Jordi Visser · Oct 25, 2026 · 57 min
AI Bubble Burst? Bitcoin to Zero? Hedge Funds Wrecked? Sounds Like a Bottom is Near
Jordi Visser argues that a severe hedge-fund deleveraging has likely run its course, while economic indicators and corporate earnings do not yet show a recession or an AI-demand collapse. He remains strongly bullish on AI infrastructure and related healthcare applications, though he expects faster information cycles and recurring volatility to make leveraged strategies more fragile. He also rejects claims that Bitcoin is headed to zero, arguing that tokenization and agentic commerce are merging crypto with mainstream finance and that AI-driven cyberattacks could accelerate blockchain adoption.
Where they stand
He thinks the hedge-fund-driven selloff is largely spent and remains constructive on risk assets absent a recession, while expecting continued volatility and sharp corrections.
High conviction · months
He views AI adoption and investment as a durable, demand-led expansion rather than a bubble, with significant upside across computing and healthcare.
High conviction · years
He is strongly bullish on crypto infrastructure, Bitcoin, and tokenization, arguing that AI agents and cybersecurity concerns will increase their relevance.
High conviction · years
Key takeaways
- The recent selloff looks primarily like hedge-fund deleveraging, which Visser believes is near its end; he sees no clear evidence yet of economic deleveraging or recession. 8:27
- He rejects the AI-bubble thesis, arguing that demand for compute remains far ahead of supply and that earnings, profit margins, and company guidance remain strong. 26:02
- He expects rapid AI-driven change to make traditional leveraged strategies and slow-moving arbitrage increasingly vulnerable to sudden losses. 3:18
- He sees healthcare, biotech, and life sciences as major beneficiaries of AI-enabled discovery and expects those areas to enter a bull market. 40:07
- He calls the claim that Bitcoin will go to zero because of quantum computing unsupported, arguing that practical quantum threats are distant and Bitcoin could upgrade its cryptography. 48:09
- He expects tokenization, stablecoins, and agentic commerce to bring crypto infrastructure into mainstream finance, with cyberattacks potentially speeding adoption. 42:43
- He says the S&P 500 has been relatively resilient despite the hedge-fund unwind, while semiconductor stocks have undergone a correction he regards as normal after strong gains. 30:46
Calls and positions
- He predicts Micron could reach 1500 by the end of February, while cautioning that semiconductor corrections can occur even amid strong longer-term gains.
“Micron could be at 1500”
- He predicts that AI-driven cyberattacks will become a major market story over the next three years and could push banks toward blockchain-based systems.
“this story here becomes the most important story over the next three years”
- He says Bitcoin would outperform U.S. stocks, gold, and real estate over the next decade, citing a forecast he attributes to JPMorgan.
“JP Morgan just said they think Bitcoin will be the best asset over the next decade.”
- He expects Bitcoin-related ETF share creation to rise significantly if Bitcoin moves back above $100,000.
“Once we get back above this level here, which in Bitcoin terms is basically going to be $100,000”
Views expressed
- Visser believes hedge-fund deleveraging is either finished or in its final innings, and that positioning has been substantially reset.
“the deleveraging is either done or in the seventh or eighth inning”
- He does not think the current AI cycle is a bubble, because he sees real demand and expects the technology-driven expansion to continue.
“this is not a bubble”
- He argues that hedge-fund deleveraging is not the same as economic deleveraging, and says current earnings, margins, and hiring remain healthy.
“Earnings are still good. Profit margins are still good. Hiring is still good.”
- He says corporate profits are up 20% and sees no current profit-based signal that a recession is approaching.
“corporate profits right now up 20%”
- Visser says SpaceX's compute demand substantially exceeds supply and cites its plans to add compute capacity as evidence that AI infrastructure demand remains strong.
“Compute demand is substantially greater than supply.”
- He expects AI-driven healthcare, pharma, biotech, and life sciences to become a major bull-market area.
“beginning a massive bull market”
- He says tokenization is already advancing and expects it to disrupt hedge funds and become a durable investment theme.
“Tokenization is absolutely going to disrupt hedge funds”
- He rejects the claim that Bitcoin will go to zero because of quantum computing, saying existing quantum computers cannot break Bitcoin and the protocol could adopt quantum-resistant cryptography.
“Existing quantum computers cannot break Bitcoin.”
Topics covered
- S&P 500
- Nvidia
- Federal Reserve
- Recession
- Interest rates
- Microsoft
- Anthropic
- OpenAI
- Bitcoin
- Ethereum
- Tokenization
- Stablecoins
- AI and cybersecurity
- Gold
More from Jordi Visser
Summary generated by AI from the episode audio (machine transcription)and checked against it; quotes are verbatim. Processed Oct 25, 2026.
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