Why Are Bitcoin & AI Stocks CRASHING?! | Jordi Visser
6/27/2026 · 47 min · transcript via whisper
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Key topics
— AI trade not over: The pullback in AI stocks (particularly Micron's sharp moves) represents a healthy mid-cycle slowdown, not a bubble collapse. Micron's supply-demand imbalance extends to 2028; memory shortage is structural, not speculative.
— Memory as critical bottleneck: Agentic AI requires vastly more memory than prior generations—comparable to adding 4 billion people to the planet overnight. This constrains growth speed but prevents destabilizing worker displacement too quickly.
— Claude and ChatGPT dominating: Google's Gemini has lost mind-share among power users. Claude (Anthropic) and ChatGPT now represent ~90% of usage; Google has fallen to third place, losing senior talent to Anthropic.
— Agentic loops and job displacement: Autonomous AI agents running workflows (loops) and communicating via code will accelerate white-collar job losses faster than prior waves. Two power users per 100 employees are already training their replacements.
— Debasement trade capitulation: Bitcoin, gold, and silver sold off together due to quarterly rebalancing and dovish sentiment shift, not fundamental debasement failure. Debasement remains; recovery hinges on AI agents and velocity of money increase.
— Tokenization and third wave: Bitcoin's explosive third wave (Elliott Wave) arrives when AI agents transact at scale. Higher velocity of money and tokenized assets reduce middleman friction; this is the endgame thesis, not speculation.
Market & price signals
— Micron reported stronger revenue in its last quarter than Nvidia achieved at $4 trillion market cap; Micron likely reaches $2 trillion within one year if thesis holds. SK Hynix fell sharply (limit down in Korea); Micron briefly declined but Visser sees no fundamental change. S&P 500 up less than 8% in H1 2024 despite AI enthusiasm—hyperscalers (Microsoft worst month since 2008) underperforming regional chip suppliers. Nikkei +48%, KOSPI +100%, Taiwan +50% year-to-date. Bitcoin and gold sold off together (debasement trade capitulation) on quarterly rebalancing and Fed hawkish signals (Kevin Warsh), but underlying debasement macro thesis intact. Anthropic reportedly at $965 billion post-money (Series H, 3x valuation increase in 3 months); reportedly generating 15–20% free cash flow margin on $10–20B run-rate revenue—unprecedented growth profile.
Actionable insights
— Memory plays outpace AI chips short-term: Micron and Marvell benefit from structural memory shortage through 2028. Nvidia faces multiple compression while receivers (memory, infrastructure) have longer runway; favor supply-chain infrastructure over hyperscalers in this cycle.
— AI agents are the inflection, not chat models: Power users must track agentic loop adoption (Claude tags, workflow automation) as the next driver of adoption and job displacement. Institutions rushing to Anthropic and OpenAI signal where enterprise spend is consolidating; Google's defection risk is real if no new model arrives soon.
— Debasement trade washout is temporary: Bitcoin and gold capitulation is quarterly rebalancing + sentiment, not fundamental. Conviction holders should see this as a accumulation window; third wave thesis depends on AI agent velocity, not immediate macro reversal. Tokenization and crypto commerce require stable agents transacting at scale—still 12–18 months away.
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