Software multiple compression and AI disruption

Jordi Visser is a veteran macro investor with over 30 years of market experience and the author of VisserLabs Substack. In this episode, we break down what’s happening in software stocks, credit markets, and bitcoin — including how bitcoin could benefit in both inflationary and deflationary environments. We also explore real-world AI adoption, capital shifts, and a few surprising insights Jordi didn’t see coming.

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• 0:00 - Intro
• 0:51 - Breaking down deflation & macro environment 
• 5:49 - Why deflation pushes money into scarce assets
• 12:40 - Software stocks, AI, & multiple compression
• 18:45 - Why public companies may disappear
• 20:35 - Tokenization, RWAs, & on-chain markets
• 25:45 - What “agent swarms” actually are & security risks 
• 38:42 - AI apps anyone can build & how to use AI
• 40:48 - Private credit stress & Blue Owl
• 49:45 - What Jordi is covering next