#753: The Economy Is AI Now with Jordi Visser

**SPEAKER_1** (0:07)
You've had a dynamic where money's become freer than free.
When you talk about a Fed just gone nuts, all the central banks going nuts. So it's all acting like safe haven.

**Logan** (0:18)
I believe that in a world where central bankers are tripping over themselves to devalue their currency, Bitcoin wins. In the world of fiat currencies, Bitcoin is the victor.

**SPEAKER_1** (0:29)
I mean, that's part of the bold case for Bitcoin.

**Logan** (0:31)
If you're not paying attention, you probably should be.

**Marty Bent** (0:36)
Jordi, that's when you know it's going to be good, is when Logan has to interject, because we're essentially recording a podcast before we hit record.

**Jordi Visser** (0:43)
There's so much going on. It's too much fun, Marty.

**Marty Bent** (0:46)
I know. Well, we were just talking about Colossus specifically. I'm maybe jumping off point like the physical infrastructure and how it's probably undervalued when you consider how valuable these tokens are going to be and how much demand for tokens is growing. This is before robotics even arrive. I think I'm excited to have you back on because, as you know, I catch your weekly updates religiously on Sundays, and I just think you've been on top of the development of this AI theme better than most, maybe anybody that I've observed from the investment standpoint. And like we were just saying, I think people are completely missing the farce for the trees because they're trying to sort of comport incumbent frameworks for how the world works onto this completely new world. And they have to shatter their egos and their construction of how the world actually works in their mind and start to rebuild it.

**Jordi Visser** (1:54)
Yeah, first of all, Marty, it was good to finally get a chance to meet and hang for a little bit a couple of months ago. I like meeting the people that I get to know through these podcasts because it's easier to build relationships and kind of do these things one off. So it was good to finally catch up. On your point, and I think this is a great starting point just because you can double click on this a variety of ways. Number one, I think people are underestimating this hardware situation and converting tokens and compute into a commodity shortage because it is a shortage. And there's two ways to view it. And what you and I were talking about before we jumped on, I think is important just to kind of expand on, which is number one, when Anthropic did the deal, let's say with Amazon, with Google where they're trying to get enough compute to deal with demand that has gone parabolic.
And this is only six months after people didn't think we'd ever see revenues or ROIC. And since that time, you've had a massive increase in the receivables for Amazon, Microsoft and Google on the cloud side. You've had the parabolic move in ARR for Anthropic. I fully expect OpenAI now that they've made the pivot towards coding and the fact that Anthropic is charging higher prices and the fact that I've now shifted from Claude for most of my daily work to Codex.
Maybe I'll switch back to Claude eventually. But I think all of those things together, if you were one of these people, and I'm gonna say one of these people, because this is something that gets into the ego. If you spent all of last year saying AI was a bubble and saying we'd never see the revenues, I'm sorry, but for people that have already been successful, that have already made, you know, they're already in the top 1%, they're in the same industry that I've been in for the last 30 years, I think it's very hard for people to admit they were wrong. And I think that's the first thing is, it's very difficult with what's going on for people to admit they're wrong. Then when you add in the stubbornness that comes with, I said this publicly in X, I have a sub stack, I wrote a book, all of these different things, which put your credibility on the line, it's very hard to admit you were wrong, because then what did all that, how can anyone take seriously? So I think psychologically it's difficult. But the second part, probably equally important, when you see charts that are parabolic, when you see Intel go from 25 to 125, when you see Dell go from 80 to 450, well, historically, that is something that your gut tells you, I've seen this before. When charts like that happen in six months, nothing can change that fast in life. But the problem is that is what it takes to adjust to an exponential world. And if you go back and read the writings of Ray Kurzweil, if you go listen to Peter Diamandis and all of these people that have been talking about abundance and the exponential for over 20 years, and in Ray Kurzweil's point, over 50 years or 45 years, you recognize that they say at some point, things are compounding so fast that the linear brain cannot handle it. And I think when you add the psychology in and you add the inability for people to see these parabolic charts and think they're real, it just allows people that maybe are a little more open-minded, that are willing to be flexible. I thought Bitcoin would probably be 500,000 right now, as if you would have asked me this a year ago. And here we are sitting in a bear market at 70,000. So I can admit that I was wrong and move on to the next thing and just sit there. Investing is about distributions of return. It's about distributions of probabilities. And I think stubbornness in a world of exponential, they never give you the pause to catch up.