#423 Jordi Visser: Why the AI Bears Are Wrong — and the One Asset He’d Bet On Right Now

<p>Long-time macro investor Jordi Visser, founder of Visser Labs, makes his in-studio debut with a bold message: the only macro force that matters right now is artificial intelligence. He explains why the economy has become far less rate-sensitive since the iPhone launched in 2007, and why Anthropic and OpenAI’s leap from $30 billion to roughly $170 billion in combined annual recurring revenue marks the start of agentic commerce, with personal AI agents managing more of our lives. He lays out his “bank-pocalypse” thesis, where agents and crypto compress bank valuations by moving money to better yields instantly. He also argues that many veteran macro voices are wrong about AI because they don’t use it. Visser traces his own shift from perma-bear to tech optimist, from closing out his book before Lehman in 2008 to a life-changing trip to Silicon Valley’s Singularity University. He makes the bull case for agentic compute, names hacking and government pushback as the biggest risks, and closes with his most contrarian call: crypto, which he sees as a 100-to-1 long shot that could be the best-performing asset of the next year even if the S&amp;P goes nowhere.</p><p><br></p><p>Thank you to our partners</p><p>Augusta Precious Metals — To learn more, visit <a href="https://juliabuysgold.com/">https://juliabuysgold.com/</a> or text “Julia&quot; to 35052</p><p>Monetary Metals - learn more at <a href="https://www.monetary-metals.com/julia/">https://www.monetary-metals.com/julia/</a></p><p>Links:</p><p>X: <a href="https://x.com/jvisserlabs">https://x.com/jvisserlabs</a></p><p>YouTube: <a href="https://www.youtube.com/@JordiVisserlabs">https://www.youtube.com/@JordiVisserlabs</a></p><p>Website: <a href="https://ai.22vresearch.com/">https://ai.22vresearch.com/</a></p><p>Substack: <a href="https://t.co/iblvrOpf7E">substack.com/@visserlabs</a></p><p><br></p><p>Timestamps:<br>0:00 Preview: the beginning of agentic commerce<br>0:42 Welcome Jordi Visser<br>1:15 The only macro that matters: AI<br>4:14 Why the old playbook broke after 2007<br>6:44 AI’s iPhone moment: personal agents arrive<br>10:07 How big is agentic commerce?<br>10:36 Two economies: AI-native vs. enterprise<br>12:28 The “bank-pocalypse” thesis<br>14:01 An agentic run on the banks<br>17:38 What a personal AI agent does for you<br>18:56 The generational divide on AI<br>24:50 2008: closing out before Lehman<br>26:38 From perma-bear to “no more recessions”<br>28:26 Silicon Valley and the singularity<br>31:04 What