Big Risks: Corrections and CapEx Hole

Jordi Visser is a macro investor with over 30 years of Wall Street experience and the writer behind the VisserLabs Substack. In this conversation, we break down the latest Fed decision, rate cuts, and their impact on bitcoin and public equities. Then we go deep into the AI landscape — where value is emerging, where risks remain, and how investors should be thinking about positioning for 2026.

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Bitwise is one of the largest and fastest-growing crypto asset managers, with more than $15 billion in client assets across an expanding suite of investment solutions—including the world’s largest crypto index fund—plus products spanning Bitcoin, Ethereum, DeFi, and crypto equities. In addition to managing assets, Bitwise helps investors stay informed about the fast-moving crypto market. Every week, CIO Matt Hougan breaks down what’s happening in crypto in five minutes or less. Read the latest at https://experts.bitwiseinvestments.com/cio-memos. Certain Bitwise investment products may be subject to the extreme risks associated with investing in crypto assets. Visit https://bitwiseinvestments.com/disclosures to learn more.

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Timestamps:

• 0:00 – Intro

• 1:46 – Fed decision, rate cut & initial market reaction

• 6:39 – How equities & bitcoin reacted

• 10:26 – Identifying the next consensus trade & AI progress

• 16:38 – When is AI escape velocity?

• 21:28 – Impact of open-source vs closed-source models

• 27:22 – How hedge funds are actually using AI

• 31:34 – Small business stress, economic transition & IPO wave

• 38:14 – Biggest risks, corrections & market volatility ahead

• 42:54 – The next AI cycle: chips, power & real-world systems

• 46:44 – Preview for Jordi’s next video