Why AI Will Reprice The Entire Economy | Jordi Visser
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What happened in the November and into December was probably the most important point of all of our lives in terms of transitioning from a chatbot era to the agentic era. We have entered the agentic side, which means the amount of compute we need has gone up by a thousand times already from what we went through. It's not all NVIDIA at this point. I don't think the unemployment rate is gonna go higher. I'm not one of the doom and gloom people that believes that people are gonna lose jobs because we've already seen it. What we do have is insanely psychologically damaging situation in the jobs ma
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Jordy Visser, Head of AI Macro Nexus Research, 22V Research. Jordy, for those that don't know you, we'd love to hear a little bit about your background and journey to where you are today, because I think it's a fascinating one and does set up a bit of the context of the conversation here that we're about to have.
I started at Morgan Stanley in the early 90s and quickly moved through the derivative ranks and spent my time in equity derivatives, opened an office for the firm in Sao Paulo, Brazil in 'ninety seven, traded emerging markets. And then I came back and ran the S and P options book for the firm. And then I left, set up my own macro fund, ran a macro fund for about a decade. Then I was the chief investment officer at a multi strategy fund. And now I'm spending all of my time with Mac minis and MacBook Pros and LLMs and having fun teaching people about AI and spending my time on the impact that AI
Yeah. I feel like that is a great little asterisk that I feel like I have to put aside to basically everything I think about these days. And you can see this start to occur in markets more and more by the minute, by the hour, by the day, where, you know, over the past few months, suddenly, you know, we've seen these narratives of OpenCLOCK comes out and what Claude has been doing. And then suddenly, every week, whatever they announce, that whole sector just sells off pretty instantly. And suddenly, everybody's trying to grapple for an understanding, for a meaning, and then they they just so ha
Okay. So last year, the entire year was spent with people doubting it, calling it a bubble, not using it, but saying it with this veracity of comfort. The confidence level that I heard from people who literally do not use it at all just made me understand better that there was a huge arbitrage here, picking names in the space and hearing that this is a bubble because Corning's gone up too much or that Nvidia's gone up too much. I could give you guys 100 names right now that I spend time on that are completely mispriced for the trillions of dollars, as Jensen Huang says, that are going to go th
So to your point, your productivity is booming. You're doing stuff in an hour that used to take at least a few weeks. Talk to me about how you're thinking about this productivity boom. How is this sufficiently discounted or understood? Is it understated? And what does it even look like? Like, a nebulous term, but walk me through how you actually think about what that productivity boom look
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