#1567 Jordi Visser | Why Bitcoin & Stocks Are At All-Time Highs
🎯 Summary
Podcast Episode Summary: #1567 Jordi Visser | Why Bitcoin & Stocks Are At All-Time Highs
This episode of the Pomp Podcast features Anthony Pompliano interviewing Jordy Visser, a 30-year Wall Street expert, to dissect the current market environment where Bitcoin, gold, and major stock indices (Nasdaq, S&P 500) are hitting all-time highs despite lingering recessionary signals. The core narrative revolves around the overwhelming, accelerating impact of Artificial Intelligence (AI) overriding traditional economic indicators.
1. Focus Area: The discussion centers on macroeconomics, asset valuation, and investment strategy driven by technological acceleration, specifically Artificial Intelligence (AI), its impact on corporate efficiency, and the resulting market bifurcation between AI leaders and laggards. Secondary themes include monetary policy pressure and the future of energy infrastructure.
2. Key Technical Insights:
- AI Transition to Agentic Systems: The market narrative is shifting from the initial “memorization” phase of AI (like basic chatbots) to the “agentic” phase, involving digital employees capable of reasoning and inference, which represents a significant inflection point.
- Memory/Semiconductor Demand: The exponential growth in token usage for AI reasoning necessitates massive increases in memory capacity, making memory producers (like Micron and SK Hynix) critical beneficiaries alongside GPU makers.
- Power Infrastructure Bottleneck: The massive computational needs of AI will inevitably create a bottleneck in energy generation and distribution, positioning large energy companies capable of scaling power generation (like Exxon and Chevron via gas-fired plants as a bridge) as indirect beneficiaries.
3. Market/Investment Angle:
- AI Dominance and Earnings Concentration: The AI theme is driving current market highs, with the “Mag 7” responsible for an estimated 55% of current earnings growth, making them disproportionately influential on indices like the S&P 500.
- Bifurcation and Laggards: Investors are scrambling to find value outside the already soaring AI stocks, leading to relief rallies in laggards (like Nike) based on tariff concerns easing, rather than new growth narratives.
- Private Market vs. Public Exposure: The most exciting humanoid/agentic AI developments are largely in the private markets (e.g., Figure AI). Public market exposure is currently concentrated in Tesla (due to its humanoid efforts) and the foundational semiconductor/memory providers.
4. Notable Companies/People:
- Jordy Visser & Anthony Pompliano (Pomp): Hosts and primary analysts.
- Mag 7 (Magnificent Seven): Highlighted as the primary earnings drivers.
- Micron: Cited as a prime example of an AI-driven stock that has doubled rapidly due to memory needs.
- Salesforce: Mentioned for its internal efficiency gains (30-50% of workload handled by AI agents) and its role in pushing the AI agent narrative.
- Exxon and Chevron: Identified as potential long-term beneficiaries due to their scale and ability to provide bridging power generation for data centers.
- Elon Musk & Marc Andreessen: Quoted regarding the massive future potential of humanoid robotics.
5. Regulatory/Policy Discussion:
- Federal Reserve Independence Under Pressure: There is significant, often underreported, political pressure from both the Trump and Biden administrations on Jerome Powell and the Federal Reserve to cut interest rates, questioning the Fed’s true independence.
6. Future Implications: The acceleration theme suggests that smaller, AI-native private companies will rapidly achieve high ARR without traditional hiring, while many established S&P 493 companies lacking exponential revenue growth potential may struggle to compete against the Mag 7 and these nimble startups. The next major investment story is expected to broaden out from pure software/chip infrastructure to humanoid robotics by the end of the year.
7. Target Audience: This episode is most valuable for Professional Investors, Portfolio Managers, and Technology Strategists interested in macro trends, AI integration, and identifying non-obvious investment opportunities driven by technological disruption.
🏢 Companies Mentioned
💬 Key Insights
"The majority of them [billionaires] don't list are below the age of 60. And so the concentration of wealth and the biggest argument for Bitcoin is as a billionaire in their 60s, let's make it in their 80s dies and they give money to their kids. Their kids don't view the world the same way that they did. So the transfer of wealth is going to have this impact."
"Bitcoin is going to eat into those things, and therefore Bitcoin is going to be much bigger than anyone believes."
"Take every store of value asset in the world. Obviously, people think of gold, people think of treasuries and dollars and things like that, but think about real estate, think about art, think about anything that stores value for people from an investment standpoint. Bitcoin is going to eat into those things, and therefore Bitcoin is going to be much bigger than anyone believes."
"The more people are angry, the more money the government has to print, that's why the transfer payments are going up, and that's why at the end Bitcoin will not stop going higher regardless of what people say. It will replace a lot of the fiat assets over time."
"So I think where Bitcoin fits into it is the system that eventually is built through the disruption of all businesses, and that's why I keep saying Bitcoin for me is the S&P 500."
"You have the Mag 7, you have these private companies that are growing rapidly, and then you have the S&P 493 where the bulk of them are just never going to be able to compete. And I think they're going to gradually go out of business if they have debt and they can't grow their top-line revenues significantly more than the nominal GDP side."