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Veteran macro investor Jordi Visser explains why stocks are hitting highs despite bad news and why the AI revolution is just beginning.
Veteran macro investor Jordi Visser, author of the VisserLabs Substack, argues that the stock market’s ability to hit all-time highs despite negative news signals underlying resilience and a potential bull run [1]. Speaking on The Pomp Podcast, Visser suggested that the current artificial intelligence boom is still in its early stages, offering significant opportunities for investors who position their portfolios for exponential growth [1][2].
Key takeaways
Visser stated that the "AI generational situation is still in the first or second inning," suggesting the market has substantial room for growth [2]. To capitalize on this, he holds 15 to 20 international semiconductor and chemical companies in his thematic portfolio, specifically naming ASML Holding, Soitec, Ajinomoto, and Siemens Energy [2]. He identified ASML, the Dutch company with a monopoly on extreme ultraviolet (EUV) lithography machines, as a critical anchor because its equipment is essential for manufacturing the advanced chips required by AI systems [2].
ASML reported strong financial performance for the first quarter of 2026, with revenue of $10.3 billion and net income rising to approximately $3.25 billion [2]. CEO Christophe Fouquet attributed the company's outlook to ongoing AI-related infrastructure investments, noting that demand for chips is outpacing supply and accelerating capacity expansion plans [2]. As of May 29, 2026, ASML shares had risen 117.59% over one year [2].
Addressing why markets continue to hit highs despite negative headlines, Visser offered contrarian interpretations of traditional warning signals [1]. He argued that the Buffett indicator, often viewed as a sign of overvaluation, is actually "more of a bullish thing than a bearish thing" in a financialized economy [2]. He explained that the government relies on transfer payments to support voters, preventing job losses and economic shocks, with total transfer receipts reaching $5,087.8 billion in the first quarter of 2026 [2].
Visser also challenged conventional wisdom regarding the personal savings rate, suggesting that a decline in savings can indicate consumer optimism about job security and the stock market rather than economic distress [2]. Additionally, he pointed to the intersection of AI and biotech as an underappreciated sector, specifically highlighting how Eli Lilly's AI partnerships could transform longevity and chronic disease treatment [1].
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 2 outlets · Jun 2, 2026 · How we report
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