Episode summary
Jordi Visser: Why the AI Bears Are Wrong — and the One Asset He’d Bet On Right Now
The Julia La Roche Show
· · 1 hr 5 min · Hosts: Julia La Roche · Guests: Jordi Visser
Summary
Jordi Visser argues that artificial intelligence, not rates or old macro playbooks, is now the dominant force in markets and the economy. He says the post-2007 world became far less rate-sensitive after the iPhone created a smartphone economy, and he sees AI as the next major platform shift, with Anthropic and OpenAI’s combined ARR surging from $30 billion to roughly $170 billion this year. In his view, that growth marks the start of agentic commerce, where personal AI agents increasingly manage tasks, spending, and decision-making in daily life.
He extends that logic into markets, saying AI-native businesses and crypto are pressuring banks and other legacy intermediaries. Visser describes a “bank apocalypse” thesis in which agents help users instantly move idle cash to higher-yield alternatives, compressing bank valuations over time even if banks do not collapse outright. He also says the safest place to invest for the next few years is the agentic compute stack, which he expects to remain supply-constrained as demand keeps rising.
Visser’s broader case is that many veteran macro voices are missing the scale of AI because they do not use it. He traces his own shift from long-time perma-bear to AI and crypto optimist after Silicon Valley trips and years of watching technology reshape markets. His most contrarian call is still crypto, especially Bitcoin, which he views as a belief asset and a potentially powerful store of value in a world where moats are disappearing.
Key takeaways
- Visser says the only macro force that matters right now is AI, and he thinks focusing on rates and traditional macro has stopped helping investors make money.
- He says Anthropic and OpenAI jumped from $30 billion to about $170 billion in combined ARR this year, which he sees as evidence that agentic commerce is arriving fast.
- Visser expects bank multiples to compress over the next three years as AI agents and crypto make it easier to move cash out of zero-yield deposits.
- He argues the safest area to own for the next few years is agentic compute, because demand for AI infrastructure will stay ahead of supply.
- He sees Bitcoin as a pure belief asset and calls crypto the most contrarian bet, with the chance to be the best-performing asset over the next year.
Notable quotes
“The only macro thing I care about right now is artificial intelligence”
“this is the beginning of a genetic commerce. Everyone who thought that when Siri should be able to order food for them”
“what a bank apocalypse is to me is that every year there's going to be more and more news that's going to come up about disruptions from the agentic side, disruptions from crypto”
“My view is that for the foreseeable future, which means at least the next few years, the safest place to invest is in the agentic compute side”
How the episode opens
So, this is the beginning of a gentle commerce. Everyone who thought that when Siri should be able to order food for them or that Alexa should, that never happened and those companies haven't figured it out yet. But, over the course of the next 6 months, I'm certain that Siri will now reach that point, that Alexa will reach that point.
Google already has a version of it with Spark. And so, that means agents are going to be running our lives more and more every day. And the critical thing for people to understand, whether you use it or not is not important.
The data already suggests that Muse is going as fast as ChatGPT did when it came out. So, you're making a mistake if you don't understand how much the world is going to change because of this.
Hey everyone, welcome to another special in-studio episode of the Julia La Roche Show, where I am joined today by Jordy Visser, founder of Visser Labs. Really great to have you in-studio, finally doing this. — It's about time, Julia. I'm glad to be here.
I'm thrilled for you to make your debut today, Jordy. Okay. One of the things about this show, and I think you've seen some episodes, is we always start with the macro picture.
So, I want to go there, where you see things today as it relates to the economy and the markets. Um and your framework in which you look at the world and where you see things headed. You can take all the time you need to set the table.
So, the first thing I'll say, just because um I spend all of my time on macro. Always have, from early days in emerging markets. The only macro thing I care about right now is artificial intelligence.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- ai macro
- agentic commerce
- bank-pocalypse thesis
- agentic compute
- bitcoin and crypto outlook
Companies and tickers mentioned
- MS
- Anthropic
- OpenAI
- Morgan Stanley
- Visser Labs
- Singularity University
Watch the episode
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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The Julia La Roche Show, this episode and its artwork belong to Julia La Roche. Octagon is not affiliated with the show; this page is an independent summary.
