Jordi Visser is a veteran macro investor with 30+ years of experience and the author of the VisserLabs Substack. In this conversation, we discuss why the stock market keeps hitting all-time highs, the AI-driven semiconductor supercycle, why software is losing to chips and power names, where bitcoin fits into the macro picture, the rise of tokenization, and how to think about inflation and the Fed.

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0:00 - Intro
0:53 - Why the stock market keeps hitting all-time highs
4:37 - AI vs. software (who's winning & who's losing)
11:28 - Is this a bubble? Demand vs. supply dynamics
13:00 - Why crypto is lagging the AI trade & bitcoin setup
17:22 - The industrial revolution thesis & why stocks won't stop
20:40 - Inflation, the Fed & politics
32:00 - How to use AI to get ahead
33:08 - The compute cost problem & AI model wars
48:13 - Retail vs. institutional investors — who has the edge
50:39 - Where to find Jordi's work

Why All-Time High Stocks Are Bullish for Bitcoin | Jordi Visser