The Collapse of Patience: How AI, Capital Efficiency, and Bitcoin Break the Cycle

Jordi Visser

May 27, 2025

Last week, I referenced how certain books can leave lasting impressions—memories that echo back throughout life. This week, I want to highlight a sports memory.

I’m a devoted New York sports fan and have attended important playoff games for... See more

When I was jotting down notes for this piece I started listing out all the best observable reasons 2026 could be a bad year.

• the labor market is weakening


• AI capex can’t continue at this rate and is propping up the market


• stocks are expensive and multiples will contract


• private credit boogeyman


• inflation returns