Why Software Multiples Are Compressing

Jordi Visser is a veteran macro investor with 30+ years of market experience and the author of the VisserLabs Substack. In this episode, we break down why bitcoin is selling off, why software multiples are compressing, and how capital is shifting toward scarce, physical assets. We cover data centers, AI, energy, and semiconductors — plus insights on Elon Musk, Tesla, SpaceX, and what it all means for markets.

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• 0:00 – Intro
• 0:50 – Why is bitcoin crashing?
• 3:01 – The big crypto utility shift & why software multiples are collapsing
• 10:55 – The rotation: hardware/commodities outperforming software
• 17:14 – How AI agents disrupt legacy enterprise software
• 33:51 – Jordi’s “turbulence model” + what it’s signaling in markets
• 40:34 – Tesla/Elon: bull case, risks, & the path to $10T
• 50:25 – Should Elon merge Tesla + SpaceX + xAI + X?
• 53:22 – Wrap + what Jordi is publishing next