Jordi Visser is a veteran macro investor with 30+ years of market experience and the author of the VisserLabs Substack. In this episode, we unpack the Federal Reserve rate pause, the case for a more forward-looking Fed, and how rapidly advancing AI is reshaping inflation vs. deflation expectations. We also explore the scarcity trade across bitcoin, silver, energy, and semiconductors—and how investors can think about positioning as physical constraints collide with abundant software.

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• 0:00 – Intro

• 1:24 – Fed’s decision to pause interest rates

• 5:05 – Impact of the next Fed chair

• 7:07 – Time, psychology, & bitcoin

• 10:32 – Pricing assets in gold terms

• 11:40 – AI factories, energy, and compute limits

• 15:29 – Metals runs & investor fear

• 18:37 – Software selloff & big tech risk

• 24:02 – Trimming winners & rotating capital

• 28:44 – Elon, Tesla, & SpaceX

• 34:07 – Jordi’s Sunday video preview & AI urgency