Bear Market Hidden Inside Bull Market: AI-Driven Companies Take Over

Jordi Visser is a macro investor who has made a compelling argument that the current market is not one, but two separate markets. He believes that rate-focused investors are shorting a world that no longer exists, while AI-driven, debt-free companies take over.

The bear market, he argues, is real, but it's hidden inside a bull market. This means that instead of seeing a credit event or index crash, we're experiencing multiple compression in large-cap software and payment names. Salesforce is down 10% year-to-date, while Visa and Mastercard are locked in a 'knife fight for the P/E'.

The winning side, according to Visser, is agentic infrastructure (his basket is up 46% versus 10% for the MAG-7) and crypto. He frames this as an early-stage bull market with a 46-name tokenized index up 31% month-to-date.