Listen at 51:27
Compute supply will remain insufficient to meet demand for three years.
“We will not at any point in the next 3 years have enough supply of compute for the demand.”
Listen at 52:02
AI markets will retain both premium and free offerings.
“there is always going to be a high-end thing and there's going to be a free thing.”
Listen at 53:04
Demand for AI will be effectively unlimited.
“We're going to have unlimited demand for AI.”
Listen at 55:00
Anthropic ARR may reach $300–400 billion and OpenAI ARR $200–300 billion.
“Do I think they'll be somewhere around 300 to 400 safely? Yes. Do I think OpenAI will be 200 to 300 safely? Yes.”
Listen at 55:22
AI will be embedded in virtually every consumer device.
“AI's going to be installed in every single thing that you have.”
Listen at 56:11
AI will become integrated, solve many problems, and sustain demand.
“I believe AI will be integrated and will solve lots of things and the demand will be there.”
Listen at 57:37
AI-related market volatility will produce 20–30% corrections.
“we'll see 20 to 30% corrections in the market because of what we saw this year”
Listen at 57:45
Crypto will become a major mainstream investment topic within one year.
“crypto will be a major story that every single person a year from now will be calling up their wealth advisor”
Listen at 1:03:27
The S&P 500 will be unchanged one year from now.
“I believe it is very likely that a year from now, as bullish as I am on AI, that the S&P 500 is unchanged.”
Listen at 1:03:37
Crypto will be the best-performing asset over the next year.
“this is, in my opinion, a favorite, meaning I think this will be the best performing asset in the next year”
Listen at 1:05:15
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.
Books & mentions
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