🔥 Half of S&P companies may lose investment value, as the crypto window opens

Jordi Visser from 22V Research offers a judgment that’s hard to sit still with: in the next 5 to 10 years, up to half of the companies in the S&P 500 may completely lose their investment value—like Ford today. The “instant competition” brought by AI is eroding traditional moats, while Samsung is expected to post profits of $217 billion this year, exceeding the total from the past 40 years—this comparison alone says it all.
Visser pushes back on the AI-bubble narrative, arguing that compute demand is growing exponentially. The remaining performance obligations of mega-scale cloud providers have already reached $2 trillion, and once consumer agents break through, compute consumption could reach 20 to 30 times the current level. He recommends that investors allocate 10% to 20% of funds to digital assets and AI frontier themes. This is a structural call by a macro researcher after the traditional valuation framework is proven ineffective.
For the crypto market, if half of the S&P 500’s companies were to have their value wiped out over the next decade, capital will inevitably look for new stores of value and growth vehicles. Bitcoin, as a non-sovereign asset, and smart-contract platforms like Ethereum, as infrastructure for the AI economy, could become beneficiaries of this structural migration. But risks also exist: AI itself may consume crypto’s narrative space. If AI-native tokens and on-chain AI applications fail to deliver, capital could flow directly to AI hardware players like Nvidia.
Visser’s thesis needs ongoing validation. The weight concentration in the S&P 500 (semiconductors already account for 20%) itself amplifies systemic fragility. Whether the crypto market can absorb this overflow capital depends on the maturity of its own infrastructure and the certainty of the regulatory environment. The Federal Reserve’s late-July policy meeting coinciding with the stablecoin regulation deadline will be the first stress test.
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