Back Research Notes Why Veo 3 Signals an AI Job Disruption—and a New Global Economic Order Published on June 1, 2025 By Jordi Visser In this week’s video , I explore how the return of tariff uncertainty, fears over capital controls, and global trade realignment is reshaping markets and accelerating key investment themes. Despite a strong May for equities, especially tech, broader investor sentiment remains cautious. As mega-cap tech leads, small caps continue to lag. I revisit Stephen Miran’s playbook of using tariffs and currency realignment as tools to protect U.S. competitiveness, warning that if multilateral fixes fail, unilateral capital controls could emerge. This rising economic nationalism is mirrored abroad, with the UK pressuring pension funds to invest domestically and Asia potentially repatriating U.S. dollar assets. In this shifting landscape, I see Brazil as an example of a potential beneficiary, thanks to its critical rare-earth minerals and potential tailwinds from a weaker dollar. The real economic story, however, lies in the exponential acceleration of AI adoption, particularly the surge in inference workloads. OpenAI’s Veo 3 marks a turning point, revealing massive inference GPU needs and data center constraints as AI video generation explodes. Meanwhile, Demis Hassabis and Sergey Brin forecast AGI by 2030 and major medical breakthroughs extending human lifespan and the implications for the fiscal deficit. Despite job-loss fears, I go through why labor shortages, not unemployment spikes, will define the near-term landscape, with AI acting as “free labor” to boost profit margins. Bitcoin, in my view, has become the “hurdle rate for innovation,” as governments explore strategic reserves, tokenization of real-world assets, issuance of bonds linked to Bitcoin and 401(k) access, pointing to deeper institutional adoption amid a regime shift in capital and monetary frameworks. ⏱ Timestamps (00:00 – 04:45) : May was the strongest month for equities since 2023. Tech leads, but investor sentiment remains cautious. (05:40 – 08:30) : Tariff rhetoric returns. Stephen Miran’s framework includes capital controls if diplomacy fails—global signs of a capital war appear. (08:30 – 11:00) : Rare-earth minerals put Brazil and Greenland in focus. Stronger Asian FX and repatriation flows would support Brazil further. (11:59 – 15:55) : AI hardware super-cycle builds. OpenAI’s Veo 3 creates GPU “meltdown” conditions. Power infrastructure becomes key. (17:50 – 21:50) : AGI by 2030? Hassabis and Brin believe so—plus potential for life-extension medical breakthroughs. (23:30 – 26:45) : Dario Amodei warns of 10–20% job losses. Visser counters: AI = free labor for corporations, not mass unemployment. (26:45 – 29:57) : High rates choke small caps. Russell 2000 flat since 2015; many firms risk obsolescence . (30:55 – 36:28) : Bitcoin as the innovation benchmark . Strategic reserves, tokenization pilots, and 401(k) access hint at large-scale inflows. 📺 Watch here