Jordi Visser, an authority in AI Macro Nexus Research at 22V Research, suggests that many investors are misinterpreting the current market cycle by overemphasizing speculative early-stage growth. Instead, he points towards a maturing AI development curve where the initial surge in semiconductor demand is giving way to a heightened need for foundational physical components. Visser has strategically adjusted his own investment portfolio, reducing his stake in companies like Micron Technology, despite their potential for further growth, to reallocate capital into these emerging areas.

Visser's analytical framework, dubbed the "five-layer AI cake," illustrates the hierarchical structure of the AI economy, ranging from applications and models at the top to energy, hardware, and raw commodities at the base. He asserts that the initial investment phase, characterized by strong performance in memory, advanced packaging, and optical fiber, has largely concluded. The focus is now transitioning to the underlying physical layers that support the scaling of AI, particularly as inflationary pressures are expected to intensify.

Silver, in particular, stands out in Visser's analysis as a promising commodity for the evolving AI infrastructure. Despite a recent market correction, the metal's price has shown significant year-over-year appreciation. Visser draws parallels between the current silver market dynamics and the precursor conditions to the memory market rally, suggesting an imminent catch-up. Furthermore, the anticipated rise in inflation and negative real interest rates are expected to bolster investments in tangible assets like silver, gold, and even Bitcoin, repositioning them as core holdings within diversified portfolios.

Beyond commodities, Visser underscores the underappreciated role of the chemical industry. Specialty chemicals are vital for advanced packaging, optical fiber production, and the manufacturing of batteries, all integral to the ongoing AI upgrade cycle in various consumer and industrial applications. He identifies The Chemours Company as a high-conviction pick within this segment, noting its substantial year-to-date stock performance.

Visser also offers insights into the software sector, differentiating between traditional seat-based software-as-a-service (SaaS) models and those deeply integrated with enterprise compute and AI agent deployments. He contends that while general SaaS models may offer diminishing returns, software companies directly supporting the physical AI build-out remain attractive. This perspective aligns with his broader thesis that the investment landscape is shifting from a focus on software-driven profit margins to capital expenditure opportunities in foundational AI infrastructure.

This redirection of capital signals a fundamental shift in the AI investment paradigm, moving away from past market leaders towards the essential physical resources that underpin the technology's continued expansion. The emphasis is now on the industries providing power solutions, critical materials, and chemical components that enable the next generation of AI development and deployment.