Jan van Eck: Q4 Macro & Market Outlook

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Oct 20, 2025

In this discussion, Jan van Eck, CEO of VanEck and expert in asset management, shares insights on the current market landscape. He dives deep into AI's rapid evolution and its implications for investor engagement, highlighting the soaring demand for tokens and NVIDIA's pivotal role. Jan also analyzes the persistent bull market in gold, driven by geopolitical uncertainties and central bank acquisitions. Additionally, he uncovers opportunities in private credit markets and underscores India's structural reforms as a promising investment space.

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INSIGHT

Exploding Token Demand Meets Falling Compute Costs

AI token demand is exploding while processing costs are collapsing, creating unprecedented compute pressure.
That gap drives a visible multi-year compute shortage benefiting NVIDIA and hyperscalers.

INSIGHT

NVIDIA Is The Modern Mainframe

NVIDIA's hardware and CUDA ecosystem create a powerful moat beyond chips alone.
That ecosystem positioning makes NVIDIA central to the modern 'mainframe' of AI compute.

ADVICE

Track Token Demand As The Key Signal

Watch token demand as the single most important metric to validate AI's secular revenue impact.
If token growth stalls, the bullish compute and earnings thesis becomes much riskier.

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When market uncertainty is as high as it is now, I often emphasize that the most useful people to interview are asset managers.Because they don't have the luxury of merely having an opinion on the road ahead -- they have to commit capital to their convictions, and be judged upon the results.Today we have the great fortune of having the return appearance of one of the most respected capital allocators in the business: Jan van EckJan is CEO of vanEck, an asset management firm with over $100 billion in assets under management invested across its wide family of ETFs and funds, spanning equity, bond, commodity, digital and regional asset classes.As we've done the past several quarters now, Jan and I will spend the next hour discussing his Q4 macro and market outlooks, as well as where he sees the biggest opportunities for investors right now.

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