AI Capex Boom Warps Nasdaq As Hyperscalers Take Over, Bitcoin Seen As Hedge By Wall Street Veteran

• The global economy is shifting from a typical business cycle to an AI-led capital-expenditure cycle driven by hyperscalers, said Jordi Visser.
• Massive investments in AI infrastructure, data centers, chips, and energy are changing market dynamics, he said.
• He claimed Bitcoin will do well as a decentralized asset “outside the system,” which is a safeguard against increasing capital concentration.

Artificial intelligence (AI) driven capital expenditure cycle may allow Bitcoin (BTC) to emerge as a "hedge," according to macro investor Jordi Visser on Sunday.

According to Visser, a Wall Street veteran who heads AI Macro Nexus Research for 22V, the conventional business cycle, which once focused on housing, finance, and consumer demand, is being replaced by an AI-driven capital expenditure cycle in the global economy.

In his most recent video, Visser made the case that hyperscale tech firms are already pushing previously unheard-of amounts of investment in AI infrastructure, including data centers, semiconductors, and energy systems. 

He believes that “the old economy business cycle” has transitioned to a system “where your capex is my opportunity,” he said, referring to how the large spending of a few powerful companies is changing the dynamics of the market. Hyperscalers are not just players in the economy, said Visser.

Nasdaq Now Tracks AI Capex Boom, Not Economy

The Nasdaq (NDAQ) is increasingly dominated by hyperscalers and tied to the AI capex cycle, said Visser.  He suggested that the index is less representative of the broader economy and is more driven by a few big tech companies making huge investments in AI.

As these businesses ratchet up expenditure, Visser says, the Nasdaq will serve as a proxy for growth in AI infrastructure, rather than for traditional economic health, meaning its success will depend on continuous capex from hyperscalers rather than cyclical fundamentals like consumer demand or housing.

Visser said that, with crypto in the spotlight, Bitcoin is a prime beneficiary of the trend. “As capital becomes increasingly concentrated in large tech platforms, Bitcoin offers a decentralized alternative,” he said. Bitcoin is “outside the system” and is deemed to be relevant in a world of heavy AI-driven spending,” he said. He also highlighted Bitcoin’s potential as a buffer against the distortions generated by this new cycle, adding that the growth of hyperscalers might increase demand for assets not tethered to traditional financial systems.

Visser’s wider thesis is that as the AI capex supercycle progresses, equity markets and digital assets more generally will be more driven by the spending decisions of hyperscale enterprises, leaving Bitcoin well-positioned in the developing macro context.

As of writing, Bitcoin’s price was trading at $78,728, up over 0.5% in the last 24 hours. On Stocktwits, retail sentiment around BTC remained in the ‘neutral’ zone, while chatter stayed at ‘normal’ levels over the past day. 

Read also: Iran’s Crypto Shadow Network: Nobitex Tied To Power Dynasty And Sanctioned Money Flows

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