In this episode, host Anthony "Pomp" Pompliano sits down with macro trader and investor Jordy Visser to dissect the current state of the artificial intelligence buildout, the cryptocurrency market, and broader macroeconomic trends. Jordy declares that the AI mid-cycle slowdown is officially over, explaining how the market has successfully flushed out excess leverage. The conversation transitions from the current dominance of coding agents to the massive compute demands of upcoming consumer agents, which Goldman Sachs projects will consume 30 times more compute.

The discussion also focuses heavily on the future of digital assets, tokenization, and stablecoins. Jordy references the policy implications outlined in the Scott Bessent Speech at the New York Economic Club, as well as the analytical perspectives found in the Mohamed El-Erian Op-Ed on Bessent Speech, to argue that crypto is being integrated into the US financial guardrails. Finally, the pair explore investment opportunities in regional banks, healthcare giants like Eli Lilly, commodities like gold and silver, and the paradigm-shifting advancements in synthetic tendon-based robotics.

The AI Mid-Cycle Slowdown and the Shift to Consumer Agents

Jordy declares that the AI mid-cycle slowdown is over, noting that recent market corrections have successfully wiped out leverage across systematic quant strategies and retail ETFs.

"If you're not spending more money every year, you're going out of business" - Jordy, quoting Dylan Patel of SemiAnalysis on the necessity of expanding corporate AI budgets.

Consumer agents represent a massive step-function increase in compute requirements compared to coding agents, which are currently the primary use case.

"Consumer agents will consume about 30 times what coding agents will consume from a compute basis" - Jordy, citing a recent Goldman Sachs report on the insatiable demand for hardware.

Sovereign AI and Corporate Earnings in the Hardware Sector

Samsung is projected to earn a massive $217 billion this year, an amount that exceeds its combined earnings over the last 40 years.

Despite blowout earnings, memory stocks like Samsung and Micron experienced 20% corrections, which Jordy views as healthy price discovery rather than a bubble popping.

Major corporations like Eli Lilly are building "sovereign AI" capabilities, utilizing campuses equipped with 1,000 NVIDIA Blackwell chips to accelerate biotech research.

Bitcoin Bottoming and the Rise of Agentic Commerce

Jordy identifies a key technical bottoming signal for Bitcoin, noting the first 4-hour RSI divergence since the peak at the end of last year.

"Do I think we'll be over 100 [thousand] a year from now? Yeah. So what do I care whether I buy something at 60 or whatever?" - Jordy.

The US administration is actively focusing on digital assets, tokenization, and stablecoins as part of a new economic order, as detailed in the Scott Bessent Speech at the New York Economic Club.

Analyzing the policy framework, the Mohamed El-Erian Op-Ed on Bessent Speech highlights how these digital assets will serve as critical guardrails for the future financial system.

Agentic commerce will dramatically increase the velocity of money, while tokenization will liquefy trillions of dollars in dormant global assets like real estate over the next five years.

Consolidation in Regional Banking and the Debasement Trade

Jordy predicts significant consolidation within regional banking, as mid-sized banks acquire competitors and integrate AI to aggressively reduce headcount and boost margins.

If the Federal Reserve raises rates in July, Jordy believes it will be a "one-and-done" credibility hike that will cause long-end yields to fall, acting as a positive for risk assets.

The classic "debasement trade" of gold, silver, and Bitcoin is expected to bottom out and rise as the market realizes the massive US budget deficit prevents prolonged rate hikes.

The Physics of Intelligence and Synthetic Robotics

1X Robotics has developed a synthetic, tendon-based robotic hand that can perform highly dexterous tasks like screwing in a lightbulb or picking a cherry without crushing it.

Jordy rejects the comparison between AI compute and the oil fracking boom, arguing that "intelligence is not the same as oil... intelligence is everything."

"The only thing that slows down AI is the data centers. It's the gas turbines, it's the physical stuff which cannot be made quickly" - Jordy.