The Pomp Podcast · Oct 10, 2026 · 47m · 39m saved
With Jordi Visser, macro investor; former CIO, Weiss Multi-Strategy Advisers
Macro investor Jordi Visser said he started talking up Micron in 2024, when the memory-chip maker traded around $100. The stock went to $1,400, he said.
Many smart investors missed that run because they were busy calling AI a bubble, Visser said. He now sees bitcoin and the rest of crypto in the same spot, and he expects AI agents to be the reason it moves.
"I think next year is going to be the year that we see the biggest moves in crypto because of agents." — Jordi Visser
Visser was chief investment officer of Weiss Multi-Strategy Advisers and earlier worked at a large Wall Street bank. He now writes the VisserLabs Substack and posts a weekly video, and his calls on chips, rates and crypto are on the record there.
The full interview is covered here so you can skip it. 47 minutes of audio, 8 minutes of reading.
Here are the 9 takeaways that matter.
Key Takeaways
AI agents will push banks into multiple compression over the next year, Visser said
Agents will move idle deposits out of accounts that pay nothing
Same-day settlement through stablecoins will erode the float banks and card networks earn
Open-source models will handle about 90% of tasks at close to zero cost
The labs with the most compute, such as Anthropic and OpenAI, will own the top 10%
His two themes for the next year: AI compute and crypto's payment rails
He would rather own the toll collectors than bet on any one AI agent
Bitcoin is in a bull market, above a rising 200-day moving average
10-year Treasury yields should sit near today's level a year from now
He allowed for a 20% to 30% correction next year, and expects governments to step in
Only about 25% of S&P 1500 stocks have beaten the index since ChatGPT launched
1. The Bank Apocalypse
A Bloomberg piece this week ran with Visser's phrase "the bank apocalypse has begun." He said the line was a play on the selloff in software companies that sell per-seat subscriptions. Those stocks fell even as most of them posted record earnings, because investors decided AI would disrupt them.
Banks will still make money, Visser said, but investors will pay less for each dollar of it
"I believe the banks now are going to go through a problem which is they're going to come under multiple compression over the course of the next year because of two factors." — Jordi Visser
The first factor is AI agents. Individuals and small businesses leave money in bank accounts that pay nothing, while banks invest those deposits in short-term Treasuries yielding about 4%. An agent managing that money will hunt for the best rate, he said. Apollo chief economist Torsten Slok has written about an agentic bank run, but Visser said he was not predicting a run.
The second factor is faster settlement through stablecoins and tokenized assets. Slow settlement lets banks, Visa and Mastercard earn on money in transit for a day or three. Instant settlement takes that away. Visser said he did not mean the banks would go to zero.
