Jordi Visser: Nvidia's Multiple Compression Signals Broader AI Trade Risk

Jordi Visser, who runs 22V Research and has rotated much of his own portfolio out of AI infrastructure, says $NVDA is up 80% since June 2024 but almost none of that gain happened in the last two years. Speaking on Anthony Pompliano's show, he noted nearly all of the 80% gain landed in just four of the last 26 months, with the stock moving sideways the rest of the time even as earnings kept printing.
Visser said this reflects investor fear of competition rather than weak numbers, arguing that once confidence fades that a company still has growth left in three years, the discounted cash flow justifying a high multiple falls on its own without any earnings miss required. He expects similar multiple compression to spread to Micron, the hyperscalers, and the rest of the AI trade over the next three years.
He has already moved a chunk of his own money out of infrastructure names and into scarcity assets instead.