BlockBeats reported on July 15 that Jordi Visser, head of AI Macro Nexus research at 22V Research, warned that “instant competition” created by AI is tearing down the moats of traditional companies at unusual speed. He said that within the next five to 10 years, as many as half of the companies in the S&P 500 could completely lose their investment value and become “irrelevant” holdings, similar to how he described Ford today.
Visser cited Salesforce and Adobe as current examples. In his view, corporate valuations rest on one core assumption: how long a moat can hold. AI changes that equation because competition can appear out of nowhere and then evolve rapidly, leaving the defenses of many listed companies exposed almost overnight.
Pushing back on the AI bubble narrative
Visser rejected the market’s current “AI bubble” argument in blunt terms. He said Samsung is expected to generate $217 billion in profit this year, a figure that exceeds the company’s cumulative profit from the previous 40 years. He also said Nvidia is trading at a 10-year low on valuation, with its high growth fully absorbing what would otherwise be seen as an expensive multiple.
He drew a distinction between demand for compute and demand for oil. Oil demand grows linearly, he said. Compute demand is rising exponentially. He added that hyperscale cloud providers currently have $2 trillion in remaining performance obligations, and not one of them has spare capacity.
According to Visser, the “AI mid-cycle growth slowdown” that began in late May has already ended. If consumer agents break through later this year and let users interact with dynamic workflows freely through voice, the resulting compute consumption would be 20 to 30 times current levels. After that, fully autonomous driving and humanoid robots would add what he described as an endless wave of compute demand.
Macro frameworks, in his view, no longer work
Visser said traditional macro analysis frameworks have broadly failed. He argued that 99.9% of macro strategists do not actually use AI in any meaningful way and instead limit it to tasks such as polishing emails, which leaves them unable to grasp its disruptive force.
He said, “If you don’t use it, you simply cannot understand that its IQ is already above 140. It is a polymath that breaks disciplinary boundaries.”
His allocation view
On portfolio positioning, Visser said ordinary investors should allocate about 10% of their capital to leading digital assets and frontier AI names. For younger investors, he said that share could go as high as 20%.
Among specific names, he said he is strongly bullish on Nvidia, Marvell Technology, Eli Lilly, as well as hard infrastructure plays tied to data centers including Caterpillar and Modine Manufacturing.