Dunkan Mckoy

"They are not going to be able to raise rates." Jordi Visser (@jvisserlabs) ran capital at Weiss Multi-Strategy Advisers as CIO. 30 years on Wall Street. Built one of the first volatility-arbitrage frameworks for systematic hedge funds. Managed billions through three crises, never had a thesis-driven blow-up year. "Interest payments on US debt are now bigger than what we spend on defense. Over a trillion dollars a year. This is what Bitcoin was made for." We cover: — Why the Fed is mathematically trapped and how the trillion-dollar interest math forces every policy decision from here — Why "bubble talk" is intellectually lazy: PE goes UP in bubbles, not down, and right now PE is contracting while earnings grow 27% — The AI-agents-eat-tokens thesis: why agentic AI doesn't care about dollars and what that means for compute-backed assets — Why belief is harder than fundamentals: fundamentals come and go, belief systems don't, and which belief is breaking in 2026 — The Bitcoin call no other macro guy on Wall Street will make publicly: new all-time highs before year-end — Why most hedge funds will underperform Bitcoin this cycle and the structural reason it has nothing to do with crypto — The single chart that made Jordi go from skeptic to allocator and why it hasn't reversed — What the 2020-2026 monetary regime actually was, named correctly for the first time Thanks to Jordi for coming on @new_era_finance. Highlights: 00:00 - Intro 00:42 - Bitcoin Lagging 03:16 - AI Investment 07:14 - Price vs Narrative 12:15 - Market Dynamics 21:28 - AI Trading 25:24 - AI Democratizes Wealth 36:26 - Crypto Transition 39:40 - Elliott Waves 44:08 - Banana Zone 49:37 - Fundamentals vs Technicals 55:14 - Ethereum Future

Why $NEAR is Arthur's "next favorite shitcoin" 😂 -- after $HYPE and $ZEC Because you can send Zcash anonymously using Near intents 👀 x.com/i/broadcasts/1…

Glass Sovereignty: The 2026 Semiconductor Blueprint The industry-wide transition from organic laminates (ABF) to glass substrates is now a physical mandate. Driven by the architectural demands of NVIDIA Vera Rubin (2026) and Feynman (2028), glass is the only material capable of eliminating the "warpage wall" in massive 100mm+ packages while enabling the ultra-dense interconnects required for HBM4. The 2026 Supply Chain Map 1️⃣Layer: Materials & Dielectrics (The Core) ➡️Corning $GLW & Schott: The primary glass panel providers. Schott has secured a dominant position in the EU and Asia by providing specialized glass for Co-Packaged Optics (CPO). ➡️Nittobo $3110.T: The Strategic Choke Point. They hold a near-monopoly on T-Glass (low-CTE) fiber. The market is currently facing a critical supply shortage, driving up margins. ➡️Mitsui Mining & Smelting $5706.T: Provider of MicroThin™ copper foil, the essential conductor for creating sub-micron Redistribution Layers (RDL) on glass. 2️⃣ Layer: Drilling & Processing (TGV & Dicing) ➡️LPKF $LPK.DE: Owner of the LIDE patent. Their machines are the global standard for high-speed Through Glass Via (TGV) drilling without micro-fractures. ➡️Trumpf (Private): The "engine room" providing the high-power femtosecond lasers that drive TGV arrays. ➡️Disco Corp $6146.T: A mandatory player. Their Stealth Dicing technology is the only reliable method for singulating brittle 700mm glass panels without edge-chipping. 3⃣Layer: Equipment Integrators & Substrate Makers ➡️Ibiden $4062.T: The Japanese heavyweight and Intel’s premier partner. Ibiden is merging its ABF legacy with new glass lines, positioning as the primary volume manufacturer of Glass Core substrates. ➡️Schmid Group $SHMD: Leading the Western push with Vertical Inline Systems. Their tech prevents 700mm panels from sagging a major edge in the US-based Intel ecosystem. ➡️Manz Asia (Private): The dominant integrator in the Taiwanese corridor. Scaling horizontal 700x700mm lines for mass CoPoS production for TSMC. ➡️Ushio $6925.T: Provides large-area Digital Lithography (DLT) for massive 700mm glass tafli. ➡️Areatai (Private): Specialist in molecular-level glass surface engineering, solving the industry’s #1 headache: copper-to-glass adhesion. 4⃣Layer: Assembly & Yield (The Guardians) ➡️Besi $BESI.AS: The leader in Hybrid Bonding. Their machines place chiplets onto glass substrates with sub-micron precision for 16-high HBM4 stacks. ➡️KLA Corp $KLAC: Their Lumina™ series is the only metrology platform capable of 3D-inspecting transparent glass for sub-surface cracks at HVM speeds. ➡️Nagase & Co $8012.T: Supplies specialized chemical etching and cleaning agents for TGV holes. ⬇️Strategic Consensus: Glass Core vs. FOPLP FOPLP: NVIDIA and TSMC’s primary path for Vera Rubin. Glass acts as a temporary carrier to scale production volume and lower packaging costs. Glass Core: Intel’s path and the strategic endgame for Feynman (2028). Glass remains inside the final package as a permanent, rigid structural and electrical communication hub. 👇2026 Investor Verdict 1.Safety Play: Nittobo $3110.T. A raw material monopoly in a time of supply crisis. 2. Growth Play: $SHMD & $LPK.DE. Primary beneficiaries of the US and EU push for "Sovereign AI" infrastructure. 3. Blue Chip Play: Ibiden $4062.T. The most stable bridge between legacy packaging and the new glass-centric era. Bottom Line: 2026 is the "Year of Installation." Profitability will be dictated by Yield. The company that first stabilizes 95%+ yields on the fragile 700x700mm format wins. What's your take on Glass Substrates? If you liked this post, feel free to share it - it means a lot to me. 👊 #Semiconductors #GlassSubstrates #Nvidia #Intel #TSMC