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AI Is Changing Time: Those Who Can’t Compete, Compute — Transcript

by Jordi Visser · 9,101 words · 1,344 segments · language en · Watch on YouTube

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0:00All right. Uh
0:03just a little bit of notes um because
0:06people have reached out. First of all,
0:08this um because this may be uh the last
0:12week that I'm in Maine. Uh not sure yet.
0:14I'm not sure whether I'll be recording
0:15from here or Maine next week, but uh
0:19I've been asked a lot of questions
0:21particularly about uh Maine. And I just
0:26want to give people who are getting to
0:27know me, have seen me on podcasts. Uh
0:30the reason I'm in Maine is because on
0:32September 11th, 2001, and we're
0:35approaching 25 years since September 1st
0:38or September 11. Um many of you know the
0:42best my best friend growing up and the
0:43best man at my wedding died 911. Um I
0:46ended up uh going back to Morgan
0:48Stanley. I was a partner there already.
0:50I was on the trading floor the day after
0:51when the markets were closed uh
0:54basically with other partners figuring
0:55out how we were going to operate and run
0:56business and uh very emotional obviously
1:00and I got a phone call. I had made an
1:01offer on a house in Maine because I had
1:03taken my daughter up there, my oldest
1:04daughter up to camp there. Fell in love
1:06with the place. Reminded me of my father
1:09um being the son of a a bluecollar
1:11worker and being the son of a core
1:14driller. Uh I just fell in love with the
1:15place. I did not like the shores uh of
1:19the area that I grew up in in New Jersey
1:21and definitely not the Hampton's my
1:23style. So, I fell in love with Maine. I
1:25bought a home in Kenny Bunkport. Um
1:27moved up there and I did the commute
1:29there for about 15 years. I've moved
1:31further north now to get away from the
1:34people that found Maine. Uh but in the
1:36background, people have asked about the
1:37painting. The painting is a reference to
1:40uh Shawn Christopher Shawn Kaitton who
1:42was a caner who died. Uh, I bought that
1:45painting after I moved to Maine. The
1:46wine bottle behind me is the bottle that
1:49I bought in Napa Valley, which is a
1:51remembrance of 911. I turned the bottle
1:53around this week. It has remembrance if
1:55you guys want to blow it up. You've got
1:56a Bernard King signed basketball there.
1:57You've got my Nicks hat on. Sean and I
1:59went to um many games. And then also
2:02behind me is a photo of him and I at a
2:05bar in the Bronx many hours after the
2:07Yankees won the World Series uh where
2:09Wade Bogs was riding the police horse.
2:12Uh Maine is a special place for me. I
2:15come up every year and since you guys
2:16asked about it, I just wanted to go
2:18through. Now on other notes for you guys
2:20that have reached out, number one, I
2:21will never reach out to you in WhatsApp
2:24offering you trades or doing anything. I
2:26will never do that in X. If you reach
2:28out to me in LinkedIn, I may or may not
2:30respond because I get hundreds of people
2:34reaching out. Same thing goes in my
2:36email. So don't take it personally if I
2:38don't respond. Don't I'm never reaching
2:41out to anyone. So, unless you're on the
2:43subscriber emails, you're not getting
2:45anything from me. I say that because
2:47there's AI bots everywhere and people
2:49impersonating me on every single
2:50location. I tried to get rid of them for
2:52a while. Didn't work. Um, on another
2:56note, people that are sending me stuff
2:57about what do you think about this
2:59Goldman Sachs person or this Morgan Sax
3:01person, the Gold Morgan Stanley person,
3:02they have a different view on XYZ. Guys,
3:04if you haven't learned anything watching
3:06this, I don't care about anyone's
3:07opinions. I care about everyone's
3:10opinions, but not anyone's opinions. I
3:12do my own work. I take all of the
3:15information that I can together and then
3:16I make a decision in a paramutual manner
3:20where I go through the odds and I'm
3:22trying to find things that people either
3:23don't agree with me on. So, I'm
3:25generally trying to be somewhat of a
3:27contrarian, but at the same point, I'm
3:29trying to find ideas that have good
3:30riskreward. I will always be an
3:32independent thinker. I will always be
3:34flexible on my views. So, I'm going to
3:35take you guys through that today cuz
3:37some of you said that I'm only positive.
3:39And if that's what you believe from the
3:41subscriber list and if you ended up
3:43buying the top of the market because you
3:45subscribed and said, "Oh, this is a bull
3:47market in something." I'm going to go
3:49through and show you how to take all of
3:50the transcripts I do and I'm going to
3:52give you a prompt to incorporate it into
3:54a way where you can take the
3:55information. I'm just speaking from the
3:57heart every single week. Guys, one thing
4:00I will say repeatedly, we are in a
4:02structurable market in the demand for
4:04compute. It is insatiable. And until I
4:07start hearing people that I respect on
4:08Wall Street start recognizing that there
4:11is no end ever coming up for the demand
4:13for compute, just like there is no food
4:16end. If we keep increasing people on the
4:19planet by a billion every year, that we
4:21will never catch up. The same thing for
4:23compute. It is impossible to get enough
4:26compute for all of the billions of
4:29agents that are coming online that are
4:31just starting. This is investing in
4:33compute. So, this whole video today is
4:36to some degree going to be about
4:38compute. And that's why I'm going to go
4:40back to the agenda side for this week.
4:43Um, my job is to help your business,
4:46whether you're an RAIA, whether you're
4:48an asset manager, help you with
4:50research, help you with independent
4:51thinking, but also get you ready to help
4:54your children adjust to this world
4:56because it's coming fast and it's going
4:57to be accelerating over the next
5:00certainly 24 months. Crypto is going to
5:02be a bigger part of the discussion. And
5:04if you have no knowledge of crypto or no
5:06understanding as to where it's going to
5:07be, you're going to suffer in the next
5:0812 months for sure. But certainly 24
5:11months, you're going to have to adapt.
5:13So we'll go through the recap. We'll go
5:14through the compute. We'll go through
5:15the token factories, Coreweave, Google,
5:17SpaceX, their commentary. The AI regime
5:21change, which has to do with the stuff
5:22that I'm doing. And probably most
5:25importantly, two things there. Number
5:27six. Number nine. Number six, we are
5:29going back to work, guys. The summer is
5:31over. I'm heading back to New York. I
5:33have spent a lot of time working. I've
5:35tried to create prompts. I've created a
5:37new website. There's a whole bunch of
5:38things I've done um with AI agents,
5:42which hopefully I've been able to give
5:43you guys some stuff that has helped. But
5:45the 2027 outlook is what I'm going to
5:47start focusing on because next year is
5:48about consumer agents. This year was
5:51about agents, the agentic economy
5:53opening. Next year is about consumer
5:54agents and what they need, which is the
5:56financial guardrails, which is where
5:57crypto shows in. Number nine, be an
5:59entrepreneur, not an academic. Academics
6:02will continue to cost you money. Anyone
6:05that is giving you history and analoges
6:07and blah blah blah, especially
6:10economists, I will take you through why
6:12that is not worth your time. S&P up 40
6:14basis points for the week.
6:16IWM up 1%. Q's up 1%. The JV AI thematic
6:23portfolio outperformed again, up 3% for
6:25the week. We made new all-time highs in
6:27most of the important indices and also
6:31around the globe. uh the earnings and
6:35again I'll continue to say it earnings
6:38growth 51% for the S&P sales growth
6:41probably the more important number up
6:4315% year-over-year
6:47I can't remember a time when we were in
6:49a mature part of the economic cycle and
6:50global UPS is something like 47%
6:53year-over-year everywhere you look EPS
6:56has been moving smartly higher
6:58this is the critical thing if you start
7:00believing in people that tell you this
7:01is is an isolated bubble to a few tech
7:03names in the US. It's not true. You've
7:06got the whole globe breaking out in
7:07terms of earnings per share, and that's
7:08because time is changing. You're going
7:11to hear me talk about this a lot. This
7:13is going to provoke thought in you guys.
7:14I will have a very important Substack
7:16coming out. For you Substack readers,
7:19the time is coming where I'm going to go
7:20down to about once a month in my papers
7:22because I'm entering in the crypto side
7:24and most of the stuff is shifting to the
7:26subscriber site for my crypto work. Um,
7:30this is the MSCI World Bank index.
7:35This is parabolic and going higher. This
7:37is a reflection of what's happening with
7:39AI. All of these charts are a reflection
7:41of what's happening with AI. It is a
7:44reflection of what's happening around
7:45the globe. AI is disrupting all academic
7:48research that you know. All the things
7:51that you've believed in are breaking
7:52down. And the reason is because
7:54productivity is happening. more and more
7:57of the smarter people with inside the
7:59Fed that I read and the IMF and the
8:01they're starting to recognize now again
8:03it's got to be the younger people the
8:05productivity boom is happening you have
8:08to put it into context though earnings
8:10are up 30% year-over-year in the S&P
8:13forecast for this year this is our job
8:16hiring zero
8:19economists tell you the labor market is
8:21strong they want the Fed to raise rates
8:22this is all BS the labor market relative
8:26to the way things move over time. We
8:29should be hiring lots of people because
8:31we're growing earnings, not coming out
8:33of a recession like these periods at a
8:35record pace.
8:37So why aren't we hiring people? When I
8:39was at Morgan Stanley, if we had
8:40earnings growing rapidly, we'd be hiring
8:42people. That's what you did. You threw
8:43more money at more people. Not happening
8:46anymore. And the reason is because we've
8:48got enterprise agents which are coming.
8:50Not having started yet. They're coming.
8:53This does not mean we'll be losing
8:55millions of jobs. But what it does mean
8:56is we have job losses already. X
8:59healthcare. We're already seeing small
9:02job losses. That is productivity. We
9:04don't need as many people. We're seeing
9:06businesses set up. Startups are
9:09happening. We're getting more business
9:11formations. Jordy has a business.
9:14All of this stuff. I don't work now for
9:16a Fortune 500 company and I don't work
9:18for a country a company with 100 people.
9:20Started my own business. So consumer
9:23agents are coming next year. This is the
9:25token needs for them. This is what
9:27they're paid in. This is what they eat.
9:29This is what they need to survive. They
9:31work 247
9:33365.
9:35They're shrinking time. So when you say
9:37year overyear for anything now, that is
9:40a human thing. Agents don't sleep.
9:43Agents don't go to the bathroom. Agents
9:45don't go to lunch. Agents don't go to
9:47the pantry to flirt. Agents don't do any
9:50of that stuff. So what you're left with
9:52is token consumption is growing rapidly
9:55and time is shrinking. So in the case of
9:58year-over-year, the reason we're seeing
10:00earnings grow so fast, the reason
10:01nominal GDP at this point is at least
10:04growing where it is because the math on
10:06that is not correct, you have to focus
10:08on the profit margins and you have to
10:09focus on the earnings growth. Time is
10:12shrinking. So we're now doing
10:14effectively two times what it used to
10:16take in one year and then eventually
10:17it'll be three times and four times and
10:19five times. And the reason is because
10:21the agents are working all the time. Now
10:25this doesn't mean that things go
10:27parabolic in terms of the earnings. What
10:29it means is the earnings continue to
10:30outpace the prices because private
10:32companies are doing a lot of this. They
10:35are going to steal from the public
10:36companies. We'll spend more time on
10:38this. If you don't believe compute is
10:40insatiable
10:42right now, all of you know what coding
10:43agents are. At least you should. If you
10:45don't and don't know what I just said
10:47about 247365,
10:49well then we're going to get into
10:50finally them actually being deployed.
10:52They haven't even been deployed yet. We
10:54just have the capability of using them.
10:56Enterprise agents become persistent
10:58digital labor. This will be happening
11:00next year. Consumer agents will be
11:02following in the latter part of next
11:03year. This is your Jarvis. This is
11:05people ordering things for you. This is
11:07like your AMX uh uh assistant who does
11:13everything for you. this is coming and
11:15they'll be doing things while you sleep.
11:17They'll be booking your travel. They'll
11:18be ex orderering things for you.
11:20Everything will be happening
11:21instantaneously and we'll start reducing
11:23the friction in the economy. Then you're
11:25going to get into autonomous driving and
11:27for that you need a world a world model
11:30problem. We need a hell of a lot more
11:32compute for that. We need a hell of a
11:34lot more compute for humanoids. These
11:36are all coming every single year. These
11:38innovations used to take decades to
11:40come, but now they're happening in such
11:41a compressed amount of time because of
11:43intelligence.
11:44The numbers are staggering. Right now
11:46we're in this part. So this year we
11:48needed 10 to 100 times for the coding
11:50agents relative to last year for
11:52chatbots. That's why everything went
11:54parabolic. Look at the stepup function.
11:57Another 10 times. Then another 10 times.
12:01It never ends guys. The amount of
12:03compute we need never ends. We are
12:07transitioning from systems that give
12:08instant cash responses chatbot to
12:11systems that plan, reason and simulate
12:12outcomes before taking an action. This
12:14is so complex. This is demos sabas. We
12:17need magnitudes more compute. That's why
12:19Jensen Yuan comes out and says, and he
12:21only said this at the beginning of this
12:23year, it's going to be AI factories, the
12:25new infrastructure intelligence. We need
12:26this is what we need to produce. This is
12:28why there's compute futures. This is why
12:30everything you're hearing is about, oh,
12:32we need compute.
12:34We need it endlessly to feed the new
12:37billions of employees on the planet.
12:40Jensen Yuong says comput is the new
12:42economy. He said this at the Morgan
12:43Stanley event in March.
12:47Nvidia this week, AI factory computing
12:50investable asset class. The reason we
12:51know this is a fact is because Apollo,
12:54Black Rockck, Blackstone, Brookfield,
12:55Goldman Sachs, KKR to establish AI
12:58compute infrastructure financing
13:00platforms to mobilize over half a
13:02trillion dollars of third party capital
13:05to build the stuff that Nvidia needs.
13:07They don't want to use their balance
13:07sheet anymore. And people all signed up
13:10to do this. Morgan Stanley to facilitate
13:12$1.5 trillion in infrastructure
13:13initiative.
13:15The capital's there. Alphabet raises 25
13:18billion this past week. Intel announces
13:20a 15 billion stock offering for a
13:23company that was worth less than a
13:25hundred billion a year ago and they
13:28raised it to 20 billion in the stock
13:31traded higher than where the issuance
13:33was. China is in the same race which
13:36means the compute spending is happening
13:38around the globe. You can go read the
13:39little yellow lines but China and the US
13:42are in a race. The government is still
13:44trying to make sure that we don't lose
13:46to China. So, exempts data center bonds
13:48from key securization rules to make sure
13:51that it's easier for data center owners
13:54to sell asset back securities
13:55potentially open the door for more debt
13:57sales.
14:00If you're looking for data center
14:01delays, they're minor. We're still
14:03moving forward on everything on the data
14:05center side. Despite what you're reading
14:06in the media, there are delays. I've
14:08shown you guys my work on this. It's
14:11already built into the way things are
14:12being done. Nothing is a new surprise.
14:15All of these are going on. They will be
14:17delayed to some degree, but the capacity
14:19is still coming online. It's not as fast
14:22as it otherwise would be, but to be
14:23honest with you, it doesn't really
14:24matter because we don't have enough
14:27memory anyway. So, all of these delays
14:30are actually good because then we're not
14:32over buying things or at least overusing
14:35things before we get it in. So, the
14:37delays allow the revenues to go a little
14:40bit further out even though they've
14:41committed to them. coreweave this week.
14:44Very important in terms of going
14:46through. You don't have to believe
14:47anything they they say. You can go
14:49through it, but again, I've got tons of
14:50data that supports everything they say.
14:52I think the most important thing to go
14:54against things that you've heard from
14:55Michael Bur and from Jim Chados in
14:57particular, which I'll call out on this
15:00because they don't ever turn around and
15:02say, you know what, we were wrong. They
15:03just keep saying, "No, this is this is
15:05BS." They never change their mind ever.
15:07It never there's no like it's a 70%
15:10chance. It's always this is what's going
15:12to happen. So if you pay for that at
15:14least hopefully you pay for my stuff as
15:16well where I'm going to spend time where
15:17at this point I'm saying demand is
15:19insatiable.
15:21The A1 A100 is being contracted all the
15:24way to 2029. This was introduced in
15:262020. They're saying they're completely
15:29sold out. You can go through the
15:30physical infrastructure itself has
15:32scarcity value. So I've talked about you
15:34want to invest in scarcity. So they were
15:36originally saying two to three years may
15:37be realistic. They're talking about it
15:39being six to nine years now. New
15:42generations will be gone because the old
15:44one, we don't have enough data centers
15:46being built that we can replace it
15:48because the demand is greater than the
15:49supply. It's like walking into a
15:51supermarket. If they didn't have any
15:54food but cans of sardines, you would
15:56immediately love cans of sardines.
15:59Even if that was the last thing you
16:00wanted, that's what's happening is the
16:02demand is too great. we have too many
16:05agents buying or wanting and demanding
16:07too many tokens. You guys can go through
16:09the rest of this. The reality is it's
16:12just the fact that on every level
16:14whether it's pricing whether it's the
16:15stuff we hear from them what we hear
16:16from SpaceX what we hear from Google
16:18what we see from Google on that point
16:20with Google the article the uh podcast
16:24to listen to this week Google's AI brain
16:25drain from
16:27the all-in podcast they talk a lot about
16:30Google's reorganization framed it as a
16:32capital allocation shift I'm going to
16:33get into that a little bit more um
16:36two-horse race according to David Saxs
16:38completely agree AI infrastructure may
16:40be the cleaner business than model
16:41development. So, think of it this way.
16:44Google's making a
16:46decision similar to what Meta pushed out
16:50there and SpaceX did, which is maybe we
16:52should sell some of the compute since we
16:54can't use it all right now and our
16:55investors are getting angry with us
16:57because free cash flow is going
16:58negative. It's forcing you into
17:00businesses that have a guaranteed ROIC
17:03as opposed to chasing AGI. The problem
17:06is the talent wants to chase AGI. So you
17:09get Jeff Dean, you get Deis Sabis
17:11possibly leaving. We've hit an important
17:14inflection point now. And where this
17:16shows up is if talents leaving,
17:17multiples compress. Plain and simple. I
17:20I don't see any any other way around it
17:22unless Google can find some other
17:23business. But the businesses that they'd
17:25be creating that are new in my opinion
17:27would have to be from the frontier model
17:29side or at least that's my opinion to
17:31higher probability.
17:33Brad [clears throat] Gersonner gave a
17:34huge com huge talk on this. Again,
17:37Nvidia has financing limits, which is
17:39why they rolled out all these companies
17:41on there. Um, he talked about all of
17:44these different things. Frontier Labs
17:45are willing to overpay for compute
17:47because there's shortages. Four times,
17:49even five times market pricing to secure
17:52large-scale compute. It gives them a
17:54competitive advantage because other
17:56people can't get it. So, the buyers are
17:58concentrated because they have the
17:59revenues coming in and they want to
18:00secure the compute. And that's what he's
18:03saying. This is very concentrated. So no
18:05one's disagreeing that anthropic and
18:07open AI are the cyclical nature. At the
18:09same time, you have Nvidia doing a lot
18:11of the lending to make sure that these
18:12people can b buy their chips. It is
18:14circular.
18:16That's just the reality of what it is,
18:18guys. And unfortunately, AI is a
18:20completely different thing than anything
18:21you've seen. Dennis Sabas wants to leave
18:24Google, but he's staying. But they're
18:26predicting he could leave within a year.
18:28Again, it gets into the AGI side.
18:30Moonshots went through this in detail in
18:33two podcasts this week. One with Immad
18:36Mustach, one with a kid named Kush.
18:40I think Alex
18:43said it best. Those who can't compete on
18:46the frontier models go towards compute.
18:49That's what Meta, that's what XAI, and
18:52that's what Google did. And their models
18:54are way behind the frontier models. The
18:56frontier models are going to be
18:58important. Open source models are going
18:59to be important as well, but they may
19:02Google may be winning distribution. So
19:04they cover this as well. They talk about
19:05the Sergey Brin side. You guys can
19:07listen to it. I'll give you a couple
19:09summaries towards the end. But the main
19:11story is that Google's real business may
19:13be the cloud and it may be
19:14infrastructure. If that's the case, what
19:16multiple should they have if it's not
19:18Gemini? They may lose the model prestige
19:20race and still make a lot of money from
19:22AI infrastructure, but they may become
19:24the Saudi Arabia OPEC
19:27of compute while OpenAI, Anthropic, XAI,
19:30and others compete on the intelligence
19:31side.
19:34Google's talent brand has deteriorated.
19:36And this is where Kush comes in. He says
19:38that for his MIT cohort and younger
19:40builders, Google is no longer the dream
19:42destination. The dream destinations are
19:44now OpenAI, Anthropic, XAI, and Frontier
19:46Labs. Unfortunately, that is the
19:48reality. So, these companies
19:52are different.
19:54This is SpaceX. This is a private
19:57company that's going public. This is
19:58another private company. These are the
19:59Frontier Labs.
20:02This is the way it was for Google and
20:03them before
20:05they invented a lot of the modern AI but
20:07the spiritual center of AI has moved
20:09elsewhere. This is an important dynamic
20:10and one of the reasons why in the
20:11hyperscalers I will continue to say I
20:14want to belong the receivers of the
20:15capital because the infrastructure
20:16demand is insatiable. These guys are
20:19proving it because Google is seeing
20:21talent leave because they don't have
20:22enough compute. If they had enough
20:24compute, they could do both the frontier
20:26models and
20:28the business side. But they can't. They
20:31don't have enough compute. So they have
20:33to allocate the resources, the scarce
20:35resources somewhere. Google committed
20:37roughly 200 billion capex this year to
20:39compute infrastructure. That capital
20:41earns a documented 30% ROIC is taxed
20:44advantage through accelerated
20:46depreciation is near certain demand
20:47because the whole industry is compute
20:49starved. Model development by contrast
20:51requires tens of billions with a high
20:53variance and no guaranteed return.
20:56Again, this all gets into the argument
20:58that was there. Now, I asked them to
21:00take the transcript of the
21:05Brad Gersonner one with the allimp pod
21:07and then the the moonshots one. So,
21:10these answers here and if you guys
21:12haven't done this before, take all the
21:14smart people and now you put them in one
21:16table and you ask them a question. what
21:19the Google shakeup reveals about compute
21:21talent incentives and multi-state that's
21:23the way that I like to go through these
21:24things and then I go through through the
21:26disruption side the syn synthesis for
21:30all large companies the durable assets
21:32of scale are capital physical
21:33infrastructure distribution and
21:35regulatory position the rational endgame
21:38which Google is stumbling into or
21:39engineering is the large company as
21:41capital allocator and infrastructure
21:43landlord to an ecosystem of
21:44missiondriven vehicles is partly owns
21:47companies that fight this trying to
21:48retain everything internally will lose
21:50the talent and keep the costs.
21:54I subscribe to that entire view.
21:58SpaceX semi analysis put this out. Um
22:02Elon shocked the world again on SpaceX
22:03first earning call saying 6 to8 gawatts
22:06of incremental data centers in 2027
22:08alone, possibly well above 10 gigs.
22:12Sounds impossible, but we believe it. We
22:14see SpaceX on track for about 10
22:16gigawatts by year end 2027.
22:19That's why SpaceX has value to the
22:22company. And again, you should view the
22:24other side as a call option. But Elon
22:26Musk has already proved that he can
22:28build data centers faster than anyone.
22:31And the gigawatts are worth a lot of
22:33money as we're seeing in terms of the
22:35compute prices.
22:38Um 80% of its output earmarked for
22:41space-based data centers. So again, he's
22:44doing a lot of stuff for terraab, which
22:47is what I brought this up for. Terraab
22:50is just confirmation of what's
22:52happening. Just look at this thing that
22:54he showed in terms of what the scale of
22:56it will look like. I mean, you're
22:58talking about him building something.
23:00Elon Musk knows where the compute side
23:03is and he's basically telling you I need
23:05to build this which looks like a Star
23:09Trek or a Star Wars situation and a
23:12massive amount of land. He needs this
23:15for the chips and in particular memory.
23:19SpaceX goes exclusive with Nvidia
23:21putting Ver Rubin GPUs in orbit. And
23:23again, this was part of the reason why
23:26when I talk about Nvidia and go through
23:28it, he said, "We think the Ver Rubin
23:30architecture is the best architecture.
23:31We're exclusive to Nvidia." Yet, he's
23:34building terra. So again, as you guys
23:37are listening to this and I'm picking
23:39out people that are just bearish on
23:40this, I want to remind you. So for raas
23:44this is the one pager that I'm now
23:46sending to people to go through on why
23:50my research is gear is geared towards
23:53people to understand what's happening in
23:55AI which to me cannot be covered by the
23:57street you certainly cannot get research
24:00that is put together
24:02in a way like this know what has changed
24:06and whether it matters to give all this
24:09information there's a hundred slides put
24:11together in this video today. I'm taking
24:13you on a journey to make you learn
24:15through data-driven stuff. You can go
24:17upload this anywhere you want. You can
24:19have your own agents bring it in. You
24:21can go check everything I'm saying. You
24:22can take the transcript. I do this every
24:25week. I come with a hundred plus slides
24:27every week of new information. I listen
24:30to podcast relentlessly. And this way
24:33you can go in and see what's changed on
24:35a real-time basis. You can't get that
24:36from the street. Know where it matters
24:39and when it is turning. I not only give
24:41you the names, but I spent the time, as
24:43I'm going to show you soon, every week
24:46doing this, telling you what I think the
24:47riskreward is in the market. And if you
24:49don't believe that, I'm going to show
24:51you how you can do it on your own, and
24:52give you a prompt to do it on your own.
24:54The agency stuff is important. I'm
24:56giving you prompts, which I'm giving you
24:57one this week, workflows, Excel files
25:00with all of the information on this,
25:02tutorials on how you can put it to work
25:04immediately, and hopefully things like
25:06the Jensen Senuong knowledge brain,
25:08which not only help you, but your kids,
25:10which I've heard from them. But next
25:13year,
25:15starting in September, the next
25:17constraint is not physical, it's
25:19financial, the guard rails, consumer
25:22agents, the settlement, it's stable
25:24coins. the tokenization. This is going
25:27to impact all of your portfolios,
25:30the bridge between traditional
25:31portfolios and unchanged assets. Your
25:32client's holdings are what moves onto
25:34these rails. You obviously have to learn
25:36all this stuff before it happens. Reach
25:39out to Mark.
25:41Mark will guide you. Now,
25:45I have said repeatedly in this that the
25:48economic structure is changing, the
25:50market structure is changing and the
25:52earning structure is changing.
25:55So earnings history, economics history,
25:57market history, all of this stuff is
25:59becoming useless. This is what this
26:00whole thing is focused on. There is a
26:02regime change that's happening. So if
26:04you're listening to economists saying
26:05the labor market is too strong, we have
26:07to raise rates. Inflation is too high,
26:09we have to raise rates. We are seeing a
26:11disconnect here that has never happened
26:12before. On the V side, the market
26:15structure side with AI agents, we are
26:16seeing tech momentum V up here while the
26:19NDX V barely budges.
26:23The earnings are growing rapidly.
26:25Companies are able to grow earnings
26:27because time is changing. This portfolio
26:30is meant to show all of that. And again,
26:33you're dealing with something that has
26:35gone up massively,
26:38had a consolidation, and has now bounced
26:40back and made back 50%. I've given you
26:43this in a 25 name, in a 10 name, in a
26:47100 name, and then Morgan Stanley gives
26:49you different ways to play it.
26:53In terms of the reason that the street
26:55can't cover it, the research firms are
26:57all built vertically. They're built with
27:00silos. There's a reason why I left
27:02Morgan Stanley in 2001. And it wasn't
27:04just because of 911. It was because 911
27:07just recognized that life is too short.
27:09And if my job as a 30-year-old who is
27:12now firing people for a living is what
27:14my life is going to be, I need to move
27:16on. They can't cover everything
27:19together. It's not possible. AI is not a
27:24sector. It goes across industrials,
27:26materials, chemicals, energy, power,
27:29semiconductors.
27:31Marll is not the same semiconductor as
27:33Infinion, as Invidian, as Intel. They're
27:37all different, guys, and you know that.
27:39So, my job is to show you the structure
27:42that's changed. The silos can't see
27:44across them. the speed we're moving at
27:48at least five times the speed of what
27:50the world used to look like which makes
27:52academics
27:54any back test anything on earnings every
27:56time we see earnings like this it's a
27:57bubble okay but we're not hiring anyone
28:00and there's usually hiring that's going
28:01on before a bubble we're overhiring at
28:03the bubbles
28:05synthesis averages destroy the signal
28:08too many people slow decision-m the
28:11friction that goes in big companies is
28:12the thing that is going to kill them
28:14relative to AI native companies. I am an
28:17A9 native company. Everything you're
28:18seeing right now is created in AI and it
28:21takes me a small amount of time to
28:23create it. This is just the easiest way
28:25to bring it to you. The organizational
28:28structure that makes a firm excellent at
28:30sector coverage is the structure that
28:32makes it slow at a cross- sector regime
28:34change. Those are the same property
28:36viewed from two directions. So if you're
28:38paying for research,
28:40I'm giving you something what at a
28:42minimum is different than what you're
28:44getting from other people. It doesn't
28:46mean it's better, but it's different.
28:47And I guarantee you it's coming with new
28:50stuff every week and new work every
28:51week. This is the proof of this is the
28:54NASDAQ returns year-to date 20%.
28:58The 100 name portfolio
29:01is up 46% 74 for the 25 name and 94 for
29:06the 10 names. And the 10 names are good
29:0810 names. They're highly correlated. In
29:09fact, if you want the 10 names, I showed
29:12this on the week the subscriber webinar
29:14this week. Equal weighted average return
29:16103. So I showed you 94. Um median
29:20return is 65. The best performer is up
29:23249%. The worst one is up 16 and a half.
29:27That's Nvidia. It's outperforming the
29:28S&P by 13%. Eight of the 10 are up more
29:30than 40%. The average return is about
29:337.9 times the S&P's year-to- date
29:36return. The median is five times. From a
29:38valuation perspective with where we are
29:40right now, the average forward PEG ratio
29:42is 0.8. The median is 081. This is for
29:45the 10 names despite being up 103% year
29:49to date. This is all happening because
29:51earnings growth is growing rapidly. The
29:54median next year forecast for earnings
29:55growth 40%. Seven of the 10 names have
29:58expected earnings growth of over 30. Why
30:00would you go hunting for names?
30:04This is going to continue because the
30:06demand for compute is insatiable. the
30:09multiples can compress. And when we go
30:12through this, again, my job in doing
30:15this as someone who thinks in riskreward
30:17is to turn more negative when it seems
30:21like things are due for a consolidation,
30:24navigating the AI midcycle slowdown on
30:27June 8th.
30:29So, here's the prompt, guys. Take my
30:32transcripts, as many as you want. I did
30:34everything from May on to just highlight
30:36to you guys something. and you just take
30:39the prompt. It'll be uploaded this
30:40weekend. Its job is analyze a
30:42chronological series of weekly market
30:44commentary transcripts to determine how
30:45the speaker's long-term market
30:47conviction, short-term outlook, and
30:48willingness to take investment risks are
30:50changing over time. This is an unbiased
30:52thing. You guys can do it on your own.
30:53It's a prompt that goes through, and I'm
30:54going to show you the results. You can
30:56do this not with mine, but I'm sure
30:57there's other podcasts you listen to on
30:59a weekly basis. Go measure their tone.
31:03All of this is supposed to do is to
31:05trans. So what it does is on a
31:07structural basis I'm staying bullish the
31:10entire time. On a tactical basis it's
31:13shifting. So I believe computer is
31:16insatiable. I want to be in this trade
31:17for the next three to five years. But I
31:19want to be tactical and make sure my
31:21risk is lower when the tactical level is
31:24low and the riskreward is low. Selective
31:27risk reduction in May. So this is the
31:29risk posture is saying this is the cycle
31:30stage. I said we're in parabolic
31:33exhaustion in memory. Selective risk
31:35reduction. You guys can go through
31:37defensive selective risk neutral
31:39consolidation.
31:42Here's just some of the stages. This
31:44what I said on May 17th. I've been
31:45scaling out of things. I'm effectively
31:47as far as I'm concerned out of
31:48everything. Definitely out of all
31:50micron. So, if people call me up and say
31:53they bought in at May 17th or they did
31:56whatever, I'm trying to give you guys a
31:59riskreward on what's happening and
32:02trying to go capital preservation or
32:04capital rotation. Rotation with a
32:06genuine reduction in portfolio beta. I
32:08was talking about the need for
32:10deleveraging. The d-risking goes from
32:13partial to near total in the crowded
32:15leg. So again, if you don't believe what
32:18I'm saying, here's what this will do for
32:20you. So this is taking all of those
32:23numbers and I overlaid my thematic
32:25portfolio. So for those of you
32:27particularly the asset managers who I
32:29speak to regularly.
32:31This is a way for you to incept and see
32:33how I'm doing. So I start going into a
32:36more cautious. This is a yellow light.
32:38This doesn't mean bail out of
32:39everything. This means I'm getting more
32:41cautious. I'm reducing my micron. The
32:44red side is when it's like stop putting
32:46anything to work right now. I'm getting
32:49more worried. I'm seeing signs. This is
32:51what happened in those meetings. Every
32:52one of these dots is one of the videos.
32:55It's the transcripts. Then I start
32:58becoming back to neutral. And then the
33:01first time that I start saying that I'm
33:02buying stuff, which is when Micron broke
33:04below 900 is in here. And now you start
33:08seeing the green dots where I'm starting
33:09to turn more positive. So back in here,
33:12what I was saying is we need a
33:13consolidation. I was showing you
33:15consolidations, price and time. Even
33:18here, I was still saying we will never
33:21be able to pick a bottom. So, those of
33:23you who want me to try and pick this or
33:26this, nobody can do that and certainly
33:29not me. And I don't try to do that. What
33:31I want to do is reduce risk in here and
33:34then add back when I think there's been
33:36enough panic and enough consolidation.
33:38So I'm looking for a combination of and
33:41this is what makes these green there is
33:43I you start hearing me say I think we're
33:45closer to capitulation. I'm seeing the
33:47VIX go higher. I'm seeing this go on.
33:48I'm hearing about this. Then situational
33:50awareness happens and then all of a
33:52sudden I give a very positive sign on
33:55things and say I believe that's it. The
33:57riskreward is now shifted. You can use
34:00that create your own. And during that
34:02entire consolidation, I was creating the
34:05consolidation playbook to try and put
34:07people in a position. Two, three weeks
34:10ago, the week right before situational
34:12awareness, I put something out said
34:14combing through the rubble to give you
34:16guys the ability to go find stuff. So,
34:18here's what's happened. We've now
34:21already made back over 50% of the fall.
34:24This was a situational awareness day.
34:26So, again, my goal is not to pick you
34:29tops and bottoms. It's actually to help
34:32you navigate through to stay with the
34:33structural trend to minimize losses and
34:36maximize gains. Plain and simple. That's
34:38the name of the game. You maximize
34:39gains. You try to find things with a
34:41riskreward in your favor where you feel
34:43like things have been cleansed. And
34:44that's why that 50-day rate of change
34:46and some of the tools that I showed in
34:47the subscriber webinar, which I'm
34:49working on, which are algorithms to time
34:51the risk side. So, I'm taking what I
34:53just showed you and I'm incorporating
34:55all of that stuff into an algorithm to
34:57hopefully give you a score to show you
34:59where I think the risk is. For those of
35:00you who've never gone, I have my website
35:02now. I just wanted to show you this for
35:04one reason. Okay, it's visserlabs.com.
35:06Great. Here's my logo. That's a linear
35:08move. That's an exponential move.
35:10Academic over here, entrepreneurs over
35:13here. The main thing about this, when
35:15you go to my website, I want you to go
35:16there. Took me one hour to build. Took
35:19me about a day to work with network
35:22solutions to get it up where I secured
35:25the domain of visserlabs.com.
35:28But it took me literally about an hour
35:31to build the website. So I'm telling you
35:34this because when Network Solutions did
35:36a scoring on it, it got a hundred out of
35:38a hundred.
35:40If you use AI and you use it properly,
35:44all I did was put prompts in to build
35:46the site. It's not perfect. It still
35:48needs some changes, but it works, guys.
35:51You can build stuff like that. And
35:52that's gets back. My job here is to help
35:54you guys prepare for the future, not
35:57just an in AI to navigate this, to deal
35:59with the the parabas and the bubbles and
36:02everything that happens, but it's also
36:03to make you smarter and how to use it
36:06and to prepare you for this. The next
36:08constraint is financial crypto rails for
36:10AI agents. I'm telling you, mark my
36:13words. You guys want to reach out in a
36:14year when I'm wrong, it's going to be
36:16because of that. So, one company that
36:18reported Figure.
36:21I talked about Figure a lot with Anthony
36:23Pompiano this week. I highly recommend
36:25watching the video this week. I think we
36:27got into some interesting topics, but
36:28more importantly, my brain was kind of
36:30firing today on a lot of different
36:32things involving time, which is where my
36:34focus is. I'm spending a lot more time
36:36with the crypto community. I'm speaking
36:38at more um places. I'll be speaking at
36:41the Pomp event. I'll be speaking at a
36:43Bitcoin Policy Institute event in DC. A
36:46lot of things are going on. I probably
36:47did four had four podcasts released this
36:49week that had me speaking on it. We're
36:52at the stage now, guys, where I'll be
36:54doing more crypto stuff and you're going
36:55to be seeing more stuff. So, go to the
36:57site, go to the web page, but figure is
37:01a perfect example of how this is
37:02starting already. Figure released
37:05earnings consumer loan marketplace
37:07volume was up 4 was 4.3 billion, up 132%
37:11year-over-year. The tokenized onchange
37:14marketplace figure connect is now
37:16expected to approach 70% of volume. We
37:19are building the modern capital
37:20marketplace amidst the paradigm shift in
37:22the capital markets towards tokenization
37:23and standardization. This is happening
37:26now guys. This is why I built this. This
37:29is my ecosystem
37:31correlated with Bitcoin.
37:34This is the year-to-day performance. So,
37:36it's normalized. If I didn't normalize
37:37it, this would be a direct overlay.
37:39except you see the ecosystem is trading
37:41better than here. I've added some more
37:43names in here. I'm working with a bunch
37:44of crypto people. If anyone wants to
37:46reach out and they want to be involved
37:47in this process, I'm enjoying doing
37:49this. I need I have 10 verticals. I have
37:52about four names to five names in each.
37:54There's about 45 names in the index.
37:57Bitcoin is a representation of the S&P
37:59500 of the future. I will continue to
38:00say that to anyone who wants to listen.
38:02Figure is part of this.
38:06Humans will be rounding error on the
38:07internet. Bot traffic will exceed human
38:09traffic by a factor of 1,000 within five
38:11years. Elon Musk on cloudfire's forecast
38:15AI agentic internet traffic will
38:17obviously vastly exceed human usage.
38:19Guys, go make money on that.
38:21Transactions are going to happen. Stable
38:24coin card spending volume surge another
38:2616%. 16%.
38:29You want to do an ARR on that?
38:35US bank regulator opens national
38:37charters to Bitcoin and crypto firms.
38:40The SEC is about to cook while Congress
38:41is stuck arguing over the Clarity Act.
38:43Just like AI, nothing stops crypto,
38:47guys. It will continue. Even if it's
38:49not, the Clarity Act's not done. So, if
38:51you're waiting for the Clarity Act or
38:52it's thinking there's going to be a sell
38:53the news moment on this, I'm telling
38:56you, a year from now, we are going to
38:57have a volume explosion on this stuff.
38:59We don't know where all markets are
39:01going to be, but I do know that volumes
39:02will be expanding. financial guardrails
39:05will be connected. I wrote this and
39:06released it both on Substack this week's
39:08and my subscriber website. I released it
39:11because it's something I believe is
39:13really important. This is around the yen
39:16intervention.
39:18It is a connection of everything
39:20happening between AI mac uh the macro
39:23side in terms of the debt, the deficit,
39:26Japan's debt, the US debt. This goes
39:28through all of it. It is meant to
39:30realize that in my opinion, we will look
39:32back on the week of situational
39:33awareness where we had the dollar yen
39:35intervention and we had Kevin Worsh
39:37basically losing credibility according
39:39to people
39:41and Lewis Gau put this piece out this
39:43week like me. He released it to
39:45everyone. He does not do that. I don't
39:48do that for my subscribers stuff, but
39:50that's how important um the week was for
39:52me. And then he gets into something
39:54equally as important on the exact same
39:56theme, which is why I wanted to show you
39:57guys. But this is the most important
40:00thing. And he said, "AI and stable coins
40:02could reshape rather than simply destroy
40:04dollar dominance." Gavka raises the
40:05provocative idea of a compute dollar
40:08replacing the petro dollar. That word
40:10compute again. Insatiable demand for
40:13compute, an insatiable race for both
40:16compute and owning the crypto landscape.
40:20AI is becoming more than a technology
40:22story. computers evolving into an
40:23industrial resource, a geopolitical
40:25asset and potentially a pillar of the
40:27monetary system. This is on the other
40:30side of the debt world where we just
40:32continue to do whatever is necessary to
40:34keep the debt going and keep spending.
40:36Bessence, whatever it takes, yenval mass
40:38limited firepower. This is the reason
40:40it's so important because they whether
40:43it's yield curve control, whether it's
40:45raising the cap on FEMA and them getting
40:48invol, it doesn't really matter. Scott
40:50is up against it. He didn't create this
40:53problem, but they're trying to race out
40:55of it. And the problem is they're not
40:56getting the receipts and they're
40:57spending their way out. So, the debt and
40:59the deficit are just not getting better
41:02fast enough, even if they are getting
41:04better at all. Wall Street sees a bond
41:06market angst and we're seeing that the
41:09bond market just won't rally. We had a
41:11week where the inflation data surprised
41:13on the downside. Retail sales missed. We
41:16had a week before where the jobs number
41:18missed. And yet long-term yields are
41:21just not coming down. They're not going
41:22up either, but they're not coming down.
41:25And the yen is also not moved much since
41:28the intervention. And that's despite the
41:30fact that now we're down to 31% for
41:33September for Wor
41:36and 80% for the BOJ. These numbers were
41:39about 5050 each before the payroll
41:42numbers. Now we're at here and yet we're
41:45still not seeing any change. Now, I
41:46happen to believe this is a mistake by
41:48the markets and you should be buying the
41:49the basement trade. You should be buying
41:51gold, buying silver, buying Bitcoin. But
41:53regardless of that until we start seeing
41:55yields come down, it's just not
41:57happening. So, the Worsh attacks
42:00continue. And he's going to be speaking
42:02at Jackson Hole. This came out from Bill
42:05Dudley. Worsh implied that the PCE index
42:09could be jettisoned as the Fed's primary
42:11inflation metric as soon as January. Who
42:14knows come after January he might say
42:16about a strategy he said I suspect the
42:18task force might have something that
42:20the reason I wanted you guys to read
42:22this this is academic this is exactly
42:25the problem this is what Kevin Walsh
42:27that's what that whole paper I wrote is
42:29that the academic fed
42:31does not exist you cannot focus on the
42:33academic fed this be bank of America
42:37after the CPI is still calling for three
42:39right hikes this year
42:42holding firm
42:44At least Canro understands. Okay, so
42:47here's what the Fed is saying. So this
42:50is Fed speak chart overlaid with a
42:53leading indicator which is the labor
42:55plus inflation surprise index which has
42:58now come down. We'll see if this goes.
43:00But this is the reason why at this point
43:03we haven't seen rates come down. So the
43:04question is is Walsh going to give any
43:06guidance or do anything that helps?
43:09two-year rates have come down just
43:11because the probabilities have come
43:12down. They did break the 50-day moving
43:15average after being above it for one of
43:17the longest times in the last decade.
43:19We'll see if it goes. But this is why I
43:22wrote this. The academic Fed, a secular
43:25regime shift, it's far more powerful. It
43:27usually reflects dramatic changes in
43:28monetary policy, fiscal policy, and
43:30innovation. I believe we were in the
43:31early stages of one. That is what the AI
43:33trade is within that paper. Despite or
43:37what your favorite Oh, this is inside my
43:39uh other paper. Despite what your
43:40favorite economist may tell you while
43:42looking through a historical lens and
43:43assuming the old relationships still
43:45hold, something has changed. AI is
43:47already disrupting the labor market and
43:49the rise of AI agents is only beginning.
43:52If you look at the labor market
43:53contextually, it is very weak. That gets
43:55back to the chart I showed you with the
43:57S&P earnings relative to year-over-year
44:00labor.
44:02So again,
44:03research firms are b built vertically.
44:06Academics seldom change their view.
44:09That's what entrepreneurs do. That's
44:11what traders do. Hopefully that's the
44:14way you view the work that I do. I like
44:17to be bearish equally as bullish if I
44:20think it's going to save me money. You
44:22can't get away from this divergence. So
44:24if you're an academic, highlight this
44:26and tell me why this isn't a fair way to
44:28look at things. The labor market is very
44:30weak. while we are growing earnings at
44:3232%. We've never seen anything like this
44:34before and we're not coming out of a
44:37recession. Here's more in the labor
44:39market. I showed this last week. I just
44:41want to re-emphasize it. I don't see
44:43anyone doing this. This is the sixmonth
44:45rate of change on the aggregate weekly
44:46payrolls, which takes into account
44:48weekly hours, the wage growth, plus a
44:51number of job hires. A much broader and
44:53better way of looking at the payroll
44:54market. And we're at the weakest
44:56six-month rate of change since 12, 2012,
45:0014 years ago. Here is the job creation
45:03right now for non-farm payrolls. X
45:06healthcare and leisure. I don't like
45:09doing X things, but I do want to show it
45:11as these things are both related to old
45:13people that the boomers who have money.
45:16So health care and travel, that's great
45:19except for one thing. Those are the jobs
45:20that can't be replaced by AI.
45:23So you have a very difficult situation.
45:25Here's the non-farm payrolls again
45:27year-over-year. So we're sitting down
45:28here because
45:30of AI agents.
45:34This is the weekly ADP numbers. So we
45:37had a jump here. This is when the Fed
45:40speak changed. This is when you saw the
45:43December rate hikes be built in. Well,
45:45now the non-farm the ADP numbers just
45:47keep weakening every week.
45:50We're not adjusting anything. Here's the
45:52labor force participation rate, which
45:54just continues to go down. If we're
45:56losing labor supply,
45:59that's 10ear rates overlaid with it. Why
46:01aren't wages going up? I saw someone
46:04write something this week. Look at this.
46:05An uptick. Are you kidding me? So, the
46:08Atlanta the Atlanta Fed wage thing, this
46:11is a hookup. The hourly earnings we just
46:14saw from the uh non-farm payrolls
46:17dropped to 3.2%.
46:19The Atlanta Fed is at the same level it
46:21was before 2020. So is the hourly
46:24earnings. So is the quits rate.
46:27Give me something that shows. We know
46:29that if we're not getting wage growth
46:30that is significant to offset the weekly
46:32hours not increasing and the fact that
46:34we're losing labor force participation
46:36rate and we're not hiring any people. I
46:39don't see why the Fed should be raising
46:40rates especially not three times. I
46:42don't even understand what that is. Um
46:44if their mandate is labor and inflation.
46:46So let's go through the second part of
46:47it. the inflation data. So, we're going
46:50to follow Bill Dudley on this PCE thing.
46:52I think Kevin Worsh has it right. Here's
46:55PCE all on the same scale, guys. PCE
46:57core and here are the other core
46:59numbers. Plus,
47:02this doesn't include true inflation. So,
47:04I left them out of it just because it's
47:06way down here below two. all of these
47:09other gauges, whether it's the sticky,
47:12the Atlanta sticky CPI core, which is at
47:152.5, the CPI core, which is 2.6, the
47:19Dallas trim mean, which is 2.2. They
47:22just made a change in the way they're
47:23calculating it, 2.4, whatever. Cleveland
47:252.7, only the PCE core, that one point
47:29is up there. Sounds like it's not a good
47:32one to use. Here are the inflation swaps
47:34relative to core CPI, lower. Why aren't
47:37these being talked about as mattering? I
47:40took all of those ones I just showed you
47:42on the prior screen, not the swaps, the
47:45one before this, and I put them as one
47:48index. That's what this number is. That
47:50was taking those four and averaging them
47:52together. That's 2.5. This is PCE core.
47:54This is it over time. There's two things
47:55to note. Number one, during the prior
47:59from 1990
48:01to 2020, the white line stayed above the
48:05orange line all the time.
48:09So if you normalize this and again
48:11contextually this number should be down
48:14here based on history, something has
48:17changed in this calculation.
48:19Kevin, you want me to work on the Fed,
48:21give me a call. I'm happy to help you
48:23guys with some of this stuff to make
48:24sure we're not making decisions based on
48:27uh people on Wall Street academics
48:29telling you what you should do. Real
48:31rates, the white line here. Real
48:33two-year yields are up here. Here's the
48:35debasement trade. This is gold, silver,
48:36and Bitcoin. And the dollar, the dollar
48:40has already responded. It was down again
48:41today. This is before today. So, it's
48:43already down here at new lows. Gold has
48:46moved. Silver has moved. Bitcoin has not
48:48moved yet. That's the green line here.
48:49It's still sitting there. Eventually, it
48:52will. I don't know when. We'll see.
48:55Academics ask, "When does the evidence
48:57tell us has happened under comparable
49:00conditions?" Markets ask, "What's going
49:02to happen before everyone else realizes
49:03it?" This is the money-making side.
49:05Entrepreneurs ask, "What becomes
49:06possible now that wasn't possible
49:08before?" That is the AI native world.
49:10That is the world we speak about on
49:12Visser Labs. Now, finally, China added
49:1520 tons of gold in July, its largest
49:17monthly purchase since October 2023.
49:20China's central bank adds gold to Hong
49:23Kong as well. And finally, the Bank of
49:26Korea resumes gold investment after 13
49:28years. Korea is back in the game. AI is
49:31becoming more than a technology story.
49:32Computers evolving into an industrial
49:34resource, a geopolitical asset, and
49:35potentially a pillar of the monetary
49:37system. Thank you, Lewis Gav. Thank you
49:39to all of you guys. I will see you maybe
49:43from New York next week, maybe still
49:45here. I hope it's still here, but I
49:47don't know.

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