On this episode of the Alpha Exchange, I’m pleased to welcome back Jordi Visser, CEO of Visser Labs and Head of AI Macro Research at 22V. Our conversation centers on one of the most consequential themes in markets today: the intersection of artificial intelligence, exponential innovation, and market structure. With Nvidia’s historic rise as a backdrop and AI’s increasing integration into every sector, Jordi pushes back on the tendency to label this cycle a “bubble,” arguing that AI is more akin to electricity — an enabling technology whose applications will permeate everyday life. Demand for compute remains effectively infinite, he notes, and the supply shortfalls in GPUs, data centers, and power capacity shape how investors should think about the buildout phase.

Jordi also lays out a framework for navigating volatility in sectors tied to AI buildout — including how to handle 20–30% drawdowns — and why estimate revisions matter more than multiple expansion from here. Beyond markets, we explore the labor dynamics of exponential technology: the K-shaped economy, margin pressure at retailers, and why he believes labor participation will keep drifting lower even without mass layoffs.

Finally, we examine the policy environment. Here Jordi asserts that the Fed’s framework is backward looking and misses how humanoids, robotaxis, and accelerated drug discovery may drive deflationary pressures.

I hope you enjoy this episode of the Alpha Exchange, my conversation with Jordi Visser.