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The Market Didn’t Crash, Humanity Didn’t Die — But Crypto Just Broke Out — Transcript

by Jordi Visser · 9,696 words · 1,382 segments · language en · Watch on YouTube

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0:00Um,
0:02humanity is still here. So,
0:06most weeks when I do this, uh, there's
0:10actually a lot to talk about in the
0:12market. Uh, when when you get a week
0:14like this where
0:16you get all the bare porn out on Sunday,
0:20I get contacted by more hedge fund
0:23people in a weekend in a long time to
0:25see how the AI trade is going to play.
0:28Uh, and pretty much everyone who reached
0:30out where I said this is just another
0:32one of these knee-jerk one day and then
0:34by the time we get a week to 10 days
0:36later, nobody will remember it. I think
0:40everyone keeps learning their lessons on
0:42this. Uh, but overall it was a very
0:44quiet week for stocks. It was a very
0:46quiet week for uh AI trades. It was just
0:50overall a very quiet week despite the
0:52fact that we had
0:55AI pause, 10% chance humanity dies, oil
0:59soaring higher on Monday, 10 year rates
1:01get to 2007
1:04levels for the first time. Fed raises in
1:08a hawkish hike and if you sold the
1:11market on Monday morning when it opened,
1:13you lost. if you sold it uh at the close
1:15on Wednesday, which a lot of people uh
1:18that I follow said this was the time to
1:20be out of equities and everything else
1:22and yet somehow another we made we were
1:24able to rally. The story of the week and
1:26the story for the month is crypto. I
1:29have talked endlessly about this and we
1:31are finally at the point. So last May to
1:34June I said that by the time we get to
1:36se September October we will be at the
1:39most important inflection point for
1:41crypto and the reason would be because
1:44of the merging of AI agents. AI and
1:46crypto are together. Crypto does not
1:48exist without AI. It was built for AI
1:50and most people don't recognize that. So
1:54before I start this I want to make sure
1:55there's a lot of things I'm going to go
1:56through here. This week I will be
1:58sending out my first video on uh on
2:02crypto for subscribers. So for those of
2:04you who watch this every week that have
2:06been waiting for it, this will be
2:09basically a very extended version on why
2:12now. Uh I'm not going to go through all
2:14of that today. I'm not going to take you
2:15through the details. Um but as I've
2:18said, I've created an index. It made new
2:20highs for the year today. I posted that
2:22in X for macro people. This is the most
2:26important macro trade of everyone's
2:29existence. This is the beginning of
2:31something that is very very similar to
2:33the times that I traveled to China. For
2:35any of you that I traveled to China with
2:37who I've not spoken with, those times
2:39that we went to China from 2003
2:42to 2013 when they were building roads
2:45bigger than what they needed and they
2:46had ghost cities and all of this stuff,
2:49the.com bubble where we were building
2:51the infrastructure necessary, but we
2:53didn't actually get
2:56the iPhone until 2007. So all these
2:58stories that you're hearing about debt,
3:00about crashes, about that, it's all BS.
3:03It's all meant to scare you. Everything
3:05I read on AI is just a complete
3:07gobbledegoop of garbage. Uh it's just
3:10people literally writing things that
3:12have nothing to do with facts. They
3:14might be right down the road, but you
3:16can't argue with it if you don't use it.
3:19And so everyone that's taking some kind
3:20of history and pasting it over. What I
3:22am going to do today for a bit of this
3:25is paste over where we are in crypto,
3:27why it was built, why we've gone through
3:30this long period of 16 years, which is
3:33very similar from the internet to when
3:35the iPhone came out. It's almost the
3:36exact amount of time and why the iPhone
3:38and the app store was why this works
3:41because there is no Uber, there is no
3:42Airbnb, there is no almost everything
3:44you do in your life without the
3:46smartphone and without the app store.
3:49And for crypto, I will tell you guys,
3:52your entire world is changing. There has
3:54not been a macro change like this in the
3:56history of mankind. We are going to a
3:59digital transaction with digital agents,
4:02digital employees, everything is going
4:04digital. And so if you want to
4:06understand what tokenization is, if you
4:07want to understand the names that are in
4:09there, what Zcash is, what Bit Tenzor
4:12is, what a go up and down the line, all
4:14of these things are going to be a part
4:16of your life whether you like it or not.
4:18So you either learn or you don't. And at
4:20least with me, you're getting someone
4:22who's doing it from a systems thinking
4:24perspective, who's a macro person for
4:26those who know me and they like what I
4:27do on the AI side. They like the way I
4:29talk about macro. I'm been spending my
4:31time to make sure that I can give you
4:33the same thing in crypto in that way.
4:36All right, you guys can read this on
4:37your own. Do not take anything I say as
4:41being certain. I'm wrong all the time.
4:44The key is maximize upside, minimize
4:48downside.
4:49I'm going to show this again because
4:50after today, quarter to date,
4:54here are the stocks. So, I'm going to
4:56say this right now.
4:58I don't think we will ever have another
5:01big bull market in stocks like the one
5:04we saw in the first quarter of this
5:06year, the first two quarters of this
5:08year for AI. I believe the multiple
5:10compression is the old system basically
5:13going through something there. So the
5:16Fed's going to have they've chosen to
5:18raise rates. The only way I thought we'd
5:19get a surge in stocks would be if they
5:22cut rates. The fact that they raised
5:24rates and stocks are just sitting here
5:27while earnings continue to grow. You'll
5:29still get returns in stocks, but
5:30remember bonds are basically unchanged
5:32for how long now? I mean, I'm sure we'll
5:35be here in two years and we'll say it'll
5:36be a decade, but regardless, stocks so
5:40far this quarter, S&P up 2%. NASDAQ down
5:45three,
5:46semis down 14,
5:49Ethereum up 66%, Bitcoin up 53%.
5:54Salana up 38. Those are the three main
5:57ones. Those are the layer ones that I
5:59want you to focus on. But underneath the
6:01hood for crypto to get a quick thing out
6:04while you're sitting there spinning your
6:05wheels for not not just this month, for
6:09the entire quarter trying to chase
6:12stocks up and down, responding to oil,
6:15responding to rates, and watching this
6:16whole thing and just getting gutted.
6:19Everyone made their money in the first
6:21two quarters of the year when we got the
6:23rally in AI. I'm not sure going forward
6:26that we're going to have the kinds of
6:29rally that are necessary for people to
6:31go because I do think the market will go
6:32higher. If you're running long short, I
6:35would guess between now and the end of
6:36the first quarter, we're going to see a
6:38good rally in stocks. But I wouldn't bet
6:40heavy on it because I don't think you're
6:42going to get much return. But in crypto,
6:44here's what you're getting on Friday.
6:47I'm not showing you the names. These are
6:49the names in my 46 name portfolio. Some
6:51of these are public stocks. This is the
6:54vertical they represent.
6:5621% in a day, almost a hundred for the
7:00month. Look at these numbers. Is it
7:01above the 50-day? Yes. Yes. Yes. We're
7:04at a different point now. Here's what
7:06the chart looks like. I said my 46 name
7:09index broke to new highs for the year.
7:12That puts Bitcoin up significantly from
7:15here. Another 15% from here. Uh and this
7:19is Bitcoin overlaid with it. The
7:20correlation remains basically one for
7:23one. The difference is the ecosystem is
7:26doing better. Bitcoin, remember, is part
7:28of the ecosystem. So, I posted this in
7:30X. 10% chance AI kills humanity. 100%
7:33chance crypto was built for AI. So, for
7:36all you guys who've made money on AI
7:38this year, all the macro teams that have
7:40jumped into AI, all the pod teams,
7:43crypto is now where you want to have
7:45your focus. Why now? I'm not going to
7:47spend time on today, but for those I did
7:49travel to China. China built ghost
7:52cities. Ghost cities, there's no
7:54economic activity, but there's a bunch
7:56of infrastructure. That's where crypto
7:58is. The problem is crypto was never
8:01meant for human beings. Even though the
8:03crypto gang thought it was, it was never
8:07going to get the wealthiest people that
8:09own the $900 trillion, the banks, the
8:11institutions to actually start using it.
8:14What is going to use it? what cares
8:16about it
8:18are AI agents and they're already
8:20starting to and so this is the reason
8:22why I have waited and I've been patient
8:24and this is why why now is about the
8:27perfect convergence liquidity plus AI
8:30plus the blockchain everything that
8:32you've learned about macroeconomics in
8:34terms of well the liqu and and in crypto
8:36I hear this from both sides the
8:37liquidity cycle we're doing M2 does not
8:40matter anymore M2 relative to what's
8:44happening with tokenization relative to
8:46what's going to happen with the velocity
8:48of money. We are going to see an
8:50explosion in the velocity as everything
8:53moves on chain gradually by time because
8:56it will be cheaper to deal on uh on
8:58chain. Will people be slow to move? Of
9:02course, that's what they did with Uber.
9:03We all know parents and grandparents
9:04that either never used Uber or they
9:06barely moved over. But in a world where
9:08every penny matters, where time matters,
9:11you're going to use the agents and
9:14they're here and they're getting valued
9:15high. This is private companies, too.
9:17So, I'm going to take you through that
9:19as we go on. The reason now is because
9:21we couldn't have crypto benefit until we
9:23reached the automated AI researcher.
9:27This is hedge fund manager Leopold Ashen
9:29Brener from his situational awareness
9:33paper, the 165page paper he wrote in
9:362024.
9:38When we hit this point, we get an
9:39explosion in all of these things,
9:42including GDP, military edge, robots,
9:44science and technology, cognitive labor.
9:46I'll go through this.
9:48This is where we are. Okay, we're at
9:51that inflection point, which is why
9:52crypto matters. And this is the last
9:54thing I'm going to do on crypto before I
9:55go through the week that was I want you
9:58to understand in someone who has spent
10:00now the better part of five years mainly
10:04situated on Bitcoin but then spreading
10:05out into the ecosystem in particular
10:07over the course of the last two
10:10thinking that you understand crypto or
10:12that you don't need to know it is the
10:14same thing for me as trying to say to
10:16people if you know baseball you don't
10:19know cricket. And I'm bringing this up
10:22because the the complexity of learning a
10:25completely new language. Why
10:27tokenization matters, why stable coins
10:29matter, what is Ethereum, what is
10:31Salana, what is Bitcoin, what is Zcash,
10:34why how do they all fit into the
10:36equation. It takes a lot of time. And so
10:39for the people making decisions at the
10:42highest level of a hedge fund, it's very
10:45very hard to pick this up. And so what I
10:47will be spending my time doing for the
10:49next two months for sure as I go through
10:52why now then I will start going through
10:54each of the 10 verticals probably two or
10:56three a week to take you through the
10:58names to give you an understanding of
10:59what's going on. That is what will be on
11:02the subscriber website for hedge funds.
11:04If you don't pay for the subscriber
11:06website or mutual funds or whatever
11:08you're going to need to this stuff is
11:10going behind the payw wall. This is the
11:12stuff that I will be talking about. This
11:13is what I do presentations on right now
11:16for financial advisors and RAAS. If
11:18you're worried that you are going to
11:19fall behind with your clients, the same
11:21way with AI, this is far more important
11:23than AI because it's very easy for
11:25someone to understand what Micron does.
11:27They just have to go read. But to
11:28understand what Zcash is and what near
11:32is and I can go on and on. It's going to
11:34take a lot more learning and your
11:36viewpoint of it is that it's a scam. So
11:39the week that was I did my thing on
11:41Friday last week Daario came out and
11:43said we have to slow down. That got
11:45everyone freaked out. So Monday we get
11:46in here. You get cyber gapping up which
11:49moves the software sector up. You get
11:52semi semiconductors down. So what you
11:54end up with is a 10% the biggest
11:57outperformance of software verse semis.
11:59I'm sure it hurt a lot of people.
12:02Anthropic researcher believes more than
12:0410% chance AI could kill all humans.
12:06Incredibly stupid. Um, and no reason for
12:09you guys to to think about it, warn if
12:12if that's what's going to happen. It's
12:13not something you can go defend against.
12:15Um, and it's very hard to come up with
12:16how you kill all of humanity. So, we can
12:18kill people and I'm sure we will. Um,
12:20Anthropic Co warns AI agents swarms
12:23could seize the internet within a year.
12:25This is a story now going around more
12:27and more. Again, I 100% believe that
12:31this is possible, especially as you read
12:33the hugging face thing. 100%. I
12:35subscribe to the fact that will there be
12:38an issue? Yes. And will humans be
12:41scared? Yes. Just like they've been with
12:43every new technology, bar none. This is
12:45not the first time we've worried about
12:47humanity. Could AI really wipe out
12:49humanity? It's a global thing. So, let's
12:51go through the bearish forecast that we
12:53get constantly and the reality. So, the
12:55reason I said the BS and the bear porn
12:58and whatever you're reading, whether
13:00it's Michael Bur, Jim Chenos, whether
13:02it's the stuff in X that comes out all
13:04the time, GPU prices are going to fall.
13:06I get stuff every single week, guys. I
13:09had a CPA send me something this week to
13:11try and prove to me that here's just the
13:14fact it may happen. We may get to a
13:16point where the frontier model companies
13:18are selling their incredibly important
13:22brains to nobody. the open source are
13:24not as good. None of that stuff is the
13:26same as what they're doing. Who's
13:28solving the math prizes? It's anthropic
13:30and open AI. Now, again, this may change
13:33over time, but they have a huge
13:35advantage, and it's very clear at this
13:37point that they've hit some kind of
13:38recursive self-improvement by the fact
13:40that we're getting models out quicker
13:42and quicker, and now they've reached a
13:43point where they're scared because
13:44they're ahead of the safety side. So, if
13:46you read through all of these things
13:48that have been out there and then you
13:49read at the facts, we need things to
13:52change. So, if you're listening to
13:53people and getting worried, it's costing
13:55you money. Now, right now, the market's
13:57not moving, but as we get through
13:58earnings and we have the next wave of
14:00this, at some point here, we're going to
14:02go higher. The mag seven, if you have
14:04not seen, are near all-time highs.
14:06That's an important read to me with
14:08consumer agents. I'll get into that as I
14:10go through this. Demand is greater than
14:12supply.
14:14It's going to remain that way for a long
14:17time in my opinion. I don't see how we
14:19can catch up. It's just physics. We'll
14:21solve problems with intelligent uh with
14:24Einstein level intelligent but we still
14:27you can come up with a solution and say
14:29this is a better battery but then you
14:30have to go build the bit the better
14:31battery. It's not that simple to get the
14:33parts. This guy gets 172 million views.
14:38Obviously this is involving politics.
14:40Obviously this is involving geopolitics.
14:43There is no way for this thing to go
14:45this viral and for this to be there.
14:47We're ahead of a midterm. So, if you
14:48guys are going to listen and get all
14:50caught up in this, it's obvious that
14:52this is part some of this because it is
14:55a major issue. Whether this slows down
14:58the uh anthropic open AI because they
15:01have to redo the risk side, I don't
15:03really know. But I do know this. It just
15:05seems way too political at this point
15:09and way too we don't want to be
15:10responsible for the liability of what
15:12may happen. Again, Jeffrey Hinton, the
15:15godfather of AI, has been talking about
15:16how dangerous AI is for a long time. We
15:19had 87 million views on this Matt
15:22Schumer one that there'd be no jobs by
15:242028. The Satranei one by 2028, same
15:27thing. 28.7 million.
15:30Oh, we have a cancer vaccine, 11
15:33million. People want to see the end of
15:36the world. That's what sells and that's
15:38what gets the hype. And I said
15:40geopolitical. If the Russians, Chinese,
15:42Iranians, and anyone that's at battle
15:44with the US wants to break us
15:46politically, the easiest thing to do is
15:48continue to make data centers an issue,
15:50make AI an issue, and everything else.
15:52Whatever the the facts are, we had a
15:55cancer vaccine. I can't think of
15:57anything more important. And yet, we're
15:59focused on things which are the same
16:01things that have gone on. This had three
16:04million views. This was June 6, 2023.
16:06This was less than six months after the
16:08launch of ChatGpt. Why AI will save the
16:12world. He had to write this because
16:15people are freaking out. So, this has
16:17been going on, guys, for a long time.
16:20China's not buying Silicon Valley's call
16:22for an AI slowdown. They would love an
16:23AI slowdown. We also had oil prices go
16:26up. Scary. As I've talked about,
16:31oil is $105, guys. The next time someone
16:35tells you oil is going higher and they
16:36show you a chart, you tell them Jordy
16:38Visser was in China in 2008. Oil was
16:41$150
16:43can household net worth is up, I don't
16:45know, three times where it is. We've
16:47added a hundred and something trillion
16:48dollars. Gas as a percentage of
16:50disposable income for this country has
16:52never been lower. We are now a gas
16:54provider. Yes, some of the world is
16:56going to have problems in in gas being
16:57higher, but at the same point, their net
16:59worth is higher as well. This is just
17:02completely stupid. Does it mean headline
17:05inflation will be a little bit higher?
17:07Yeah, but it's not 2022.
17:10Stocks falls, Fed delivers hawkish rate
17:12hike. We just raised 25 basis points.
17:14Maybe we'll do another 50 over the
17:16course there. I didn't think we'd do one
17:18this year because CPI core CPI has kept
17:20going lower, but they decided to do it
17:22because for whatever reason he was put
17:25into it. I have no idea. I really don't
17:26care. They're panicked about rates,
17:28whatever. But here's the facts. This is
17:30not 2022. We don't have 10% inflation
17:33playing from a behind the curve. We have
17:34core CPI going down. As I'm going to
17:37show you with Goldman Sachs forecast and
17:39with everyone that knows, the PCE core
17:40is going to go down because of things
17:42that are coming out of it. The main
17:44point of this is they raised 25 basis
17:46points. this as much as I want people to
17:48think as I saw a bunch of macro people
17:51getting paid money to deliver forecasts
17:53saying that this meant stocks would go
17:55down because stocks don't like when
17:57rates go higher. I'm going to say this
17:59once I'm going to show you guys as
18:01things go on before 2008
18:05before then we had recessions
18:08or before 2009 and the reason we did is
18:11because rates really mattered. When
18:13rates went higher, the economy was based
18:16on corporate debt at companies that ran
18:20into really big problems and homeowners
18:23whose house prices went down because
18:25rates went higher. Right now, we have
18:28tons of equity in the housing market and
18:29everyone's trapped because they locked
18:31in mortgages at lower rates. So, we
18:32don't have the rate sensitivity there.
18:34Second thing is, I don't know if you
18:36guys know this, Nvidia's $5 trillion. As
18:39I'll show you later, the total sum of
18:42the consumer discretionary household
18:44durables, retails, restaurants, those
18:46companies, including some big ones like
18:48Home Depot and McDonald's, not including
18:51Amazon,
18:53one a half trillion. Nvidia is five and
18:56a quarter trillion. The stock market
18:58represents what is driving growth. The
19:00Mag 7 are much bigger. They have no rate
19:03sensitivity. whatsoever. The AI trade,
19:05despite what you'll hear from bond
19:06people, have no rate sensitivity
19:08whatsoever in what's going on. Mark
19:10Xandandy,
19:12these are true. Economy is already
19:14growing near full potential. True.
19:16Operating at full employment. True.
19:17Inflation is too high to be sure,
19:19running above 3%, but much of that is
19:20the fallout from high energy prices and
19:22tariffs. True. AI related infra
19:25investment appears to be powering the
19:26economy. True. While the nonAI economy
19:28is already struggling, true. To hit its
19:31inflation objective, the Fed either
19:33needs to rein in the AI boom, true, or
19:35put even more pressure on the rest of
19:36the economy. Neither is a good outcome.
19:38This is the point I keep making. Your
19:39job is to make money. It is not to sit
19:41there and think about the past. Remember
19:43Visser Labs, the V the left side linear.
19:46This is where your economists are giving
19:48you BS.
19:51The Goldman P [clears throat] core
19:53inflation forecast. [cough]
19:57again the effects of temporary factors
19:59the portfolio management effect all
20:01these things everyone knows this I just
20:03don't understand why people don't talk
20:04about it in terms of what's going to
20:06happen PCE core is the only one so core
20:10CPI is down at 2.3 plus%
20:14it's barely above PC core is higher for
20:17the reasons that they have here the
20:18software and accessories is due to this
20:21having a different waiting in the micron
20:24thing there's a double counting side
20:25there's everyone already knows this, but
20:27we're scaring people. So, is the market
20:30responding? Is the bare market
20:31happening? Yes, it is. Here's the
20:33restaurants trading at 52- week lows.
20:34Look at this collapse on rates and oil.
20:38XRT. Now, this includes Amazon, but it's
20:41equal weight. So, it's a small portion
20:42of Amazon. Here we go. Falling
20:44continuously.
20:46Here's the household durables. This
20:47includes homebuilders. Includes Home
20:49Depot. Look at it trading off. This is
20:53the Goldman Sachs lowinccome consumer
20:55basket getting near, it's the lows of
20:57the year, near 52- week lows. Like I
21:00said before, here are the GIX level two
21:04EPS revisions.
21:07Look at these massive numbers. The AI
21:10trade and comm and energy massive
21:14numbers.
21:15Here's what you guys are looking at.
21:18This is the ones where the revisions are
21:20going lower which is all related to the
21:23consumer. Now media and entertainment
21:25you have to strip out Google, Netflix
21:28and Meta and then what you're left with
21:32on the revisions negative I that's the
21:3511 trillion. So when you go through this
21:36the total sum of these is very very tiny
21:41and that's why you have this. So in 2022
21:45when it was time to be bearish stocks as
21:47people are telling you now and writing
21:49saying they're raising rates you have to
21:50be bearish stocks you don't have to be
21:51bearish stocks here is revisions massive
21:55negative in 2022 and again people were
21:58forecasting a recession never happened
22:00but equities did run into trouble the
22:03hangover from 2021 and the overhiring
22:06the overspending that's what ended up
22:08raining in this time it's not happening
22:11now could we get a you know GPU prices,
22:15chip prices to come down. Could we see
22:17bottlenecks that slow things down and
22:18then you're just left with the debt
22:20sitting out there? Of course, we don't
22:22have any indication of that like I've
22:24said and at this point right now because
22:26AI is accelerating, I'll take the other
22:29side on this. Um here's 2025. And the
22:32reason I wanted to bring this up again,
22:34I'll show this later too, but these
22:36periods in time were during periods of
22:39this is the tariff fears and then this
22:41is the 2022. These were recession fears.
22:44We don't have that right now. So, I put
22:46this out from a bearish week. You had a
22:48hot PPI the Thursday before. You had a
22:50hot CPI the Friday before. You had 10%
22:53chance humanity dies. You had a pause in
22:56AI. You had the Fed hawkish hike. Brent
22:58hits 110 for the first time uh or hits
23:02110. I don't know if it was the first
23:04time from since whatever March. Tenure
23:06rates at the highest level since 2007.
23:10That was the week. And for the week, the
23:12S&P futures finished down about 30 basis
23:15points.
23:17But the AI bare reading hits 53.
23:22So I wanted to give you guys
23:26Well, I guess I'll get into that later.
23:29Here were the daily moves. This is in
23:31sigas. So for all of the negative stuff
23:33that's been happening with oil with
23:34Iran, we can't even get a one sigma move
23:36on depressed V. So, this is taking the
23:40implied V, which is the VIX, converting
23:42it into a daily move, and then taking
23:44the daily move. We're just not, we've
23:46been basically going sideways. This is a
23:49nice looking reverse and head and
23:50shoulders chart. But regardless of that,
23:52this is only a five-day chart. This is
23:54when people were calling me. And by the
23:56way, for people calling me asking me
23:58where futures are going to open up on on
23:59Sunday night, you guys start looking at
24:01spy per. Just go into Coinbase and start
24:03looking. You got to get used to 247
24:05tokenized trading, guys. It's time. Um,
24:07you got to start getting some get
24:09getting getting getting ahead of the
24:10program here. Um, so we open down here
24:13and we're here. So you get this gap.
24:15Well, that cost you money for a while.
24:17Then the Fed came out. Oh, hawkish hike.
24:19Let's sell it off. And then the next day
24:20we go right back up right through it
24:22immediately. Kind of come down a little
24:24and then we continue going on. So since
24:29June 25th, that's what those circles
24:31were that I wanted to highlight to you
24:33guys. Since June 25th,
24:35oil prices have gone from 67 to 92. So
24:40that's 25 bucks. Since June 25th, since
24:44June 25th, 10ear rates have gone from
24:47430 to 502. You guys are worried now. I
24:51mean, look how far we've gone up.
24:55Two-year rates have gone from 415 to
24:58473.
25:00Oh my gosh. Since June, since right
25:02there, tech momentum fell 48%.
25:06Oh wow. We've seen credit spreads widen,
25:09CDS has widened on the hyperscalers.
25:13And here's the Mag 7. This was the Mag 7
25:16on June 25th.
25:18So if you're worried about the AI trade,
25:21isn't it going to have to come to some
25:23degree from these guys? It's not going
25:25to be from Anthropic and OpenAI stock
25:27price. when we see their earnings, it
25:29could come through. Now, during true
25:32bare markets where there's bare things,
25:33the mag seven goes down. So, this is
25:36during the uh selloff here. You need the
25:38mag 7 going down, not about to make new
25:40all-time highs. Same thing down here.
25:43So, I just bring this up again so you
25:45guys can start to go through. If you're
25:46worried about the bond market, like I've
25:48said repeatedly for a while, you should
25:50have credit spreads widening and you
25:52should have bond volatility spiking
25:54higher. We can't even barely get a move
25:56in bond. Here is HYG relative to EF, my
26:00proxy for the S&P N4 credit to strip out
26:03yield differential. And we made new
26:05highs
26:07for the last year in HYG relative to EF.
26:12And remember when this sold off here,
26:14what was this off of? Well, this was on
26:16the private credit side. So, it was
26:18responding to that. This was on
26:20combination. You had Iran, you had all
26:22this, but private credit started this
26:24move here. Right now, private credit HYG
26:27is going higher. S&P that's where it was
26:29on June 25th. So, despite all the rise
26:31in tenure rates and all the ride in
26:32crude. So, I just want to tell you
26:34something. If it was able to do this
26:37with crude moving up that much, we're
26:40now to the end of the year. There is a
26:42less than 40% expectation of any kind of
26:45ceasefire with Iran. Now that we have a
26:48hawkish height and we already have rates
26:50at 5%. Isn't the risk for everyone who
26:53said sell equities this week if crude
26:56falls 10 bucks at some point for any
26:58reason which a tweet could do. Do you
27:01think stocks won't be at new all-time
27:03highs if they can handle all the bad
27:05news? AI trade again. This is when I did
27:09my famous bailout of Micron and then
27:11this is when I did my June 4th was when
27:13I did my the midcycle slowdown. I am
27:16still not increasing AI and I've had a
27:19lot of people reach out. I about 20% of
27:22my portfolio right now is in the AI
27:24trade. Back here it was about 80. As I
27:27mentioned, crypto and silver now make up
27:28most with the crypto massive performance
27:31since I did the rotation.
27:34It's much bigger. And I keep adding to
27:36crypto. I'm not adding to the AI names
27:38at this point. I still have Marll. I
27:40still have Nvidia as the two biggest.
27:41Eli Liy, which I consider an AI name, is
27:44a big position, but that's not the AI
27:46trade that you guys are looking for. I
27:48still own Yes. A AOI. I still own
27:50Fluence even though it's fallen about
27:5280%. For those of you who are trading,
27:54if you're picking oneoff names in here,
27:57the reason I have a bunch of names is
27:59because I move my portfolio around based
28:01on the things that I provide the biggest
28:03opportunity. Even though crypto's had a
28:04big rally, if you ask me what has the
28:06best riskreward for me over the next
28:09year, it is still crypto, not the AI
28:11infrastructure trade. And that is
28:13because crypto is an AI trade. It is
28:15part of my thematic AI portfolio, but it
28:18is not part of the agent one which I'm
28:20working on now. Again, this is about as
28:24bullish as it gets. The MAG7's up there.
28:26They benefit tremendously from the AI
28:28agents. Here is the AI 53 level. This is
28:33a big level except for this point.
28:36point. I mean, this goes back only two
28:38times that we've hit this level in the
28:40last four years were during the complete
28:43chaos of 2022
28:46and during the tariffs
28:50to show you how unusual it is. AI be a
28:54AI AI bearish over since 1990. So, 1875
28:58weeks only happens four and a half times
29:01out of 100. Okay, these are the
29:03performance going forward for these when
29:06you combine this with a VIX which is
29:08lower than 20. So think about that. You
29:10have a bearishness
29:13but the cost of insurance is low. Well,
29:16that seems like a good time to be
29:18looking at the long side and it is n 89%
29:22of the time. It's 10 times over the last
29:25whatever years doesn't happen often. 53
29:27basis 50.53%.
29:30Now to also get it above 50 in a
29:32structural bull market defined by the
29:33S&P above its 50week moving average that
29:37happens 1% of the time again very good
29:39positive numbers with all three
29:41conditions so VIX is low we're in a
29:45structural bull market bearishness is
29:47high only nine times and again very
29:49solid numbers so
29:51this doesn't happen and as I wrote
29:55this would be one of the more structural
29:56positive things to be in a bare market
29:58while people are getting bare bearish to
30:00be in a bull market while people are
30:01getting bearish and that's where we are
30:02now. So for everyone saying sell
30:04equities I think you're in a very
30:06dangerous position based on history
30:08given that you're joining the bear crowd
30:09which is already there climbing the wall
30:11of worry. This is a classic definition
30:13of it
30:15and again the mag seven here they were
30:17back on that June 25th when all the bad
30:19news and they're near the highs of a
30:22quarter. Now,
30:25the Mag 7, the reason I brought them up
30:26there is there's another thing going on.
30:29The Mag 7, very seldom this year, have
30:33all seven of them, all seven of them.
30:36So, that includes the hyperscalers, plus
30:38Apple, plus Nvidia, plus Tesla.
30:42They're uh they haven't been above the
30:4450-day moving average, all of them,
30:47except for eight days the entire year.
30:49These are the periods. The last time was
30:51June 4th. So I do view this as if we're
30:55going to get a big move higher in
30:56equities, I think one of the reasons
30:58would be because all of the mag seven
31:00are benefiting. Now if you add in
31:02Oracle, you get less days. The reason I
31:04care about Oracle is because it is a
31:06very large stock and a hyperscaler. And
31:08I believe this bearish sentiment, a lot
31:11of it for the market began in October of
31:13last year with the CDS blowing out on
31:15Oracle. And I don't think it's ever left
31:17people. I think the people that thought
31:18it was a bubble in October missed the
31:20entire rally in terms of semiconductors
31:23and now they're sitting there still
31:25bearish because the AI trade has peaked
31:28and even though it's still up massively,
31:30Korea is still up 60% year to date. Uh
31:33Taiwan is about to make new all-time
31:35highs, all of that, you've had eight
31:37days. Now to put that in context, this
31:39year only four and a half% of the
31:42trading days has that occurred in 2023.
31:4536% of the time we've been declining on
31:48the MAG 7 being above the 50-day. I
31:50think this is an important period to
31:52watch because they're breaking out and
31:54unlike the prior times where Meta was
31:56collapsing and Microsoft was collapsing
31:57and the AI was going to destroy. They're
32:00all sitting there and I think that's
32:01because of AI agents, they all benefit
32:03from AI agents. All of them. And that's
32:05the point I want to get into. The reason
32:07the economy is different again the
32:09economy is based on the top 10%.
32:13the bottom part of the economy gets
32:15transfer payments. So unless you're
32:16going to fire people, which is not
32:18happening, how do you get anything bad
32:21in the stock market if everyone has
32:23money to spend and you're doing it
32:25because oil is going higher, which I'm
32:27telling you does not matter the way it
32:29used to. Gas prices as a percentage of
32:31disposable income remain near historic
32:32low. If you do gas prices as a
32:34percentage of household wealth, it's an
32:37even bigger joke. Oil doesn't matter the
32:40way it used to. The AI boom is
32:42transforming America. We know that this
32:45is chat GPT. This is what's going on. I
32:49mean, give me a break. Jensen Yuang
32:51spoke this week. So for everyone who
32:53listened to the anthropic kid, who
32:55listened to Dario Moda, just go listen
32:57to Jensen. And at the all-in summit,
32:59whenever you listen to him, especially
33:01at a time like this, and yes, President
33:03Trump called him while he was on stage,
33:05but this is really about what he said
33:08about everything happening today and the
33:10industrial revolution that's going on.
33:11Don't lose focus on this because you're
33:14worried about people telling you it's
33:16time to be bearish. Brad Gersonner went
33:18through everything and I thought he was
33:20very, very balanced in terms of the way
33:21that he approached this. It's worth
33:24listening. It's worth going through. So
33:27the AI labs just in terms of this
33:30anthropic and open AI. This is kind of
33:32the you know really the the critical
33:34thing and he talks about it. So I'm not
33:37giving you any of the uh I'm not taking
33:39you through the transcript uh in terms
33:42of the important points because I think
33:43you guys should just go watch those two
33:45and get this thing out of your mind.
33:46Okay? If you haven't brought this up,
33:49bring it up in an LLM and start doing so
33:52you can check some of the things I'm
33:53going to show you. But this is really
33:55important. Whatever you think or know of
33:57Liupold uh Ashen Brener, this paper came
34:01out 2024, the decade ahead,
34:06two almost I mean he's six the the the
34:10models are six months ahead. So this
34:12automated I AI researcher point is
34:14really really critical. So this is
34:16effectively one of the um slides. I
34:21believe it's on page 71. But this is
34:23what happens. And the reason this is
34:26important, don't think of it as AGI or
34:28ASI or anything like that. I'm going to
34:31take you through, but this is the point
34:33where what's happening right now is
34:35exactly what this is, the hackings.
34:39So that's the negative side of reaching
34:41this point is the hugging face episode,
34:44the mythos fears. We've reached this
34:47point, but there's a lot of good that
34:49comes from it too. So we've already
34:52accomplished based on his research and
34:54these are the facts between the releases
34:56and the key things that have happened
34:57this year. It's really important for you
35:00to understand how fast this is moving
35:02and ignore the people that are telling
35:05you that there's too much debt. I don't
35:07know how to get this out of people's
35:09mind. It is so insane to me that people
35:11are worried about the investment grade
35:13debt for the best balance sheets on the
35:15planet when they're sitting there
35:16watching that the United States of
35:18America can have $40 trillion of debt,
35:20which everyone keeps telling you and Ray
35:22Dalia has tried to make a living post
35:24the hedge fund telling you how bad this
35:26is going to be because we have so much
35:28debt. Yes, Japan's been in this problem
35:30forever. AI is a government thing.
35:34There's no way we allow the whole thing
35:36to come down. So, this comes down to
35:39usage. And like I said before, I don't
35:42know how to tell people. We're past
35:44humans adopting it. That's why this is
35:46working. And that's why what he's saying
35:47is so important. When you get to the
35:50point of the RSI, the recursive
35:52self-improvement, the point where you've
35:54got autonomous researchers, that means
35:58companies can just say, as I showed with
36:00Astra last week, build this for me. and
36:03it's built. We're at the point now where
36:05that means that Salesforce.com can hand
36:07out products to people with agents. Like
36:10the agentic side is where adoption
36:12starts to accelerate and it goes at the
36:14expense of expenses. It's a productivity
36:17boom. And that's what he talks about in
36:19the paper. That's where we are right now
36:21is millions of AI researchers operating
36:23faster than humans. But it is all this
36:27point here that was supposed to be in
36:302027 that's happening now early stages
36:33now. This is the part here and that
36:35means we're accelerating things and
36:37nobody expected it to happen this fast.
36:39So that's why an anthropic researcher
36:41believes they're absolutely 10%. In
36:45fact, Elon Musk gave an interview with
36:48Ted Cruz during the summer where he said
36:49there's a 20 maybe 10% chance advanced
36:51AI leads to human extinction within the
36:53next 10 5 10 years. That would be the
36:56headline for the media. But then he
36:58says, but there's an 80 to 90% full that
37:03it's extreme prosperity.
37:08So if you're managing money and you
37:11worry about this if there's no humanity,
37:14don't worry. Nobody's going to pay you.
37:17So there's no need to bet on it. The
37:19expected value of a 10% chance of the
37:22end of humanity and 90% chance of
37:24abundance is basically all upside. So
37:26you can sit there and play the game. You
37:28can listen to it. You can pretend that
37:30that's there. I'm just telling you the
37:32demand side is from nonhumans. The
37:35adoption is happening from agents. This
37:37is why it's so important to crypto. As
37:39someone who set up a Robin Hood
37:41blockchain uh wallet, it took me four
37:45hours. I use AI all day long. There were
37:50so many things to get through. So, I
37:52need an agent to do this for me quickly
37:54and go through the pain to speak the
37:56language and not have to go look it up.
37:58That's why we're entering a period where
38:00the models are coming out so fast that
38:02you don't know how to keep up. Which
38:03model do I get? Astra came out. Fable
38:065.1. That's because the models are
38:08coming too fast. That's an indication
38:10that the agentic world is here and
38:12humans can't handle the speed. We cannot
38:15handle the speed. But luckily, the debt
38:18is in human speed. The it the demand is
38:22going to come from companies that have
38:24trillions of dollars of revenues that
38:26will easily be able to give trillions of
38:28dollars to the model companies. And
38:30there's no way that open-source is as
38:32good as the model companies. So, it'll
38:35be 90%. If you want to use Jensen
38:37Yuang's thing, there's plenty of water
38:39that we use in our lives. Not a lot that
38:41we pay for, but we all pay for bottled
38:44water. So, again, you can go through
38:47this thing and try to figure it out
38:48where it is the positive side of agents
38:50forms. And this is where I come in to
38:52hopefully the same way I have the
38:54Agentic infrastructure portfolio, which
38:56I'm saying will continue to outperform
38:58the S&P 500 by 20 to 40% a year. So,
39:01there's alpha. All of those hundred
39:03names, in my opinion, will outperform.
39:05They'll go at different times. Not all
39:07of them will work. My job is to give you
39:09an index that works. If you try to pick
39:11one name, you're taking now risk in that
39:14one name. The agent swarms. How do you
39:17get long? Here are all the things that
39:20come with that. We're at the time for
39:22robotics and physical systems, which
39:24means Tesla should be doing well. Okay,
39:26that's one to watch. the consumer
39:28agents. Well, this is where Microsoft,
39:30Salesforce.com, Meta, Apple, all of them
39:35fit into the consumer agent side. Uh,
39:37when you get into the digital labor
39:38side, when you get into this, this is my
39:40favorite one, the scientific discovery,
39:43which I'll kind of go through, but agent
39:45swarms solve unfinished IP. There's a
39:48business there. Autonomous commerce,
39:51this is your crypto side. So, again, all
39:54of this stuff is necessary. The
39:55infrastructure is still there. I will
39:57create an index which will have all of
40:00these and all the names that I think
40:01benefit in there that'll go on the
40:03subscriber wall sometime over the course
40:04of the next two weeks but I am focused
40:06on crypto mainly. So when you think
40:08about it this way and you go through it
40:11agents are opening up all of this part
40:13here. So we had the compute and power
40:16that led us to get the intelligence up
40:18to an IQ at Einstein level and now
40:21cryptos are the main benefit and because
40:23there is no investment there at all
40:25because it is completely not understood.
40:28Unlike the power and compute side which
40:31got got way too big way too quick,
40:35this one's going to take years. So go
40:37spend your time now on it. Go understand
40:39the things I'm talking about. Longevity.
40:41This is a phenomenal place to make
40:42money. And it fits with the unfinished
40:45IP endorant knowledge. Any IP, any
40:48biotech company based on Navier Stokes
40:51is worth a lot of money. The data
40:54proprietary data all of a sudden. So
40:57fact set Thompson Reuters because we
40:59have agents now. All of the data becomes
41:01more valuable. The cyber become cyber
41:04becomes more valuable. Everything
41:05becomes more valuable. That's why you've
41:07seen this and embodied AI starts to take
41:09off because they need the agentic side
41:11too. So again, you can go through this
41:13on your own. We've reached this point.
41:15It's connecting his vision at when we
41:16reach here. This is the infrastructure
41:18side. This only happens when we have
41:20enough compute. So I want you to think
41:23this way as I go through this, which is
41:26two ways to organize intelligence. You
41:29just saw Oppenheimer. This is the
41:30easiest way to understand the importance
41:32of this. In the movie, Groves wanted to
41:35compartmentalize
41:37the different verticals and have them
41:39come in and bring their information with
41:41one little thing side. He wanted to
41:43coordinate scientific collaboration.
41:45When you go read the Navier Stokes side,
41:48this is what the agents did.
41:51Humans could have solved Navier Stokes
41:54in my opinion if they had all worked
41:56together. But the Field Medal, the Nobel
41:59Prize, the way academia is set up,
42:02you've heard me all speak negatively
42:03about my experience and my belief in
42:06what the school system does. It is the
42:08best way to get people to be trained for
42:11a particular major. But that ended with
42:13the internet. And with the internet,
42:15we've gotten to a point where you have
42:17to be creative. And it's only gotten
42:19more and more. So Steve Jobs, all of
42:22these people that invented and were the
42:24wealthiest people, go back and look at
42:25their job, their work situation. It's
42:27not all of them because then you started
42:29getting into the engineers, but again,
42:31having creativity, thinking outside the
42:34box, using the other side of your brain.
42:36Well, agents are basically going to be
42:38solving things and they're going to be
42:39doing it just like Oppenheimer. So there
42:42were about 600 brainiacs uh at the
42:44Manhattan project. There were a lot more
42:46people in general. But of the brainiac
42:48side, the Einstein side, Navier Stokes
42:51was solved by 10,000 agents working for
42:5488 hours.
42:57All problems will be solved. And that's
42:59why I've compared this to that. And this
43:02is why the acceleration of disruption
43:05will increase. AI native businesses have
43:09a huge advantage. The democratization of
43:12intelligence is best used in
43:16organizations where they don't have the
43:18friction and the difficulty of meetings
43:22and people and decision makers and
43:24devil's advocates and all of this stuff
43:26that goes on and I've been a part of
43:28that and I work there. So traditional
43:30human research here you go all the
43:33friction that gets to an answer. the
43:35agent swarms why they can do something
43:37that Einstein or a problem that was
43:40there before Einstein
43:43and for everyone saying oh yeah the guys
43:45who were working on it said that they
43:47must have stolen their stolen or why
43:49aren't they just happy that it was
43:51solved and they were part of the process
43:53if that's what happened. So again,
43:56humans are already saying this is bad
43:57for science. This is bad for math. This
43:59will again, nobody's going to be happy
44:02in this with humans. That is the lite
44:04story. That is every anger that comes
44:06with technology. So I've been spending
44:09time I am writing something on the
44:12revaluation of IP in an agentic world
44:15and how the value of it goes higher.
44:17This fits in with my Eli Liy theme. Eli
44:20Liy has tons of capital coming in. They
44:23are buying IP every day. They are also
44:26bringing in biotech companies into toune
44:29lab which you guys should go look up and
44:32then understand the value of toune lab
44:34from the collaboration in the swarm
44:36perspective. So I believe that biotech
44:40is part of the consumer agent trade that
44:42Eli Liy is part of the consumer agent
44:44trade and the way a biotech will trade
44:46is like it did with Maderna. as we get
44:49breakthroughs, they don't trade in a
44:51fundamental basis. They just gap higher.
44:53And you don't need all of them to go
44:55higher to win. If you get a 10 bagger
44:58and a 20 bagger and a 30 bagger and I
44:59fully expect that we will see that in
45:01the biotech side over time. Muse was
45:04released. We are getting the first
45:06personal AI agent built for everyone.
45:08Now, the reason this is important is I
45:10want you to go back to when Mark
45:11Zuckerberg spoke at a town hall in June
45:13and he said, "We are way behind on the
45:16AI side." and it was related to AI
45:18agents. The latest viral AI assistant
45:21rocketing across Silicon Valley. Buzzy
45:24startup Instinct, which is fundraising
45:26at a 2 and a half billion valuation.
45:28That was on August 26, 2026.
45:31Go read about Instinct. Now, if you
45:34don't want to read about it, there you
45:36go. Here's a YouTube Instinct AI is for
45:38real. This came out this week.
45:41Here's what I'm I'm not going to go
45:43through everything, but basically, and I
45:46talked about this with Pomp on our video
45:48this week because he's been using it. I
45:50have not, but all of these horrible
45:52things like applying for visas, and I
45:54and yes, if you have an assistant at
45:56work, but that assistant at work is
45:58doing it. all the personal assistance
46:00stuff, what they can do, the time
46:02savings, the money savings, coordinating
46:04with other people's agents, negotiating,
46:06reducing bills, cancelling subscription.
46:08All you got to do is tell this thing it
46:10it will go out there and do it
46:13just needs the information. So AI
46:15agents, techbased AI assistants are a
46:18hot market with Instinct, W Joe Town,
46:20Ali, and Meta's Muse Agent, which
46:22launched last week, vying for users
46:23attention.
46:26We're at the consumer agent side, guys.
46:29I've been waiting for this. I didn't
46:31expect it to happen this fast, but when
46:33we get the hugging face incident, when
46:36we get the Navier Stokes incident, that
46:38means we're there. When we get the pause
46:40AI incident, that means we're there. We
46:42are at the agentic side. And so, you're
46:45going to have a new economy. And for
46:47everyone on the macro side where it was
46:49well M2 growth then we get nominal GDP
46:52that translates into some multiple and
46:54topline revenue. We get earnings to grow
46:56and we hire people. The missing link
46:58we're not hiring anyone zero people. The
47:02only people getting hired are in
47:03healthcare. Earnings are booming at
47:06close to 30%. Margins are exploding but
47:09we've broken this chain and this chain
47:12is going to get further broken because
47:13we don't need the liquidity anymore. The
47:15liquidity is going to come from
47:16tokenization.
47:18And if you don't understand that yet,
47:20that's why you're going to watch the
47:22videos,
47:25okay? To see the productivity breaking
47:27out. US earnings are breaking out of a
47:2990-year channel. Now, this does this
47:31this is not talking specifically about
47:34any kind of profitability related to
47:35productivity.
47:37On the upside, it's incredible when you
47:38consider the high growth periods of the
47:40past that it's just broken out. software
47:43revenue per employee from Warren Pies
47:45this week again
47:47channel from 2000 to 2023 you don't even
47:51get like a mega spike from the 2027 in
47:55the iPhone now all of a sudden the
47:58second we get AI
48:01and that's the exact timeline that he
48:02has you get a dramatic shift software
48:05revenue per employee
48:08all right let's finish up with crypto
48:11clarity didn't go through. Another bad
48:14news item for the week for crypto. So
48:16you had all the other bad news, oil
48:18prices higher, rates going higher, no
48:19debasement trade, everything is at for
48:22the last time. I will say this to both
48:24crypto people and macro.
48:27The time where crypto matters is when
48:29rates don't matter because all
48:31innovations eventually hit a spot where
48:33they grow regardless of rates. That is
48:35the whole point of innovation. But when
48:38you're a new innovation and you're not
48:40being used and it's all speculation, you
48:42should be correlated to liquidity. We
48:45are at the breaking point. So for all
48:46the crypto crowd that's looking for
48:48liquidity, that's not what this is
48:51about. The liquidity is going to come
48:52from the tokenization of dormant assets.
48:56It's going to come from the AI agents
48:58using and driving revenues, driving uh
49:02fees, driving activity, and the
49:04developers going and building there. So,
49:07the Clarity Act doesn't get through, but
49:09US markets are set to expand to a
49:1123-hour weekday trading on December 6th,
49:16huh? So, that's just weekday.
49:18Eventually, we'll be doing weekends. Per
49:21can get you there. Now, US Securities
49:23Regular rolls out a five-year exemption
49:26for tokenized stocks.
49:30Guys, this is this is why this is so
49:32important. So, here we go. If you build
49:36it,
49:37they will come. The infrastructure comes
49:39first. The economy begins when the
49:41people arrive.
49:43Humans could never use crypto. But the
49:45ghost city, the old famous Chinese ghost
49:47city. What have we been building,
49:49waiting for this to light up and be
49:50economically there right now? It's a
49:53complete ghost city. It is like exactly
49:55like
49:572007 and 2008. What was 20207 and 2008?
50:02That was the post.com bubble. we still
50:04had nothing going on. Now in 2007 it did
50:07change. Then we got the uh the great
50:10financial crisis. So let's say 2004 2005
50:13the infrastructure was built. The
50:15telecom companies blew up. That's what
50:17happened in crypto in 2022 and all of
50:19those entrepreneurs and the stuff that
50:21went on. There's been dumping of stuff.
50:22You've had that companies bailing out.
50:24Everything has been an issue. But we
50:28built the infrastructure for this. It's
50:31all for AI agents. So when do you want
50:34to invest? You want to invest when the
50:36ghost city starts to fill up. When the
50:38ghost city fills up, particularly when
50:40there's no investment there, this will
50:42all be new stuff and it will be taking
50:43away from the traditional finance world.
50:46So three trillion market cap, let's say
50:48four after today for crypto,
50:51$900 trillion in the fiat system. No
50:56reason for wealthy people to invest over
50:58here without it being fundamentals. No
51:00need speculation wise. They got plenty
51:01of places to speculate. The agents are
51:04there. The agents are going to be doing
51:05all of the business and it will generate
51:08the flows and it's already starting to
51:09happen. So you get crypto before and
51:12then you get crypto after. This is where
51:14we are in the bridge that's being built
51:16is through tokenization and through all
51:17the pieces. AI agents will need their
51:20own financial infrastructure. 100%
51:22correct. So again, here's my index. It
51:26broke out to the highs of the year.
51:27There are 46 names. four uh six of them
51:30are public stocks like Coinbase, like
51:33Robin Hood, like Circle.
51:35The rest of them are tokens, most of
51:37which for the majority of you, if you're
51:39not cryptoreated, have heard of. Here's
51:41Bitcoin. I will say it again for all the
51:43Bitcoin maxis.
51:45This needs to happen to move this into
51:47the next level. You do not get to a
51:50gold-like market cap without the
51:52ecosystem and the usage and the
51:54fundamental value. So, remember, Bitcoin
51:57is macro. The fundamental bottoms up
52:00stuff is what's driving things and what
52:01should happen. So for all the macro
52:03people out there, think about how you've
52:05got bottoms up and you've got macro. A
52:06lot of macro people I knew moved into
52:08bottoms up eventually or bought into
52:11businesses that way. They work hand
52:13inand because they're important and
52:14that's where we are. The verticals so
52:16far this month, the digital monetary
52:19assets which include Ethereum and
52:21Bitcoin up 27%. But there's one name in
52:23here that's driving most of it. The
52:25exchange brokerage. The main thing I'm
52:26not going to read them all. You can read
52:28the verticals. They're all up monthto
52:30date. Now,
52:32again, I showed you this. Look at it on
52:34your own.
52:36Today, the index was up 8.4%. Month to
52:39date up 14. Year to date, up 32. Now,
52:43now 43 of the 46 are above the 50-day.
52:49The 50 days rising with 37 out of 46 and
52:5227 of the 46 are at the 200 day. This is
52:55a beginning bull market, guys. Beginning
53:00disclosures. I'm not here to lose you
53:03guys money. I'm not here to make you
53:04guys. I'm here to educate you and I'm
53:07here to help you. So, this is the
53:08beginning. There will be a crypto video
53:10out this week. Uh, it'll go out sometime
53:13during the week. I'll probably do a more
53:14thorough market update thing, too, just
53:17in terms of the AI thematic trade for
53:19the subscribers. And there will be the
53:21paper on ghost rails which hopefully
53:23will go out either over the weekend or
53:25on Monday, whatever the case. Uh it's
53:27here, guys. I've talked about it for a
53:29while. The crypto side is there. I look
53:31forward to teaching all of you and doing
53:34a lot of crypto events. And for those of
53:36you who are going to be down in DC,
53:37reminder, I will be at Freedom Tech.
53:40Reach out to Mark Whaling. That's m
53:42Whaling at22vresearch.com
53:45for information and to subscribe. And
53:47you can always go to visser-labs.com
53:50and get your information there. Have a
53:52good week, guys.

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