Blog
Deep dives, analysis, and insights on AI, markets, and crypto.
The Limitless Podcast: Anthropic's Claude Returns, and AI Hits an Inflection Point
Limitless episode 199 lands on the week that changed the AI landscape — Claude's return from a two-week government ban, Anthropic's 80% inference margins, Etched's $1 billion in chip pre-orders, Meta selling compute, and why government alignment is becoming the new competitive moat.
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The AI Bubble Crowd Has It Exactly Backwards
Jordi Visser's read on a brutal month for the hyperscalers — why the rotation everyone's panicking about is a midcycle slowdown, not a top. Short the spenders, own the receivers: memory, semis, power, healthcare. Plus the memory wall with no relief until 2028, loops changing the margin math, and Bitcoin as the collateral of the agentic economy.
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Jordi Visser's Capex Arbitrage: Short the Hyperscalers, Long the Infrastructure Into Q2 Earnings
Jordi Visser's highest-conviction macro setup into Q2 earnings: long the AI infrastructure layer — semiconductors, memory, power, cooling, optical, neo-clouds — and short the hyperscalers (Microsoft, Meta, Alphabet) whose capex ROI is starting to break. The capex arbitrage trade explained.
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Leopold Ashenbrenner: The Portfolio That's Redefining AI Investment Rotation
A 24-year-old with no professional investing experience turned $200 million into roughly $20 billion in under two years. Why Leopold Ashenbrenner is shorting NVIDIA, ASML and Oracle while going long power, memory, optical, neo-cloud and Anthropic — and the constraint-layer rotation his 'Situational Awareness' essay predicted.
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Chai Discovery: The AI Breakthrough Turning Antibody Engineering Into Software
Chai Discovery's founders Josh Meyer and Jack Dent took antibody design from a 0.1% success rate to 20% in a single year — a 200x leap. The shift from discovery to engineering, atomic-precision generative design, a 50-target benchmark, and why this is the signal biotech investors have waited five years for.
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The All-In Podcast: Anthropic's Regulatory Capture, Bernie's AI Equity Grab, and the Jobs Myth
The All-In hosts go after Anthropic for using AI safety as cover for regulatory capture, dismantle the 'AI destroys jobs' narrative, and weigh Bernie Sanders' proposal to seize half of every major AI company. A sharp look at where corporate power, government leverage, and the AI buildout collide.
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Raoul Pal & Jordi Visser: The Agentic Economy Is Ending Business Cycles
For 200 years the business cycle ran on capital vs labor. Pal and Visser argue the new constraint is compute vs energy — billions of AI agents entering an invisible marketplace, Reed's Law driving double-exponential growth, the largest capex cycle in human history, and crypto as the settlement layer for machine-to-machine commerce.
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Jordi Visser & Anthony Pompliano: The AI Agent Economy Just Flipped Bitcoin & Eli Lilly's Value Proposition
There are now more AI agents online than humans. Visser and Pompliano argue general LLMs are commoditizing to zero while value rotates to specialized applications — Eli Lilly as the hidden AI supercompany, Bitcoin as native money for the agent economy, and peptides as the API keys for the human body.
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John Tinsman & Marty Bent: The Compute Leasing Economy Just Broke Monetary Policy
XAI pays $15B/year to lease a $4B data center — a 10x ROI. When your biggest capex spenders earn 100%+ returns and sit on $800B in cash, the Fed's rate lever stops working. Tinsman and Bent on the compute leasing supercycle, Fed-proof AI infrastructure, and the agricultural stress nobody's pricing in.
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The Moonshots Roundtable: AGI Is Here — Now We Deal With It
Diamandis, Salim Ismail, Dave Blundin, and Alex Wiesner-Gross say the AGI timeline debate is noise — we already have functional general intelligence. The real questions: OpenAI Foundation's $250B transition war chest, energy abundance crossing a threshold, and a new federal 'anti-tech extremism' threat.
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Pompliano & Visser: The AI Tsunami Is Real (And We're Early)
Forget the bubble talk. Jordi Visser and Anthony Pompliano make the bullish case that we're in the first inning of the AI infrastructure buildout — backed by earnings growth, a 60% portfolio, the biotech-AI convergence, and structural policy support.
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Gavin Baker vs Leopold Ashenbrenner: The AI Infrastructure Divide
Two of the sharpest macro investors look at the same AI data and reach opposite conclusions. Baker says it's a super cycle constrained by physical atoms. Ashenbrenner questions the timing. Here's the divide that matters.
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Why Physical AI in Healthcare Is the Conversation New Zealand Needs to Have Right Now
Healthcare is the sector where physical AI and robotics can make the most immediate difference — and New Zealand is uniquely positioned to lead. My takeaways from Deloitte's Physical AI TechWeek.
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AI Hits a Wall: Physical Bottlenecks, Memory Bubble, and the Oil Crisis Nobody's Watching
The market is pricing AI like software. It's not. It's a physical infrastructure cycle — and it's already hitting hard constraints in power, memory, industrial capacity, and oil. Here's the full institutional analysis.
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The Firm Is Dead. Salim Ismail Just Explained What Replaces It.
Salim Ismail's ExO 3.0 framework argues that AI doesn't improve hierarchies — it makes them unnecessary. Here's what that means for every company, team, and individual.
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Pompliano & Visser: The Regime Shift Nobody's Ready For
The AI Goldilocks narrative is cracking. Iran has permanently floored oil. Silver is signalling a supply crunch. 30-year yields are at 25-year highs. Visser explains what comes next — and how to trade it.
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What Our AI Earnings Call Analyzer Made of Raoul Pal and Julien Bittel's Macro Thesis
I ran the latest Raoul Pal and Julien Bittel conversation through our Earnings Call Analyzer. The AI had no position, no ego, and no confirmation bias — and it had some strong opinions.
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The Largest Liquidity Expansion in History Is Starting — And Most People Don't See It Coming
Tokenization is about to create an explosion of new tradeable markets. All of those markets need liquidity. That liquidity needs dollars. The scale of what's coming will dwarf anything we've seen in history.
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Two of the Smartest Investors in AI Just Made the Same Call — Here's What They're Buying
Leopold Aschenbrenner just filed an $8.5 billion short against the AI semiconductor stack. Jordi Visser exited all his semis the same week. Two different frameworks, the same conclusion — and the same rotation into power, miners, and crypto.
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Running Hot Into Scarcity: Why the AI Trade Is About to Hit a Wall
Jordi Visser has exited his entire semiconductor position after an 8x return. His exhaustion model is flashing red, DRAM momentum has rolled over, and Hormuz is breaking the supply chain nobody priced in.
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Jordi Visser & Pompliano: The Semiconductor Trade Is Done — Here's What's Next
Jordi Visser just exited his 8-bagger Micron position. Negative real yields are back. Iran is a structural energy floor. And Dogecoin is the retail sentiment canary. The regime is shifting — here's where capital rotates next.
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Mullarney & Biceel: The Convergence of Tesla and SpaceX Is the Biggest Trade of Your Life
Silicon Valley engineer Phil Biceel and James Mullarney on Terrafab, orbital data centers, the 1 terawatt compute problem arriving in 4.4 years, and why Tesla and SpaceX are converging into a single compute empire.
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Visser: AI Is a Commodity Supercycle Disguised as a Tech Trade — and Bitcoin Is the Funding Rate for AI Agents
Jordi Visser reframes the entire AI trade: forget software stocks. This is a $90 trillion physical buildout with 3 foundries controlling global chip supply, AI agents consuming tokens like food, and Bitcoin emerging as the funding rate of the future.
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Jordi Visser: This Isn't a Bubble — It's a $90 Trillion Physical Buildout
Visser reframes the AI trade entirely: forget bubble comparisons. Anthropic saw 80x token growth vs 10x planned. That demand is physical, structural, and requires decades of infrastructure to support.
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The All-In Podcast on AI: Elon's Infrastructure Empire, Anthropic's Monopoly Risk, and the ROI Question Nobody's Answering
Chamath, Sacks, Gerstner, and Calacanis lay out the deep tension in AI markets: infrastructure is winning, Anthropic's growth is unprecedented, and nobody can prove enterprise AI has lifted margins.
Read more → Jordi Visser on DRAM Bubble Peak: The Real Supply Shock, the Sector Rotation, and Why He's Selling Micron
Visser is bullish on AI infrastructure long-term but just sold two-thirds of his Micron position. Here's what his trading behavior reveals about late-cycle sector rotation from semis to power — and why tokenization is his next frontier.
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James Mullarney on AI-Crypto Convergence: The Infrastructure Moment the Market Isn't Pricing In
AI agents need blockchain payment rails to transact at machine speed. James Mullarney makes the case for Solana as the credit card for AI, a 1000x compute demand surge, and why Google's 133x free cash flow multiple is a ticking clock.
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Jensen Huang at Milken: The Five-Layer Cake, the 1000x Compute Jump, and Why the Doomers Are Missing the Point
Jensen Huang got specific at Milken — where the bottlenecks are, why agentic AI demands 1000x more compute than generative AI, and why the real risk isn't AI itself but Americans getting too scared to use it.
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Tesla FSD 14.3: The Infrastructure Moment the Market Is Missing
Tesla didn't release an update — they rebuilt their entire AI foundation using MLIR. Herbert Ong, Cern Basher, and Phil Beisel break down why the runtime rewrite creates a 10x scaling moat, and why Austin robotaxi launches sooner than the market expects.
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XLK's Breakout Above $154 — What the Historical Pattern Really Tells Us
XLK cleared $154 and closed near $162 — a setup that's fired only 30 times in a century with an 80% success rate and 36% average gains. But 46% of those instances also marked bear market tops. Here's how to position for both outcomes.
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The $90 Trillion Physical Infrastructure Supercycle — And Why Hyperscalers Are the Wrong Bet
Jordi Visser's institutional thesis: this isn't the cloud era anymore — it's the physical era. Long scarcity, short abundance. The hyperscalers are funding vehicles, not winners.
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What Jensen Huang Has Been Telling Us For Six Months
The Token Factory thesis — across eight major appearances and twelve hours of recorded conversation, four ideas keep surfacing. Here's the framework that will shape the next decade.
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We're in the Singularity Now — Here's What That Actually Means
Peter Diamandis, Salim Ismail, Alex Wiesner-Gross, and Dave Blundin on Moonshots — 15 major AI releases in 8 weeks, the TSMC chokepoint, and why the singularity is an interval, not an event.
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The AI Disruption Trade: Why Jordi Visser Says Bitcoin Is the Only Scarcity Left
Jordi Visser on Bankless: AI destroys the moats of every asset except Bitcoin. Software apocalypse meets commodity surge. Negative real rates approach.
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The Fork in Humanity: Institutional Collapse, Decentralization & the Mindset That Determines Your Future
Raoul Pal, Peter Diamandis, and Salim Ismail on why our institutions are breaking, why decentralization is inevitable, and how mindset will determine which fork of humanity you're on.
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Bitcoin's Next Chapter: Why Scarcity Trumps Software in the Age of Abundance
Jordi Visser on the regime change reshaping technology and inflation — why Bitcoin is transitioning from risk asset to premier scarcity play, and where the smart money is moving.
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The Exponential Future: Abundance vs. Politics — Friedberg & Williamson on Humanity's Next Chapter
David Friedberg argues exponential convergence of AI, robotics, fusion, and biotech is transforming humanity — but warns that fear-based politics and wealth redistribution could sabotage everything.
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AI Doesn't Take Your Job—It Makes You the CEO. But Only Within Trusted Tribes
Balaji Srinivasan on why the internet is becoming like the Chinese internet, and what that means for work, privacy, and the future of AI collaboration.
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The Compute Crisis: Why Structural Semiconductor Shortages Mean Bitcoin Becomes Infrastructure, Not Speculation
Jordi Visser and Anthony Pompliano on AI inflation, supply-driven economics, and why the software abundance cycle is over. A regime shift that rewrites the playbook.
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The Fiscal Trap: James Lavish on Why Bitcoin Is the Only Rational Exit From a Debasing Dollar
James Lavish — 25 years on Wall Street, COO of a $26 billion fund — argues the U.S. fiscal position is mathematically terminal. Here's why Bitcoin is the only rational exit.
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PTL Signal: Simon Dixon on Government Capture, Bitcoin, and Individual Sovereignty
Simon Dixon argues governments are fully captured by the financial industrial complex — and that self-custodied Bitcoin is the only real exit. Here's what landed.
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Tesla's Distributed Brain: Why FSD 14.3 Is Just the Beginning of a Planetary-Scale AI Network
FSD 14.3 isn't just another update. Tesla analyst Cern Basher explains why it marks the beginning of a planetary-scale distributed AI network spanning vehicles, robots, and space.
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The Dozen Doublings: Why Salim Ismail Says We're Choosing Between Star Trek and Mad Max
A dozen technologies are simultaneously doubling in capability while costs collapse toward zero. Salim Ismail argues this forces a civilizational choice: Star Trek or Mad Max.
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The Unwind: Why Jordi Visser Says We're in a Stagflationary Bear Market
Jordi Visser isn't predicting a normal cyclical correction. He's arguing we've entered a stagflationary regime where Fed policy paralysis, AI disruption, and a 17-year credit unwind are converging — and traditional portfolios are failing.
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The Fed's Trap: Why Jordi Visser Says Bitcoin Wins When Policy Fails
Jordi Visser argues the Federal Reserve has lost the ability to fight inflation — trapped by debt levels that make the 1970s look like a golden age of fiscal discipline. Here's what that means for Bitcoin.
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The Regime Shift Nobody's Talking About: Why Jordi Visser Says We've Left the QE Era for Good
Jordi Visser isn't predicting a recession. He's arguing something far more consequential: we've permanently exited the QE era, and most investors haven't adjusted because they don't realise the game has changed.
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Physical AI Is Coming To Healthcare — And It's Closer Than You Think
Humanoid robots are moving from factory floors into hospitals and aged care. The WHO projects a 10–15 million healthcare worker shortage by 2030. Here's why physical AI is the only answer that scales.
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The Terrafab Gambit: When 50x Compute Meets the End of Human Driving
Peter Diamandis, Dave Blundin, Alex Wiesner-Gross, and Salim Ismail unpack Elon's 1-terawatt compute play, the death of human driving, terminal value collapse, and machines that design machines.
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Why Oil Is Screaming 'Buy Bitcoin' — And the Smart Money Is Listening
Oil broke down when it shouldn't have. Stablecoins are flipping the payment infrastructure. AI agents are about to transact trillions on crypto rails. Here's what the panel sees that you don't.
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Why Wall Street's Frozen While the Market Burns
The S&P broke below its 200-day moving average. Credit markets are deteriorating. And sell-side analysts are paralysed. Jordi Visser explains the setup — and what to do about it.
Read more → Stagflation 2.0: Why Jordi Visser Thinks This Is the 1970s With an AI Twist
Jordi Visser believes we are walking into a 1970s-style stagflation environment — with one critical modern twist that makes this version stranger and harder for policymakers to navigate.
Read more →The Technology is Inevitable. Are We Ready?
AI, Bitcoin, and the refrigeration moment — why this disruption is different and what New Zealand should do about it.
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The Humanoid Robot Inflection Point: Why This Is Happening Faster Than Anyone Thinks
Humanoid robots are no longer a future concept. They are here — and the timeline is compressing fast.
Read more →Jordi Visser's Turbulence Model and Why the Next Rally Starts in Private Credit
Jordi Visser has identified the exact mechanism that could trigger Bitcoin's next major supercycle — and it's hiding in private credit.
Read more →Why I Built the Earnings Call Analyzer (And Why You Need It)
I'm not a Wall Street analyst. I'm a former ultra-endurance athlete from New Zealand. So what the hell am I doing building financial intelligence tools?
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