Gregory expects dollar inflation and favors businesses that benefit as AI scales

Farrell Gregory called dollar devaluation an apparent consequence of large-scale AI spending: in his view, financing the buildout will require creating huge amounts of dollars. He predicts that global dollarization could occur alongside severe dollar depreciation, and offered an investment view: own equities and short the dollar.

As a separate investment idea, he highlighted businesses that, in his definition, improve as intelligence scales—“commanding heights.” Gregory said he is particularly bullish on Meta, citing its payment infrastructure, WhatsApp’s reach across the Global South, and the frontier work of Meta Superintelligence Labs. In his view, Meta could play a significant role in spreading AI and dollar-based payments. This is an investment opinion, not an established outcome.

Gregory also predicted that Chinese open models could soon power most US workloads, while a growing share of frontier-lab revenue would come from the US government. He believes the combination of widely used open models and closed US systems for strategic uses could produce a stable market equilibrium.