Index Breadth, Benchmark Arbitrage

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