<p>Jordi Visser is a veteran macro investor with 30+ years of experience and the author of the VisserLabs Substack. In this conversation, we break down the AI mid-cycle slowdown, the Fed under Warsh and what rate cuts could mean for markets, the $90 trillion AI infrastructure buildout, memory and Micron&#39;s role in the AI bottleneck, and why Jordi believes bitcoin is positioned to be the best performing assets once the negatives of AI start to show up.</p><p>=====================</p><p>Need liquidity without selling your crypto? Take out a Figure Crypto-Backed Loan, allowing you to borrow against your BTC, ETH, or SOL with 12-month terms, 8.91% interest rates, and no prepayment penalties. Or check out Democratized Prime (<a href="https://figuremarkets.co/pomp" target="_blank" rel="ugc noopener noreferrer">https://figuremarkets.co/pomp</a>) and earn ~9% APY on real world assets, paid hourly. Unlock your crypto’s potential today at Figure! <a href="https://figuremarkets.co/pomp" target="_blank" rel="ugc noopener noreferrer">https://figuremarkets.co/pomp</a> Figure Lending LLC dba Figure (NMLS 1717824). Loans subject to approval. Crypto collateral may be liquidated. Terms apply - see full disclosures at figure.com/disclosures/</p><p>=====================</p><p>Looking for a better place to trade? BloFin gives traders access to deep liquidity, advanced futures products for crypto AND TradFi assets, fast execution, and a clean, intuitive interface—all in one platform. To celebrate their partnership with us, they&#39;re giving away $100,000 in Deposit &amp; Trade Rewards. Deposit, trade, and earn rewards based on your activity during the campaign. Check them out at ( <a href="https://partner.blofin.com/d/Pomp" target="_blank" rel="ugc noopener noreferrer">https://partner.blofin.com/d/Pomp</a> ).</p><p>=====================</p><p>This episode is brought to you by mogul ( <a href="https://www.mogul.club/pomp" target="_blank" rel="noopener noreferrer">https://www.mogul.club/pomp</a> ). Deloitte estimates that $4 trillion of real estate will move onto the blockchain over the next decade. Through tokenized residential real estate, mogul gives investors access to professionally managed properties with targeted yields, monthly rent payouts, and potential tax benefits — all without the headaches of being a landlord. Learn more and claim a special offer at <a href="https://www.mogul.club/pomp" target="_blank" rel="noopener noreferrer">https://www.mogul.club/pomp</a> . See important disclosures at disclaimer.mogul.club.</p><p>=====================</p><ul><li>0:00 - Intro</li><li>1:20 - Has bitcoin bottomed? </li><li>6:03 - Bitcoin vs the Mag 7: is the correlation breaking?</li><li>9:00 - Sam Altman, OpenAI &amp; the government getting involved</li><li>11:11 - American open source vs Chinese AI models</li><li>14:28 - AI compute demand &amp; the infrastructure buildout</li><li>20:37 - AI slowdown: how bad, how long?</li><li>22:44 - Where do markets go from here? </li><li>27:30 - AI agents in the workplace &amp; security risk</li><li>34:50 - Memory, Micron &amp; the AI bottleneck</li><li>39:53 - The next 10-20 years: robots, AI &amp; society</li><li>44:18 - The Fed, rate cuts &amp; inflation&#39;s impact on AI</li><li>49:55 - Why bitcoin wins in the end</li></ul>