Jordi Visser, a veteran macro investor with more than 30 years of experience, said the period of rapid 7- to 8-fold gains in the artificial intelligence sector has stalled and argued that global capital and market dynamics could move toward Bitcoin and digital assets in the next major wave.

Speaking on Anthony Pompliano’s show, Visser, the founder of AI Macro Nexus / AI22 Research, said the growth rate of the AI rally has changed as capital expenditures, or capex, and hardware constraints have become more significant. Against that backdrop, he said attention is again turning to macroeconomic conditions and the cryptocurrency market.

Visser argued that the “easy money” phase in AI has ended and that Bitcoin could be next in the capital rotation. In market terms, capital rotation refers to investors shifting exposure from one theme or asset class to another as valuations, growth expectations, and risk-reward conditions change. He pointed to aggressive valuations in AI infrastructure investments and large language models, or LLMs, saying they have reached a saturation point.

He said the high interest rate environment, combined with physical hardware constraints such as chip and memory shortages, is putting pressure on company margins.

“The ‘easy money’ trading model, where massive returns of 7-8 times the initial investment were achieved through AI, has come to an end. This doesn’t mean AI is dead; however, we’ve now entered a period of grueling and rational growth, typically around 30% annually. Capital is now seeking new avenues in terms of risk-return balance.”

Visser also said major companies such as Google and Anthropic are spending substantial amounts of capital as they try to build AI infrastructure, while profitability is being delayed by physical limitations. He said those conditions would push investors toward alternative macro assets.

He added that Bitcoin has shown notable resilience during recent macroeconomic turmoil, despite trading approximately 50% below its all-time highs. The comparison underscores how some macro investors evaluate Bitcoin not only as a technology asset, but also as a liquid risk asset whose demand can be influenced by broader liquidity conditions, interest rates, and appetite for alternatives outside traditional equity themes.

Looking to the second half of the year, Visser said he expects an inevitable integration between artificial intelligence and the cryptocurrency market. He said autonomous AI agents will use cryptocurrency networks as the most suitable infrastructure for micropayments, data transfers, and property verification.

According to Visser, that use case would create sustainable organic demand for Bitcoin and leading cryptocurrency networks.