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Will Bitcoin Survive Quantum Computing? | Jordi Visser — Transcript

by Anthony Pompliano · 9,996 words · 1,446 segments · language en · Watch on YouTube

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0:00So quantum is a hardware issue. I want
0:01everyone to hear that cuz we're going
0:03through this with AI right now. What's
0:05slowing down AI development? What's
0:08slowing down AI usage?
0:10It's hardware. It's the physical world.
0:13That's where Quantum's pain point is.
0:16Will it get there? He says 20 to 40
0:18years. Other people say 5 to 7. Okay. So
0:22his point is this. We will have time to
0:26respond to it. Now, part of what Chamath
0:28said, which is true today, is what's
0:31going on guys? Today's conversation with
0:32Jordy Visser is a classic. In this
0:34conversation, we talk about quantum
0:36computing. Is Bitcoin going to zero?
0:38What's going on with the hedge fund
0:39unwind? And then we get into how we're
0:41actually using AI. What is so inevitable
0:43about this technology? How is it going
0:45to impact your portfolio? Then we talk
0:46about warp sciences. We talk about war
0:49dogs, sharks with lasers, all kinds of
0:51crazy stuff that's going to get you
0:52thinking much more about where are we
0:54headed? How should you be allocating
0:56your capital and maybe what are some of
0:57the areas that you should stay away from
0:59as well? Here's my latest conversation
1:01with Jordy Visser. Hope you enjoy it.
1:03All right, Jordy, let's just start with
1:05the big topic. Chimath Palipatia said
1:07that Bitcoin's going to zero.
1:08>> The big topic.
1:09>> Yeah. Do you agree or disagree? I mean,
1:10that would be scary, right? I got a lot
1:12of my net worth in Bitcoin. Are you
1:13worried?
1:14>> I'm not worried.
1:15>> Okay.
1:16>> But I can tell you my subscribers are.
1:19>> Okay. and other people that have reached
1:21out in expost that I've done that had
1:23nothing to do with with Bitcoin. Uh let
1:26let me give everyone my thoughts on this
1:28because first of all,
1:32Chamath is a uh a podcast person for
1:35sure. So viral takes, especially when
1:38he's on another show, not his own show,
1:40become important to his show and his
1:42life. So I'm I'm sure this was part of
1:44it. Uh, I will leave all the rumors of
1:47his own exploration of Bitcoin and how
1:50much he'd be worth if he had held what
1:52he originally owned or whatever. I I
1:53don't get into that part. So, let me
1:55just go through the concept of where my
1:57head is with with quantum
1:59>> cuz because he said it was going to zero
2:01because of quantum
2:02>> because quantum and that this is old
2:03technology and so here are my thoughts
2:05on it. First thing is
2:08there's a software issue right now
2:11and the amount of hackings that we're
2:13having currently there's cyber security
2:16alerts around the globe. This week there
2:18was a website one with PHP Cloudfare
2:22went out and talked all about it. Um
2:24banks are being hacked at a pace never
2:26seen before and Axios had an article on
2:29that this week.
2:31I just want to make sure people realize
2:33that the Axios title we have right here,
2:37the internet's hidden security nightmare
2:39and how AI exposed it.
2:42Another one, Scoop, Madison Mills, one
2:45of the better uh AI reporters right now.
2:47Scoop, unvetted AI agents are accessing
2:49US bank accounts. So here here's the
2:52reason that I've thought about this a
2:54long time, but the way that I started
2:56before I would allow myself, which was
2:58in 2020, to make Bitcoin an important
3:02part of my net worth, was to understand
3:08this concept and get a sense as to what
3:11would happen. So the way my brain has
3:13dealt with this is very simple.
3:16uh AI agents were known to be coming and
3:19once they got to the level of 12,000 12
3:22billion a trillion all being able to
3:26hack your passwords and that's what I
3:27want everyone to think right now you
3:30have a gazillion passwords and I'm sure
3:33like most people they use the same one
3:36over and over again for many of their
3:38sites that's easily hacked by agent
3:40swarms in 2 seconds hell that's easily
3:43hacked by anyone who's trying to get in
3:44but now with agent Agent swarms.
3:45Everything is being hacked on a regular
3:47basis. So a year ago, this was not an
3:50issue because we didn't have agent
3:52swarms. The reason I'm bringing this up
3:54before this, Adam Back, who was involved
3:56with the Bitcoin white paper,
3:59who's a cryptographer and a PhD
4:03in computer science,
4:05go look up what Chimath's background is
4:07for this. So, if I'm gonna take anything
4:10seriously, the research that I did was
4:12to listen to Adam back, who you've had
4:14on here many times, right?
4:15>> Satoshi.
4:18Yes. So, his point on this is it's a
4:23hardware issue. We will eventually get
4:25to the point where quantum So, quantum
4:27is a hardware issue. I want everyone to
4:29hear that cuz we're going through this
4:30with AI right now. What's slowing down
4:33AI development? What's slowing down AI
4:36usage?
4:37It's hardware. It's the physical world.
4:40That's where Quantum's pain point is.
4:43Will it get there? He says 20 to 40
4:45years. Other people say 5 to 7. Okay.
4:49So, his point is this. We will have time
4:53to respond to it. Now, part of what
4:54Chimath said, which is true today, is
4:58the community has to come together on
4:59solving this problem, which I agree
5:01with. But you know what speeds up crisis
5:03management?
5:05A crisis. You know what else speeds up
5:07crisis management?
5:09A crisis in the current world, which is
5:11what we're going through right now.
5:14Things are going to move to cryptography
5:17and then JP Morgan will be involved in
5:20the endgame. The fact that all of the
5:22banks are now moving to the crypto
5:24guardrails, even if it's through they
5:27don't want to fall behind, they now have
5:29a vested interest every single day to
5:31speed up where the Bitcoin solution is.
5:34So if you ask me what the solution is,
5:36first of all, cryptography is definitely
5:37better than what we're on today.
5:40There will be some cryptography base
5:42because everything will move there and
5:43then we have to find the solution on
5:45that side. And that is effectively Adam
5:47back has made it very non-emotional. I
5:49watch him. I've listened to him a bunch
5:50of times. I listened to him in 2020 and
5:52as many things as possible the same way
5:54that I mentioned William
5:56>> Mugayar.
5:57>> I want to find the people that are older
5:59that have experience that are experts in
6:01the topic. So what Chamas said is one
6:02for headline grabbing two there's some
6:06I don't know he missed out on a big
6:07investment part that he could have been
6:10bigger in. So that's part of it and I
6:12really do believe that in the end he
6:14doesn't have the credentials to say what
6:16he said and the irony is my whole
6:19thought has been which I still believe
6:20is every day we are entering a very
6:24difficult period for established
6:26companies. I'm going to be on a panel
6:28this week where one of the topics is
6:29about the difference between owning
6:30equity and owning tokens. So, that is a
6:34weird question to me because they're all
6:35merging together. What did A16Z do this
6:38week with their crypto title and their
6:40funds? It's now Frontier. Why did they
6:42say Frontier? Because the difference
6:44between crypto
6:47and any technology, they've all morphed
6:49into it. You can't get around it. And
6:51what's the reason that they mention in
6:52the list? It's what I've talked about
6:54repeatedly. The agentic world is here
6:56and everything that they're seeing on
6:58the front lines, A16Z,
7:00they could make no good investments over
7:02the next 10 years, but the one thing I
7:04know that they have really smart people
7:06that have looked at technology at the
7:08beginning stages and they're seeing
7:10every development that's happening in
7:12the AI native world. And if you listen
7:14to the interview they did on their
7:15podcast this week, which came out today,
7:17I'm just telling you, you can't leave
7:19and then listen to Chimath and believe
7:22what every smart person is involved in
7:24right now. and know that we still have
7:26seven years to prepare for this. So I
7:28find the statement as completely just a
7:32joke.
7:32>> I have three things. Um you and I think
7:34end up in the same uh endgame of
7:37agreeing Bitcoin's not going to zero.
7:39Quantum is not going to be uh it's a
7:41risk that needs to be taken seriously,
7:43but it is not going to be the thing that
7:44takes down Bitcoin. Knock on wood. Um
7:48but I actually like the fact that
7:51Chimoth does not have the credentials
7:54because um I am a I'm a subscriber to he
7:57has this thing learn with me and what my
8:00understanding I don't know all the
8:01details but my understanding is he hired
8:02a team I think out of one of the big
8:04consulting firms and was basically like
8:05I want to learn about these topics go
8:07build me these huge presentations of
8:10energy in America and what the problem
8:12is uh healthcare you know whatever and
8:14so if you subscribe you can get these
8:16things and they're like super are
8:17intense. They're, you know, tens and
8:19tens of slides long that basically break
8:21down an entire problem and and explain
8:23it. So,
8:25I talk about stuff all the time that I'm
8:27not quote unquote a credentialed expert
8:28in, right? I that part doesn't bother
8:30me. Actually, like maybe there's unique
8:32thoughts, etc. The part that I think
8:36that he maybe is missing on is
8:39there's always a cat-and- mouse game
8:41between the good guys and the bad guys
8:42when it comes to technology. And what
8:45you find is usually the good guys have
8:48more money than the bad guys, but the
8:50bad guys have more time to think about
8:52using the technology. And so in a world
8:55of abundance,
8:58there's a little bit of a weird thing
8:59where now the bad guys have access to
9:01lots of intelligence, lots of time, the
9:03speeding up of time that you've talked
9:04about, right? And so cyber security
9:07becomes this huge issue. you mentioned
9:08some of the things that we saw there,
9:10but I still think that the quoteunquote
9:12good guys with the money end up being
9:16able to resist all of this even though
9:18AI is amazing all the stuff and you see
9:20that in like who created this technology
9:22that then is being weaponized quote
9:24unquote good guys let's uh put a lot of
9:27quotes around that right but like people
9:30who are not trying to go around hacking
9:31websites created technology
9:34so it just feels like this is another
9:36thing that is being said about Bitcoin.
9:39By the way, Bitcoin held in strong 80 to
9:42$85,000. Doesn't matter what happens
9:44with oil. Oil is now, you know, 115 or
9:46so. There's tons of concerns about the
9:48AI trade, huge sell-offs.
9:52Quantum, I mean, we could rattle off 20
9:53things that were said in the last 7
9:55days. Bitcoin just doesn't care, which I
9:59think you believe is like a strong data
10:01point that it's going to go higher into
10:03the end of the year. Yeah, I think now
10:05we we saw a small
10:08indication of it on I guess was
10:10Wednesday.
10:11>> Okay.
10:12>> The only update of really the week,
10:13well, no, there were there in the stock
10:15market. It was up Monday, Tuesday, and
10:16Wednesday was down big on Thursday. But
10:18on Wednesday, which was following the
10:19SpaceX news, you had a very large jump
10:23the second that people thought, okay,
10:26this must be over. We finally got the
10:28confirmation that compute demand is off
10:29the charts, and Elon's coming to the to
10:32to the rescue. um it it immediately went
10:35back down the next day, but yeah,
10:36Bitcoin has just held in there. And if I
10:38tell people the damage that's been done
10:39to hedge funds, I mean, this is a
10:42historic month, more so than even July,
10:45believe it or not. This is much bigger
10:47month than July was.
10:49>> Negative for hedge funds.
10:50>> Yes. And and that's because of the
10:52breath of the the damage. Um, before I
10:56get into the expanding breath and the
10:58contagion within the hedge fun, I do I
10:59do want to um
11:01add to something you said because I do
11:04agree that people like Chimoth that have
11:07a huge listener base, it's good for
11:10people to say the things that he said as
11:12part of the process cuz he also fits
11:14into
11:16something Mark Andre said. Uh, if you
11:18ask me the smartest person, the person
11:22that I will listen to no matter what,
11:24who I believe brings to the table an
11:26incredible knowledge of history, a
11:29relaxed, you know, response with no
11:32hyperbole. I I Mark Andre is number one
11:36for me. Okay. I can listen to him
11:38endlessly.
11:39>> Uh,
11:39>> he's very smart.
11:41>> Yeah. And he's not selling anything. Um,
11:43what's the biggest problem with Jensen
11:45Yuang? At the end of the day, he's
11:46talking his book. What's the biggest
11:47problem with with Elon Musk? He's
11:49talking his book. And this is a big
11:50negative for everyone. When I go through
11:52X, like if people attack me, it's cuz he
11:55he's talking his book.
11:57>> Um
11:58>> I never talk my book.
12:00>> Yes.
12:02>> Sylvia.com.
12:03>> Go ahead.
12:04>> Um what Mark said on the podcast, which
12:07is something I believe in, but it's the
12:10reason that I got involved in Bitcoin in
12:12the first place. I've told this story
12:14before, but you have to understand when
12:15my 13-year-old son had turned $700 into
12:19$80,000, subsequently losing all of it,
12:22okay? Which I say repeatedly, I knew
12:25there was a bubble in 2021, but it also
12:28told me that there was something here
12:30because when I asked him how he did
12:32this,
12:34it was really intelligent. And when you
12:36normalize it for a 13-year-old, I
12:38realized that the gaming that he was
12:39really good at was adding to his ability
12:41to go use Reddit and Twitter and do
12:43research and do this. He was adapting to
12:46the times and he believed in Bitcoin. He
12:48didn't believe in the S&P 500. Now, that
12:50age bracket, it's still the same. What
12:52Mark talked about on the podcast, the
12:54A16Z Frontier podcast was he said there
12:57is an age bracket for technology that
13:00has been there and I forget the book
13:03that he referenced but he basically said
13:05the way it goes is up until you know 15
13:09to 25
13:11it's just part of your life and that's
13:13where my son was. So let's assume
13:14whatever the age was 13 to 21. It's just
13:17part of your life. Like crypto is just
13:19you know it. AI is something you just
13:21know. Then from 25 to 35,
13:25you're focused on AI from making money.
13:27That's where my son is kind of now is
13:29figuring out how he's going to set his
13:30life up job-wise with using this
13:32technology. And then above 35, you view
13:36it as evil. Any new technology. And that
13:39is the whole point about whether it's
13:40crypto, whether it's Bitcoin or whether
13:42it's AI. That is why people are perma
13:44bears on AI. There is zero doubt that AI
13:49is the inevitable part of our lives.
13:51Like there's no question about it. It's
13:54where all the investments are going. And
13:55if the investments are going there, you
13:57can have corrections. You can even have
13:59the.com bubble where you get a 4-year
14:01delay between the bottom and then the
14:06iPhone. But it's coming. Like there's no
14:08way to get around it. It's going to
14:08solve healthcare, all these different
14:10issues. So I think when you really break
14:12down what you just talked about and
14:14where it goes, there is an element of
14:16the age thing and Chimath is in that age
14:18bracket where psychologically he's
14:20already made his money. He has no reason
14:21to believe in in Bitcoin. There's
14:23nothing there for him. And as Michael
14:24Sailor said, you don't find Bitcoin,
14:27Bitcoin finds you. Now, let's go back to
14:29the point on the hedge fund side in
14:31France this week. We saw a mass, and
14:34this has gone on now for seven weeks, a
14:36massive blowout.
14:38careful careful what words you use.
14:42>> You talk about the financial market or
14:43the streets.
14:45>> True, true, true. Um, we'll leave the
14:47the social aspect alone, but you have
14:51French bond yields versus German bond
14:55yields or versus the swap curve without
14:58getting too wonky blowing out, which
15:00basically means the unwind of a carry
15:02trade. So if you were long French bond
15:05yields and you were short German von you
15:08were getting a spread that was let's say
15:10125 basis points if you just carried it.
15:12So as long as France doesn't default and
15:15you carry it for a long time and this
15:17was happening across the curve you make
15:18money well and you do with leverage.
15:20>> Yes. And that started to unwind. We
15:23started seeing news articles come out
15:24but it has really accelerated this week.
15:26In fact, the first four days of this
15:30week were just the biggest week, even
15:32bigger than the EU crisis week back in
15:352011 2012, that whole period there. So,
15:38you had that, you had the core debt, so
15:40you had credit that had unwound. The
15:42reason that's important is all of the
15:44big multistrats that you get to see, you
15:46know, in that are 100red billion,
15:48whatever, and they're levered 20 times,
15:50say, so you're dealing with trillions of
15:53dollars of they're dependent on
15:57if one asset breaks down, it doesn't
15:59really matter because you have
16:0150 other strategies that could make
16:03money. Relative arbitrage, add deletes,
16:05all kinds of different things. But when
16:07credit gets hit, fixed income bonds get
16:10hit, regions get hit, the diversity, the
16:14diversification benefits drop down and
16:16you end up seeing what you've seen. And
16:18Goldman Sachs reported last week that
16:23since 2020 after co there had only been
16:273 days that the major strategies so long
16:31short equity
16:32uh quant and then multistrats were down
16:36more than 80 basit points in one day.
16:38All three strategies so at least 80
16:40basis it happened three times since co
16:42all three of those were this year. Well,
16:45we had another one on Thursday of this
16:47week. This one was greater than 1% for
16:50each of them. So, that just means that
16:52this is not just long short equity. This
16:54is everything going at the same time.
16:56And I mentioned that this reminds me of
16:57LTCM. It does. It also reminds me of the
17:00quant back in August of 2007. So, I
17:02bring that up because as people are
17:04watching like what's happening and
17:06going, why why are these semiconductor
17:08stocks down? And I saw something today
17:10that the best performing stocks this
17:12year, the 20 best performing stocks were
17:14down yesterday, like 5 to 10%. And when
17:18you go look at the they're still up like
17:20100 plus%. And most of these are the AI
17:22names. So I'm telling everyone
17:23listening, number one, I did a video on
17:25this. This is not a bubble. AI is not a
17:27bubble. It's inevitable. End of story.
17:29Um, there can be delays and there can be
17:32hiccups. And here's the thing, there are
17:34no free lunches. And I remember I said
17:35this to you back in May and June on on
17:37on videos. people can go look them up on
17:39their own. There are no free lunches in
17:41markets. Markets go up and then they
17:43correct. And so far, the S&P 500 is
17:46still up over 12% year to date. And we
17:49just had a massive unwind. I don't know
17:51when this is officially going to end,
17:53but I will say that yesterday felt
17:55exactly like situational awareness day
17:57because it started right after the close
18:00on Wednesday. I pick my phone up and as
18:02I do before I kind of start getting
18:04ready for bed, I look to see where the
18:06S&P futures were and there was no reason
18:08for them to be down close to 30 handles,
18:11which says to me there was a fund that
18:13was in trouble and we're just kind of
18:15going through this thing. I think we're
18:17near the end of it. If not, I gave the
18:19dates that I thought for people would be
18:21the catalyst. One is when we get through
18:22the the hyperscalers. We went through
18:24meta. Nothing bad came out in there, but
18:26it's still sold off. um we have the
18:28hyperscalers and then we have the
18:30midterms and we have the quarterly
18:32refunding announcement. Those will be
18:33the three areas. So I think the low for
18:35this AI portion will happen with inside
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19:44I do think uh the uncertainty around the
19:46midterms, not uncertainty like
19:48fear-based, just like who's going to win
19:51naturally plays into this. Plus, you get
19:53the AI fears and so it's very clear
19:55there's like a bunch of clouds, if you
19:56will. The second the midterms occur, the
19:59clouds will part, the sun will come up
20:01into the end of the year, uh likely as
20:02strong. Um, you mentioned AI is
20:05inevitable and uh I've been thinking a
20:07lot. So maybe I will uh uh debut my new
20:11uh um phrase for the next couple of
20:14years. AI is smarter than you, smarter
20:18than me, smarter than everybody
20:20watching. We have officially reached
20:22that point.
20:22>> It's smarter than hedge fund managers
20:24too.
20:24>> 100%. Yeah,
20:26>> that is the 0ero to one moment that
20:29every single thing in my world view I
20:32have updated in the last 3 to 4 months
20:35on the premise that AI is now smarter
20:37than me. So how do I give it as much
20:40context as possible? How do products
20:41change? How do asset prices change? How
20:43does the funding rate change? What do
20:45hedge funds do? All this stuff now boils
20:48down to AI is smarter. I always say that
20:52investors get one idea in their entire
20:54life to invest on and they just expose
20:56it over and over again. Warren Buffett
20:58buy things for less than they're worth.
20:59He just did it a bunch of times and
21:00built an incredible amount of wealth.
21:02You know, if you go and you look at the
21:04rent tech guys, there's math and there's
21:06inefficiencies, all this stuff. You just
21:07go invest in I think that our entire
21:10generation, the one big idea is they're
21:12never going to stop printing money. I
21:14think a 1A now though is there is now
21:16technology that is going to be way
21:18smarter than us. It's already smarter
21:20than us, but it's only going to get
21:21worse.
21:22I AI pill a boomer this week, and I want
21:27to tell you uh some of the details
21:29because it actually had more of an
21:31impact on me than it did on them.
21:34There's an individual that I know, a
21:35piece of commercial real estate. They're
21:37trying to sell it. They've been trying
21:37to sell it for a while. And I they kind
21:40of every once in a while when I talk to
21:42them, they mention it and I say, you
21:43know, let me try to help you. So, I took
21:45the address and I put it into Grockbot
21:47and I said, "Hey, this thing hasn't
21:50sold. I want to try to sell it in the
21:51next 45 days. Come up with a plan, do
21:54the research, you know, all the things
21:55you would expect." It did what you would
21:57look at. It went and it found comps and
21:59it built the whole plan, whatever. And
22:00then it did something that I would have
22:02never personally thought to do. It went
22:04and it looked through all of the local
22:06real estate like land uh sales and it
22:10gave me a target list of people who have
22:12been buying up land in that area and
22:15said you might want to just call these
22:17people and see if they're interested.
22:19And I literally it was like a whoa and I
22:22called up this person and I said hey
22:26look at how smart I am. I have this list
22:29and then I eventually told him I said
22:30the AI created it. And so I've been
22:34thinking about this one moment where I'm
22:36like, how many people do you know who
22:38have ever listed any piece of real
22:40estate, residential, commercial,
22:41whatever, have ever thought maybe I
22:43should go build a target list to do
22:45outbound sales for the real estate.
22:47That's not something that you just like
22:48train on. And so the reason I say that
22:50is this idea of like AI is inevitable.
22:53Well, like if it's smarter than us and
22:54it can do things like that, then
22:56actually the race is not like just the
22:59hyperscalers and building and all this
23:01for people who are not involved in those
23:02businesses. It's actually how much
23:04penetration can you get AI into your
23:07life? How much are you going to use it?
23:10And the people who get there first,
23:12they're actually the ones who are going
23:13to be most successful and have the most
23:15productivity and all stuff.
23:17>> But investing wise, let's just shrink it
23:19down to that investing world.
23:21>> I know some people who use checkp claude
23:24whatever Google on steroids I think you
23:27use it much more advanced than that but
23:30there's somebody out there who's created
23:31a you know AI agent hedge fund that's
23:33trying to day trade whatever the further
23:36along that curve you get the better your
23:38return should be the better your
23:39finances should be and it just feels
23:42like when you view the world that way
23:44the people who are like AI is a bubble
23:47AI is not going to happen
23:49>> they kind of just sound stupid right
23:52like It's it's like so far behind. It's
23:54such a dinosaur world. What are we
23:56talking about?
23:57>> All right. So, let me give you two um
23:59forks on on this topic. And I think this
24:02is important. In fact, I'm going to
24:03direct it towards the parents.
24:06Um,
24:08so first I'm going to use a conversation
24:09I had with a friend of mine uh who I
24:12hadn't seen in a decade was in town and
24:16this person uh close to 40 decided to go
24:20back to school went to law school. So
24:24my first question was so how is school
24:28you know what Harvey is? And the person
24:30said yeah they were in the tech field.
24:32Okay. Yeah I know what Harvey is. Okay.
24:35um how's that impacting the way you view
24:37since you know it, how is this school,
24:39which is a really good school in New
24:41York,
24:41>> Mhm.
24:42>> dealing with this issue?
24:45>> And the person said it's it's
24:47incredible. It's almost like they're
24:50ignoring it,
24:52but to make it worse, and I I've I heard
24:55I've heard a lot of stuff. I've never
24:56heard this. Before they enter the
24:59classroom, they have to they can't enter
25:02with any technology.
25:04No phones, excuse me, no laptops, no
25:07nothing.
25:09>> This is what they've come up with at the
25:10schools.
25:11>> This is a law school.
25:12>> This is a prominent law school that
25:15every single person listening to this
25:16know. So, I don't want to get into the
25:18conversation because number one, I trust
25:20this person implicitly. And they didn't
25:21do it for any other reason. In fact,
25:24completely the opposite. This person is
25:25I only hang around with people that are
25:27very down to earth and can have deep
25:28emotional conversations and really enjoy
25:30the topic of where things are going. And
25:32this was literally like, "No, they don't
25:34know how to handle it. This is their
25:35solution. Their solution is we can't
25:39police it." And I understand why because
25:41recording devices, you don't need the
25:43professor anymore.
25:46>> You just have AI listen to it and then
25:48you're taking away the whole thing. But
25:49also, you don't know whose work is done.
25:52And my first response was, you know,
25:55who's going to know people that didn't
25:57do any work? the people that hire the
26:00person, the people like if you're not
26:03using AI in a creative way to get back
26:05to your point,
26:07you're making a this is what schools are
26:09doing to kids. Okay, this is
26:12unacceptable. Like this is unbelievable.
26:14>> You're making them raw dog classroom.
26:16That's crazy.
26:17>> Okay, we're we're teaching. You guys
26:19have to memorize.
26:20>> Y'all crazy out there.
26:21>> Um no phone. I'm surprised it's not
26:24withdrawal happened in the classroom.
26:26So, let me take what you did and connect
26:28it back to that same son I mentioned
26:30who's no longer 13. Okay? He's now a
26:35junior in college.
26:37So, as you go through this whole thing
26:40and you listen to what he's saying, so
26:41he's on an internship.
26:43>> Mhm. that internship.
26:46He tells me how excited he gets whenever
26:48there's a meeting because he enters the
26:51meeting and all he does is listen to the
26:54problems and he leaves with a ton of
26:57ideas because his goal is to please the
27:00people by solving their ideas with
27:02agentic workflows.
27:04>> Grock's just built the solution by the
27:05time the meeting's over.
27:06>> But and that he's been doing this now
27:09since July.
27:10>> Yeah.
27:11>> They don't want him to go back to
27:12school. He and I are talking about
27:13whether it makes sense for him to go
27:15back to school and finish up or not.
27:17>> If you don't allow your kids to use it,
27:19and this is the beauty of it, this whole
27:21like reverse engineering now,
27:24>> if your brain doesn't work when you hear
27:26something, you go, I can make money off
27:28that. I can make money off that. And
27:29you're trying to graduate with a degree
27:31where you're going to make money by
27:32graduating and being one of like those
27:34days are over. That is not the way this
27:36is going to work. And if you listen to
27:38what the A16Z podcast talk about, Mark
27:42literally said the gap between AI native
27:44companies and the incumbents has never
27:46been wider. Like it just keeps getting
27:49further apart. So you don't want your
27:52kids to go to one of these incumbent
27:54places. You actually want them to have
27:56these entrepreneurial skills that you're
27:57describing and create an idea that can
28:00monetize and turn into something. If
28:01you're a lawyer, you want to embrace
28:05using Harvey because Harvey can't
28:06replace all lawyers, but it can
28:08certainly speed up the process of being
28:10a great lawyer. I have a lot of ideas on
28:14what to do with my business cuz I think
28:16content keeps going up in value just
28:18like sports teams. But let me rephrase
28:21it. Good content. Content where you're
28:24actually trying to teach the people.
28:26You're trying to not scare the people
28:28and you're actually trying to get them
28:29to be empowered. I actually think
28:31there's value to that which is why I
28:32started to do this. I think when you
28:34start thinking about the issues and how
28:36you can leverage AI into your business,
28:38you start to get more empowered, but you
28:40also start to get a realization that
28:42there's infinite amounts of ideas of
28:44problems that need to be solved. And the
28:46reason is because most people don't use
28:48AI. It is also um I've been thinking a
28:52lot about active versus passive usage.
28:55So active usage is like I go to chatbt
28:57and I ask it a question. I had to type.
28:59Passive usage is every meeting is
29:02recorded. The AI takes the transcript,
29:04creates notes, emails the notes to
29:06everybody and uh then stores it
29:09somewhere so it can be referenced as
29:10context later.
29:12The passive usage to me is where most of
29:15the magic is. We see this with the
29:17proactivity of instinct, muse, dots, you
29:21know, Grockbot, whatever. And so as the
29:24world shifts more and more to the
29:26technology being available in a passive
29:28manner but like it's like passive plus
29:30automation
29:31>> you start thinking inside these
29:33businesses like we are going to just
29:35have autonomy like like it is going to
29:38become this autonomous thing inside of a
29:39company. Now there's a couple other
29:42things that I think are uh fascinating.
29:43I've told you before that um
29:46we have more agents that work at the
29:49public company than we do people. Right.
29:52Okay. I don't think that that's
29:53something for us to like beat our chest
29:54about. I think like that's becoming
29:55prevalent across a lot of companies. But
29:58recently uh we started thinking about
30:01okay we've been using most of the agents
30:02for analytics engineering you know
30:04things that are more uh kind of
30:06productivity and like product based
30:09now we're thinking about finance and
30:10operations. And so I went to finance
30:13operations folks I said hey what would
30:14you like? They started coming up with
30:16all kinds of use cases that I would have
30:18never thought of. And I said you know
30:20what's interesting? What if I just take
30:22what was essentially a brainstorm and I
30:24just feed it into you know whether it's
30:25Grockbox or something else and then I
30:26ask it
30:27>> ideas like this but make more of them
30:30you know like what else could we do it
30:32started coming up with a bunch more and
30:33like you just realize you're like wait a
30:34second here there is this very weird
30:38like relationship between the human and
30:39the machine where you're just going back
30:41and forth back and forth that then if
30:43you bring this back to the investor in
30:45the portfolio
30:47I have a portfolio I hear the bears
30:49yelling and screaming And there all
30:51kinds of things from interest rates,
30:52inflation to, you know, capex spending,
30:55whatever.
30:56But I talked to Dan Ies this week. He
30:59went to Korea and I asked him, I said,
31:01"What would your message to the bears
31:02be?" And he said, "Go to Korea." He
31:05said, "Go see the demand.
31:08You're saying look at what everyone is
31:10saying from the demand side." And so I
31:12just am separating the world out. Like
31:14there are people who are demand driven
31:15and that's what they're looking at and
31:16they're like, "How could we possibly be
31:18in a bubble? How can we possibly have
31:19this go to zero? And then there's people
31:21who are like, did you see how much money
31:23met Meta spent?
31:24>> And you're like, you kind of need the
31:26demand side of the equation to know
31:28whether this is a bubble or not. Right?
31:31>> So, I'm going to take a weird direction
31:32on on what you just said. And and I
31:37don't know how much I' I've brought this
31:38up, but um so let's use this proactive
31:41reactive thing. Okay.
31:43>> So, here's um a scenario that I'll
31:45equate to the relationship between
31:48AI and your life and how to use it in a
31:52way or a similar way to help people use
31:56their relationship with their therapist.
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34:06here's um a scenario that I'll equate to
34:09the relationship between AI and your
34:13life and how to use it in a way or a
34:16similar way to how people use their
34:19relationship with their therapist.
34:22Okay. So when I was very young, I read
34:26something and if I read a quote in
34:28anything and this is the reason why when
34:30I was younger, I would read the great
34:32thinkers of the world.
34:33>> Was it a book?
34:35>> Uh it probably was an excerpt in a book.
34:39Like to give you an idea, Ralph Waldo
34:40Emerson, life is a succession of lessons
34:43which must be lived to be understood.
34:44That grabbed me and I've I've I've
34:46memorized it. I say it all the time.
34:48There are certain things like that that
34:50that grab me. But one of the things was
34:54you can't love others until you love
34:57yourself. And I really thought about
34:59that and that got me into Freud. It got
35:02me into why would I have any chip on my
35:06shoulder towards my parents? What what
35:08is that about? What does that mean? Why
35:09is it driving me? Because I'm a very
35:11driven person still to this age. And a
35:14lot of it comes from my relationship
35:15with my father. And so I wanted to
35:18understand that because I wanted to love
35:20who I was at a young age, but I also
35:22wanted to make sure that I had no the
35:24chip was not anger. It was just
35:26gratitude. I wanted to turn it in there.
35:28So that led to me spending a lot of time
35:31with Sigman Freud and and evolving into
35:34other of the great psychologists/
35:37psychiatrists and I still believe
35:39psychology is a really important part in
35:41the markets. Charlie Munger, Warren
35:43Buffett. I view them as market
35:45psychologists as as much as anything. I
35:47wanted to learn from those those types
35:48of people. Um, and that gets me back to
35:51the relationship that I think people
35:53should be building with AI. And there's
35:55a very easy way to do what you said. I
35:57think with personal agents, with Muse
36:00right now, if people haven't done this,
36:03I want you whatever time of the week is
36:06import is is free for you. 8:00 on on
36:08Friday morning or 4:00 on Friday
36:11afternoon, Saturday morning at 6,
36:14whatever time is free.
36:16Have Muse at the end at that time every
36:19week ask you
36:2210 questions
36:24about
36:26are you happy with your life? Are you
36:27happy with your workout? Are you happy
36:28with your diet? Are you happy with work?
36:30Are you happy? Like, and just say it.
36:33Get it out. And then it can run off. in
36:35the goal and you could say the goal is
36:36for you to hear what I'm saying and then
36:38come back with things that could make we
36:41can improve on this literally like a
36:43brainstorming session not with a
36:44therapist but with someone that
36:46understands your life. The more that you
36:48do this and get used to this I think
36:50you're going to start to realize if it's
36:52your business like you're talking about
36:54and I have a business that I'm building
36:55and I'm very excited about where it can
36:57go. I'm very excited to help people
37:01embrace this. I did something last
37:03weekend on or two last week on
37:05compounding and describing why why a
37:07construction worker son whose father
37:09didn't go to graduate high school got
37:11into the markets. Why did that happen?
37:14Well, it happened because my math brain
37:16was really good. My father taught me
37:17well in probabilities. But it really
37:18happened for one reason. I got a book
37:21and on one page of the book, it said if
37:23you double a penny every day, it's $10.7
37:24million. And I went whoa. And the power
37:27of compounding is one of the coolest
37:28things in the world. and compounding
37:31with AI is vital in your life. Now, if
37:34you believe it's a bubble, by
37:36definition, you're losing the
37:37compounding nature of both from an
37:39investment standpoint and a usage
37:40standpoint. Plain and simple. It is
37:42compounding at a pace never before seen
37:44in technology. So, that power of
37:46compounding that I identified as a young
37:48kid when I was 16 years old that drove
37:50me into this who didn't know what he was
37:52going to do. He just knew he didn't want
37:53to do construction work. He wanted to be
37:55a compounder. Then you learn Moore's law
37:58and what's Moore's law? exponential
37:59compounding. It's the exact same thing
38:01as the penny doubled. In fact, most
38:03books with technology. So, if you're
38:05messing with your future of your kids
38:08because you believe AI is a bubble when
38:10it's an inevitability that it will be
38:11part of our life and that it'll be
38:13disrupting the people who don't embrace
38:14it, I think the first step to leverage
38:16what you said is take AI and make it a
38:19life coach. Make it a life coach asking
38:22you the same questions every week and
38:23it'll remind you, did you do what we
38:25said last week? And I won't go through
38:27the things I've already done that with,
38:28but in particular, I get hyperfocused
38:31on, hey, I want to improve my health a
38:33little bit this week. What science will
38:35do this? Those types of things to me are
38:38really important for people to embrace.
38:39So, I'm I'm going to leverage what you
38:40said and just say this is somewhat like
38:41therapy.
38:43>> I love this idea because um it is human
38:46in the loop like recursive learning.
38:48Yeah.
38:48>> Right. And um
38:50>> and compounding of every week going
38:51through it, the routine of it.
38:53>> Correct. And I I do think that um
38:56every uh every week I put together a
38:59company update and in it I want to make
39:02sure that we talk about what we did in
39:03the past week, what we're going to do in
39:04the next week. Not that rocket science,
39:08but every morning I put priorities into
39:11Slack to a certain group of people and I
39:13basically say here's all the things I
39:15got to work on. And some days it's
39:16longer than others, but I put it all in
39:17there. And what I have found is it's
39:19really helpful for me at the beginning
39:20of the day to write down here's things
39:22I'm going to work on. But then at the
39:23end of the week I say hey Grock go
39:26through that thread and pull all the
39:28things that we got done this week.
39:30>> Magic. And you do that week after week
39:32after week and hey for the month or the
39:34quarter or you know whatever. And so
39:35you're just feeding it information as
39:37you go. Now we're talking about
39:39corporate applications of this stuff or
39:42personal applications. There are two
39:44companies this week that came out that I
39:45want to talk about. First is Warp
39:47Sciences.
39:48>> Before you do this, I just want to
39:49interact sec for for 30 seconds. The
39:53thread, I want to get people off of this
39:56thing cuz I think it freaks people out
39:57cuz then they have they have so many
39:58threads, they're trying to go find it.
40:00Muse is built for memory. It is the best
40:04model out there right now for memory.
40:06They spent the time to release it
40:07because it needs to have memory. I use
40:09Muse a ton right now because it
40:12remembers everything, my recipes. And so
40:14I don't need to go back and find the
40:16thread. And even though I know you were
40:17just saying that because you can do the
40:18same thing with Grockbot, I just want to
40:20remind people if you've had frustrations
40:22with finding that thread because that's
40:25where the memory is and that's where
40:26you've been doing that conversation. You
40:27don't need to do that with Muse. Go.
40:29>> So I'll take it a step further actually.
40:31uh if people want actionable things of
40:32what to do with their AI, let's say
40:35you're using Muse and let's just say
40:37you've never used another AI ever before
40:38as your first kind of experience. As
40:41you're communicating with it, it's
40:43saving all that stuff in memory, but
40:45then all of a sudden Anthropics Duet
40:47comes out or dots or Grockbot or you
40:49know whatever. One of the very simple
40:51things you can do is you can basically
40:53say to whatever AI you use, hey, I want
40:56to have a backup of your memory and we
41:00can do it in Google Drive, we can do it
41:01in notion, we can do it in Obsidian. Uh
41:03drove files is something that we built,
41:05right? Whatever. I want at the end of
41:08every day or every week for you to take
41:09all of the new information that you've
41:10saved in your memory and I simply want
41:12you to write it to the backup. And then
41:15if something new comes out, you could
41:16say, "Hey, by the way, rather than me
41:18sit here and tell you all this new
41:19information that I previously had told
41:21you, just reference that notion
41:23document, that Google drive, whatever."
41:25The people who have done this are like,
41:26"Now I can actually use four or five of
41:29these different things cuz Muse is
41:30really good at A, B, and C. This other
41:32one's really good at this other thing,
41:33but they all have shared memory, and
41:34they're constantly feeding it back." And
41:36actually, the memory becomes the really
41:38important part, right?
41:39>> Yep. And so, let's take a step. Everyone
41:41has heard how good for you a daily
41:43journal is. So, let's just like what
41:46what what went on. Um, no, there's a
41:48lot. I mean, writing down your thoughts,
41:50>> having a gratitude diary, which I mean,
41:52I keep track of the things I'm grateful
41:54for. This started after 9/11. Like, I
41:56had to do a eulogy on my best friend.
41:58And my thought was, I have to turn this
42:00into gratitude that I got to know this
42:02person at all and the impact I had on my
42:04life.
42:04>> So, when people died, it became less
42:06about the tragedy and more about
42:09focusing on the gratitude. And that's
42:10what helped me get through it in that
42:12way. So if you go in muse at the end of
42:14every day for a minute and just say this
42:16is what I'm grateful for today plus this
42:19is what I want to remember that happened
42:20today.
42:22Then in a month if you go back and say
42:24hey will you go through the daily
42:26journal and just take the last 30 days
42:29what have I said like what's the
42:30progress of what's gone on in my life
42:32what have I talked about repeatedly is
42:34there anything with inside the insights
42:36I'm just telling people that doing that
42:38type of stuff is going to become the
42:40norm and being able to be happy again if
42:44you don't love yourself
42:46>> you'll love the AI
42:46>> you can't love others and this is where
42:48I really do believe that technology has
42:50made people not like themselves as much
42:52as they should and I think there's a lot
42:54more anger in the world and I do believe
42:56that as time goes on technology will
42:57have if you use it to help you and help
43:01you all these things your health your
43:05finances your job but most importantly
43:08if you become optimistic right now and
43:11empowered
43:12you're ahead of 99% of the people as far
43:14as I'm concerned
43:15>> 100% I I could not agree more don't fall
43:18in love with the AI is my only warning
43:20it's like you know smoking can cause
43:22cancer.
43:23Talking too much to the AI about
43:25personal feelings could uh make you fall
43:26in love. Um I don't know. I'm not
43:29speaking from personal experience. Um
43:32Warp Sciences.
43:34So Kevin Wheel, uh amazing guy, a great
43:37entrepreneur and operator. Uh he was the
43:39former chief product officer at OpenAI.
43:41He has now started a company where he
43:43basically wants to be at the forefront
43:45of AI, biotech, healthcare, etc. You've
43:48been talking a lot about this. Um is
43:50one. And then two, war hounds.
43:54Palmer Lucky and uh this biotech company
43:58uh that's been working on animals.
44:00They're collaborating and they are
44:02creating war hounds which is they're
44:03going to create genetically modified
44:06dogs to put on the battlefield and
44:09Anderville is going to make them special
44:10gear. So, you know, it's pretty crazy.
44:14You're going to have genetically
44:15modified and amazing rabid war dogs that
44:18we then are going to put and gear on,
44:20including lasers and visuals and packs.
44:27I mean, this is where we're going.
44:28>> Sharks with laser beams. Is that what
44:29we're talking
44:30>> Listen, are you saying they're not real?
44:32Are you saying they're not real, Jordy?
44:34Come on. The uh I mean, but but if you
44:37start to look at some of these things,
44:38they all on oneoff, you're like, "Oh,
44:40okay. AI and biotech. Interesting. It's
44:44a nice company.
44:46>> Warhounds. Oh, Palmer's being a little
44:47crazy. Whatever.
44:50But wait a second. When you zoom out and
44:52you look at these companies, like we are
44:55in the economic boom. We are in the
44:57like, you know, there's the J curve
44:59where you're you're negative.
45:01>> Mhm.
45:01>> We're positive, baby. We we are up and
45:04to the right aggressively in terms of
45:06ambition, technology, innovation, the
45:08acceleration of these companies. These
45:09war hounds, by the way, you want to try
45:11to guess the valuation coming out of the
45:13gate?
45:14>> What is it?
45:15>> Billion.
45:16>> Yeah,
45:17>> the dogs are worth a billion.
45:19>> Um,
45:23so
45:23>> you want one of the genetically modified
45:25dogs?
45:25>> No. I'm going to give people two two
45:27good stories. Okay.
45:28>> Jordy walking around Brooklyn with a
45:30genetically modified war dog. At the
45:33very end of the A16Z podcast, probably
45:35the most important thing for people that
45:37I think everyone will raise their hand
45:38and say, "I want that immediately."
45:41What they said was, "This was not one of
45:43them. So, they've obviously seen this or
45:45they've heard it from someone
45:48is basically, we'll soon be able to
45:51understand what our animals and pets are
45:53saying to us." Okay? Convert their
45:55language into what's happening. So
45:59that's more of a rather than war dogs
46:01being able to understand your animals
46:03much more as far as I'm concerned for
46:05people out there cuz pets is a huge
46:06thing I can tell you Williamsburg it's
46:08it's very difficult to walk around
46:09Williamsburg and not see people's pets
46:11and what the pets do. So
46:12>> so imagine if you had a war dog he'd be
46:14the big dog of the block.
46:16>> Um the second thing I want to get back
46:18to something I've written about and I
46:20think is really important. So in this
46:21week of AI destruction
46:25a company made a new all-time high.
46:27valuation is quickly rising the ranks,
46:30especially relative to the other ones at
46:32the top of the list, and that would be
46:33Eli Liy.
46:33>> Come on, take your victory lap.
46:35>> No, no, no. It's not a victory lap yet
46:36until it's the biggest company in the
46:38United States of America, which I will
46:39continue to say will happen within 5
46:41years.
46:42>> You think it'll be bigger than Nvidia,
46:44all these guys,
46:44>> bigger than all of them. Um, and there's
46:46a reason, and this is the reason why
46:50what can't be disrupted the next 5 years
46:53is helping people get better. There's a
46:56very slow process that has to get in
46:58before human beings are allowed to take
47:00and ingest pills.
47:02>> Ompic has helped a lot of people in the
47:04country based on the fact that people
47:06are not going to die from diabetes and
47:10all types of other ailments or or things
47:13that it's had an impact in or growing.
47:15This weekend I will talk a lot about
47:17Toon Lab. I did a subscriber video this
47:19week where I highlighted but here's the
47:20thing. Eli Liy made new all-time highs
47:22this week. The S&P 1500 life sciences,
47:26biotech, and pharma index made new 52-
47:30week highs during a week where
47:32everything related to AI is going down.
47:35You know what the power of that is? The
47:37reason that Nvidia to me is seeing its
47:40multiple go down is because it will
47:42eventually
47:44be disrupted in some way.
47:45>> Mhm.
47:47>> In the next 5 years, I don't know, but
47:50the market's building in that it will be
47:51disrupted. If you ask me, they are the
47:53safest company to own. Do I think they
47:55will continue to go higher? It's one of
47:56my biggest longs. My biggest long as of
47:58right now is Eli Liy. Then we've got
48:01Nvidia. Then we've got Marll. So I have
48:03basically my AI trade.
48:05>> Marvel. Let's go speed it up. So what
48:07you have is the reason this is so
48:09important. We're getting to the point
48:11that people have to start to realize
48:12that when they worry about energy prices
48:15like oil, okay, energy of personal
48:18consumption is now less than 3%.
48:23Healthcare is 20 plus%. It's about 22 to
48:2623 depending on how you go through the
48:28measurement. It's non-yclical. It's
48:30funded by both the government and
48:32insurance companies that you work for.
48:33Meaning you get sick, you go, it's paid
48:35for. So that's why it's a non-yclical
48:38part. So it has the AI benefit of drug
48:41discovery of everything associated. It
48:44already is a massive it is the number
48:46one thing people spend on in the
48:48country. Number one, transfer home way
48:52lower, house, autos way lower. This was
48:54not the case 40 years ago. So during the
48:571970s when energy was a big deal, you go
49:00back and look at healthcare, it was
49:01nothing compared to your house and your
49:03home. So heating it and driving it was
49:06very very much related to energy in one
49:08part. It was also related to interest
49:10rates. Healthcare doesn't have that. So
49:13if you're worried about the AI buildout
49:14and the delays, get long the healthcare
49:16sector. And that's what you're starting
49:18to see is rotation into sectors that do
49:20not have cyclicality. Nvidia is still a
49:23cyclical company. Micron is still a
49:24cyclical company. If there's a delay, if
49:26there's an overpurchase of GPUs and we
49:28can't get the power, well then at some
49:30point Nvidia is not going to sell as
49:32many chips because people won't store
49:34them anymore. Right now there's a lot of
49:36places that have a lot of GPUs because
49:38they know they're going to need them in
49:395 years, four years, 3 years, 2 years.
49:41If we can't get the power done, then
49:43they don't happen. So I think on on the
49:46side of the breakthrough side, we are
49:48entering that period where the
49:50breakthroughs are going to start to
49:51become the place to invest because
49:53they're mispriced because pharmaceutical
49:56companies historically traded a very low
49:58multiple and the reason is cuz they're
50:00safe and they don't have any cyclicality
50:02meaning there's no growth. If these are
50:04becoming growth stocks, which Eli Liy
50:06has been, and for people who don't know
50:07this, you may not know this. Eli Liy has
50:10been up 10 years in a row. There's no
50:14tech companies that have done that. 10
50:16years in a row. Okay? So, none of the
50:18big tech companies, they were almost all
50:19of them were down in 2022. Not Eli Liy.
50:2110 years in a row. You know what its
50:23kager is over the 10 years? Over 30%.
50:26You've made a lot of money if you've
50:28just sat in Eli Liy purely based on
50:30Ozmpic. But I can lone
50:33>> I will say it again. Eli Lilly's cash
50:36cow allows them to do things like Toon
50:39Lab. I talked about Harvey. If people
50:41have now looked up Harvey and they're
50:42like, "Oh my gosh, this is where all the
50:44lawyers are coming together." Go look at
50:46what Toon Lab is and just see that they
50:48now have 135 different companies that
50:51are putting in information on their IP
50:54into this supercomput that Eli Liy set
50:57up so that all of them can benefit and
51:00collaborate like a Manhattan style
51:02project on the information to try and
51:04solve their we are going to solve a lot
51:06of different things going forward and
51:08this is going to be a big part of the
51:09next 5 years.
51:10>> Ladies and gentlemen, that's what we
51:11call mic drop. That's it for today. Go
51:15check him out on YouTube. Just search
51:17Jordy Visser. His Sunday video is
51:19excellent. I highly recommend it. Go
51:20check out sylvia at sylvia.com. Secure,
51:23private, accurate AI agent to better
51:25manage your finances. Jordy, thank you
51:26very much. See you guys next week.

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