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Bubbles, Parabolas and Speed Crashes: The End of Human Market Structure

Published on May 10, 2026

Jordi Visser

In this week’s video, I take on the “AI bubble” narrative head-on. Yes, charts have gone parabolic. Yes, the moves look uncomfortable. But this isn’t 1999, and it isn’t Kindleberger. The dominant force in markets is no longer human emotion, it’s AI agents that don’t anchor, don’t get FOMO, don’t remember Druckenmiller’s wisdom, and have one objective: make money. Markets are moving from “manias, panics, and crashes” to bubbles, parabolas, and speed crashes, faster up, faster down, and structurally different.

The facts cut against the bubble call. S&P earnings growth is running 27.1% Y/Y with 20% average earnings surprises across 320 reporters. Semi sales were +88% Y/Y in March. Anthropic is projected to surpass Alphabet in revenue by mid-2028, they planned for 10x annualized growth this year and got 80x in Q1. Cloud backlog is $1.3–1.4 trillion. The market’s PEG ratio is 1.03. Nvidia’s PE is at its lowest of the decade, versus Cisco’s 130 at the 2000 peak. This isn’t speculation, it’s a benchmark arbitrage. Passive money is structurally underweight the names doing the work, and they have to catch up. That rotation just started in late November when the agentic stage kicked off and Open Claude went viral.

The bottleneck has now shifted. The IQ stage was GPUs. The agentic stage is power-constrained. Tokens are the food of digital employees, and tokens are power plus chips. That forces capital into utilities, grid equipment, batteries, silver, copper, and advanced packaging. I’ve sold two-thirds of my Micron and rotated into Nvidia, silver, Bitcoin, and Ethereum, with Vistra likely next. We’re entering late cycle, bottlenecks, inflation, CPI tracking 3.7%, three-month bills heading below CPI for the first time since 2022. That’s the regime where Bitcoin and silver become core allocations, not satellites.

Timestamps

(00:00–02:30) Setup: Why the bubble narrative misses the point. Calling out the same crowd that was wrong on tariffs, oil, Bitcoin, and passive and now wrong on AI. Framing for why Kindleberger no longer applies.
(02:30–08:00) Manias, Panics & Crashes is over: Markets used to be human-dominated with information lags. Today, AI agents dominate flow and have no emotion, no anchoring, no memory. Druckenmiller’s 2000 FOMO story illustrates exactly the human bias the bubble-callers are anchored to.
(08:00–13:30) Open Claude & the agentic stage: November marked the shift from the IQ stage (GPUs) to the agentic stage. Token consumption is set to grow 15–50x. Benchmark arbitrage means passive funds are forced buyers of AI names and it just started.
(13:30–19:30) Demand reality: Greg Brockman says demand for intelligence is effectively unlimited. Anthropic planned for 10x growth this year, got 80x in Q1. Cloud backlog $1.3–1.4 trillion. Earnings +27.1% Y/Y. Semis +88% Y/Y in March. Unlike dot-com, the revenues are real.
(19:30–23:30) Valuation: Market PEG is 1.03. Nvidia’s PE is at its lowest of the decade. Cisco’s PE was 130 at the 2000 peak. The S&P PE correlates with consumer confidence and confidence is low, not euphoric. This is not 1999.
(23:30–29:30) Tokens = power + chips: Goldman, Morgan Stanley, and BlackRock’s Tony Kim all confirm the capex inflection. $8 trillion of combined market cap added by compute and model layers; $1.2 trillion lost by service apps that make up two-thirds of GDP. That is the benchmark arbitrage in action.
(29:30–35:00) Bifurcated economy: Breadth is weak, 47 stocks within 2% of 52-week highs, 31 in AI-sensitive groups. Information and financial activities jobs are negative again, AI knowledge-work disruption is showing up. Trade, transportation, manufacturing turning positive on the PMI side.
(35:00–42:00) PMI regime shift: March logistics index at 69.9, fastest expansion since March 2022. John Roque’s “frozen rope” charts cluster around power, copper, grid, utilities, transportation, capital goods, agriculture. Oil shortages building. Food inflation coming via fertilizer.
(42:00–50:00) Late cycle & thematic rebalancing: New subscriber tools, technical, fundamental (PEG), and exhaustion sheets. Sold two-thirds of Micron after extreme exhaustion readings. Power basket breakouts: Hon Hai, Vistra, Eaton, Fluence, Sterling Infrastructure. Advanced packaging, ABB electrification, Soitec.
(50:00–1:00:35) Silver, Bitcoin & tokenization: CPI forecast 3.7%, three-month bills heading below CPI for the first time since the 2022 inflation period. Negative real yields = Bitcoin tailwind. Bitcoin ETF outstanding shares at new highs as boomers allocate. Tokenization rollout scheduled for July 26. Speaking at the III Fort Lauderdale event May 13–15 on tokenization.

Watch here

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