Jordi Visser is a leading AI and macro investor and Wall Street veteran. He joins Phil Rosen on Full Signal to discuss moving off the Magnificent 7, the next leg of the AI trade, buying into bottlenecks, benchmark arbitrage, and his bull thesis for specific stocks. This episode is sponsored by Public: https://public.com/openingbell Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribe Follow Phil on X: https://x.com/philrosenn Follow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/ Timestamps: 0:00 - Your capex is my opportunity 3:06 - Entering the Physical AI Stage 5:12 - 5-Layer AI Economy 7:06 - Fading the Mag 7 8:52 - Benchmark Arbitrage 11:37 - Signal, Alpha, Agency 16:22 - The bubble argument that holds 17:43 - Selling Micron 22:49 - Are bottleneck trades obvious? 24:19 - Parabolic asset prices 25:46 - Earnings risk 26:10 - Price vs. fundamentals rotation 28:32 - Risks to memory trade 30:44 - Silver bull thesis 31:43 - Marvell 34:20 - Eli Lilly 37:39 - Government Stake in AI 42:52 - Leaving Wall Street 47:39 - Career advice for the AI era 50:45 - Follow Jordi Disclosure: Brokerage services provided by Open to the Public Investing Inc, member FINRA &amp; SIPC. Investing involves risk. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. See terms of Match Program at https://public.com/disclosures/matchprogram Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time. #podcast #investing #markets #macro #stocks #bitcoin #fed

Jordi Visser: The AI stocks that win the next decade

Full Signal

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**Podcast:** Full Signal

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Jordi, I want to take us to your paper you wrote recently about how the new age of investing is about your capex is my opportunity. That's a play on Jeff Bezos is your margin is my opportunity. What's going on here? Jordi Visser Alright, so there's two themes that come out of this. Number one, really post a great financial crisis, the alpha that was generated by all investors

really from 2009 on was isolated into effectively the Mag7. Those are the winners and Jeff Bezos famously said, your margin is my opportunity. And this was really about the concentration of power being isolated into software companies. Commodities didn't work during the 2010 to 2020 decade. Bonds didn't work.

You ended up having negative real yields and or negative yields overall. And then we ended up getting COVID. We got inflation. So bonds basically have not performed. You had a little bit of performance, obviously from the early stages of VC, but then that's run into trouble. And then private equities run into trouble. The whole point of the original part was just that we were in a decade where I don't think people realized how concentrated the alpha was. So now you fast forward.

And Jensen Huang comes out earlier this year and basically tells everyone, okay, we're at the stage now where we're going to build AI factories and those AI factories, it's going to take $90 trillion to re-industrialize through intelligence. So when Jensen Yuong, who arguably, not arguably, is at the, he's the centerpiece that sees everything. Whenever you see any of those circular flows, Jensen Huang is involved no matter what in terms

of what he's got, because he had GPUs and they still today are the most necessary part of the AI buildup. So when he says it's going to be $90 trillion over the next 10 to 15 years, and everyone is focused on the data center side, the winners of this particular 10 to 15 year period are going to be hardware companies. And so the whole point was at the beginning of the year, the models had reached a point where the agentic world was here.

Jensen Huang saying $90 trillion, you need to have the agentic world here. The agentic, reaching the agentic stage, reaching IQ to a level of say 130, where all of a sudden the coding side that Opus 4.5 brought us into, allows us to expand artificial intelligence to a very high level because of the agentic side. We hit recursive self-improvement, then we hit AGI, then eventually we hit super intelligence. All of those get us to humanoids and everything else. So think of Opus 4.5 as being the gateway to the agentic world.

And then Jensen Huang says, we're here, it's going to be $90 trillion to basically manufacture tokens to feed the AI agents. So a lot of this thesis from my understanding is we are moving into the physical AI stage of things. Was there something specific you can point to in the last few months that convinced you that we're moving into that stage rig...

Jordi Visser: The AI stocks that win the next decade

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Jordi Visser: The AI stocks that win the next decade

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.