Jordi Visser, a 30+ year macro investor and author of VisserLabs, shares sharp takes on AI, tech and capital flows. He argues AI erodes software moats. He explains why hyperscalers may struggle to monetize AI and why AI can drive deflation. He outlines a coming rotation toward scarce assets and makes the case for bitcoin as a unique growth store of value.
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insights INSIGHT
AI Is Permanently Reshaping Moats
AI is causing recursive self-improvement and is not a temporary disruption.
This removes moats from many public software companies and accelerates structural change.
insights INSIGHT
Data Centers Limit Hyperscaler Monetization
Hyperscalers face capacity and monetization limits because data centers constrain cloud revenue.
Without matching data-center supply, cloud usage may not monetize the AI wave fast enough.
question_answer ANECDOTE
Running Powerful Models At Home
Jordi describes running a Chinese model (Kimi 2.5) on a Mac mini at home to highlight personal AI power.
This personal setup illustrates how individuals can access potent AI without hyperscaler dependency.
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Jordi Visser is a veteran macro investor with 30+ years of experience and the author of the VisserLabs Substack. This conversation was recorded at Bitcoin Investor Week in New York. In this episode, we break down why software stocks are losing their moats, how AI is driving deflation, and why capital is rotating toward scarce assets. We explore hyperscalers, data centers, AI agents, and why bitcoin may emerge as the only true growth asset in a world of abundant intelligence.
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0:00 - Intro
0:56 – Cathie Wood’s AI take & why Jordi disagrees
4:30 – Why Big Tech may struggle to monetize AI
6:57 – Deflation vs disinflation in an AI-driven economy
10:08 – What investors should actually do right now
14:12 – The scarcity trade & why bitcoin stands out
The Pomp Podcast 