Crypto Investor Reveals His Top Investment Ideas

    you’re starting to see ways in which
    people are using crypto AI very
    differently from chat GPT right I’ll
    give you another example when you enter
    a prompt into chat GPT right you say who
    are the founding fathers there is a
    two-page list of all the rules and
    regulations it has to go through before
    it gives you your answer right that list
    is going to get long right it’s going to
    get even longer if you go on a crypto AI
    large language model you ask a question
    you get a totally different answer
    because there’s no
    rules all right guys bang bang I’ve got
    Tom here Tom artificial intelligence
    seems to have stolen the spotlight from
    crypto uh but now there’s an
    intersection of AI crypto you guys are
    making tons of Investments here helping
    me understand like what is the
    intersection between these two
    technologies and why are you guys so
    excited about some of the investments in
    that
    area yeah pomp it’s awesome to be here
    man thanks for having me and uh it’s
    always great to chat with you so I’m
    really excited
    I think just to back up I mean a lot of
    the time when we invest we want a
    Cornerstone or sort of a foundational
    reason on why we’re interested in the
    sector and and why we aren’t right the
    thing about crypto aai that really drew
    me in you know over a year ago was just
    seeing how powerful chaty BT was right
    you can enter in some text you get a
    response it’s really good at predicting
    the next word it gives you this feeling
    of sentience this feeling of life right
    and when you start to extrapolate that
    and you start to figure out that hey
    open AI has the lock on Hardware on
    Talent they have the lead they have the
    largest parameter models and you start
    to look at anybody can start to build an
    application on top of open AI right
    there’s already millions of chaty BTS
    all based on this single foundational
    model that will touch billions of people
    and it gets really scary because this
    model is a black box and it’s private
    and if they want to uh tweak the
    parameters if they want to you know bias
    against a certain group of people or a
    certain technology or a president or
    whatever they want to do that will then
    flow through every single app built on
    top and alter society and that
    starts to get really scary right so the
    crypto AI world is the complete opposite
    extreme of that right it’s open models
    it’s knowing the weights or keeping them
    private but being able to validate
    what’s going on right it’s being
    transparent it’s being able to build an
    entire world where it’s transparent and
    we know exactly what’s going on with the
    most powerful technology of Our
    Generation and so how does this
    technically work in terms of um you
    there’s like open source what is the
    difference between maybe just like plain
    open source versus the intersection with
    actual crypto blockchains and these
    protocols yeah it I it’s a great
    question crypto is the underlying
    incentive mechanism for the entire AI or
    crypto AI uh area to run right if you
    start at the absolute bottom of the
    stack you have meat space dpin projects
    right projects like you know full
    disclosure I’ll mention some we invested
    in but projects like IET right 500,000
    gpus connected around the world right
    being able to do that and being able to
    Cluster that to do that you need a token
    right to incentivize people to bring on
    their latent Hardware so you give them a
    token and in return you get
    decentralized training decentralized
    inference whatever sort of you know uh
    mechanism you’re looking for you can get
    so at the end of the day the the tokens
    are just incentive mechanisms for the uh
    specific ai ai apps we can work all the
    way up the stack too if we have time if
    you’re
    interested yeah I would love to hear
    kind of um so the deep in space is
    interesting but like when you start
    thinking of these individual
    Technologies where do you see um maybe
    value acre that isn’t going to acrew
    uh to you know the open AIS the
    microsofts the Googles like one of the
    things in AI that seems to be happening
    is like the big winners of the past
    decade are just having their advantages
    and their Moes kind of extended right
    they have the data they have the
    distribution they have the engineers
    they have the resources and so is it
    something where like the intersection of
    crypto and AI will allow for these new
    upstarts to be able to potentially uh
    disrupt some of those uh
    incumbents yeah I mean phenomenal
    question and and I love the the phrasing
    and sort of how you’re looking at it on
    a shortterm basis I think chat GPT
    Facebook you know open AI meta Microsoft
    I think they de facto have the winning
    lead right meta has the most h100s in
    history right um thank God that they
    open sourced their their models right so
    we could F tune and edit them right um
    openi clearly has the lead and and GPT 5
    will blow probably everything out of the
    water this summer right but when you
    start to look at a medium to longterm
    sort of horizon right and you start to
    Think Through um just the creative
    nature of of Technologies it starts to
    get a little worrisome and and starts to
    lead into the crypto AI space because of
    that right and I’ll give you I’ll give
    you an example here if you’re a killer
    engineer right you want to create a new
    model and you work at open AI like good
    luck right like they’re not going to let
    you just you know edit their model
    they’re not going to let you just have a
    fi day on and be super creative and and
    change whatever you want right if you
    come over to crypto you can fine-tune
    any model you want but in in the best
    sense you can also get paid for it and
    incentivize people to help you do that
    creativity right and I’ll give you a
    couple examples here my shell. is a
    project we invested in and basically
    they lower the barriers to entry to
    create an AI app to zero right you log
    on to their website you choose any
    foundational model you want want right
    uh closed Source open source doesn’t
    matter right you add the data that you
    want right let’s say all of pom’s
    podcast throughout history right you
    integrate it with telegram or Discord
    and then you could add a crypto flywheel
    to that uh AI app so that people could
    own it it incentivizes people to use it
    Etc right so in a matter of five minutes
    you have an app that you otherwise could
    have never built um that has an
    incentive that’s Global and that you can
    use um the same goes for building
    foundational models the same goes for
    building fine-tune models so I think
    over the longest Arc crypto will have
    the most creativity and the most shots
    on goal on the AI space because of how
    open it is and when we see um kind of
    this approach I think it feels like one
    it’s an approach to building kind of
    Open Source uh the ability for anyone to
    edit Etc is there also a different
    technical stack as well that uh you know
    maybe people that are kind of building
    in this crypto world are building with
    uh different uh blockchains protocols
    databases uh you know uh scripting
    languages like like what is the differen
    is on the technical side yeah another
    great question I mean generally to me it
    seems like the creating is much the same
    other than it being completely open and
    having much different in incentive
    mechanisms right so you can either you
    know on the far left of the spectrum you
    could build a foundational model right
    that’s like what chatu BT is in the
    middle you could fine-tune an existing
    model right take a foundational model
    like llama or whatever you’d like and
    fine-tune that for your specific use
    case or on the right side you know the
    far right you have a model that already
    exists you’re using it and it pulls in
    real-time relevant data from the
    internet right like what’s the eth price
    what’s the Bitcoin price that’s all
    real- time data you can’t get that out
    of you know zeros and ones in the model
    right so three different spectrums here
    but when you add crypto into the mix
    that whole value chain changes a lot
    right and just to walk through an
    example here if you want to train that
    foundational model on the left right or
    F tune an existing model right in that
    middle you need a lot of data right or
    very specific data and there’s a project
    out there called getg grass. they have a
    million maybe more at this point since
    we’re recording a million downloads of a
    Chrome extension that scrapes the
    internet for specific data right it’s
    insane it’s one of the biggest deepin
    projects ever right helium had a million
    iot nodes physical nodes I think over
    the course of a year or two grass has
    done it in a couple of months right it’s
    it’s kind of insane but it’s software
    what they do is they scrape the entire
    internet’s web data historical and on a
    go forward they segment that data into
    folders that could be very specifically
    used to train certain AI models right
    and the obvious question is oh you know
    can’t centralized companies just scrape
    the internet the answer is kind of no
    right because if if you’re scraping the
    internet from a centralized data center
    you immediately get blocked right they
    know that this is one single IP address
    rep pinging over and over they’ll give
    you the wrong info they’ll give you a
    flight price that’s an extra 50 bucks
    because you live in New York right like
    they’ll do all these things to mess with
    you so you know grass is just one
    example of augmenting that AI value
    chain using crypto right and it is
    pretty interesting when when you get
    into it what about like monetization for
    uh these obviously you know crypto one
    of the of innovation has been around
    economic incentives how do you feel um
    that’s changing when it comes to
    AI yeah it it’s tough right because
    there there’s a lot of strong views on
    how how different parts of this stack
    make money but at the end of the day
    people have to be paying for a service
    that that’s actually useful right so
    once consumers or applications on their
    behalf are paying for these AI models
    then I think value starts to flow
    through the system right and there’s a
    lot of people that you want to uh take
    care of right like you want to give some
    money to those those foundational models
    right you want to give some money to the
    people who provided the data right you
    want to give money to the people who
    labeled that data right label data to
    train is is super important you want to
    give money to the uh the coordination
    mechanism like a a bit tensor right that
    that made this possible um so there
    there are a lot of ways that you want to
    uh a lot of people you want to take care
    of but crypto is one of the only places
    where you can raise money so quickly for
    a use case to have that creativity right
    you could raise money for a foundational
    model and everyone could own it right
    that’s like a hat tip to to Prime
    intellect and and aosh who have done
    that uh or AOS has so far but it it is a
    it is a complex value flow for sure now
    what are some of the other projects that
    you guys have invested in that you guys
    are excited about or or you think uh
    maybe when people understand how these
    Technologies or products are working
    they may better understand this
    intersection of crypto and
    AI yeah I mean one project that is is
    pretty interesting that I think everyone
    could sort of relate to is uh is test
    machine right so so test machine. a you
    sort of um you know how everyone waits
    like six to eight months for a smart
    contract audit and there’s bugs anyway
    and everyone gets hacked uh these guys
    built a proprietary algorithm for
    literally just um hacking your smart
    contracts so you you link your GitHub
    you drop a file and Bam like this thing
    goes to work trying to drain your tokens
    right so it’s more of a developer use
    case but it’s one that really kind of uh
    makes sense and and really gets it the
    other ones we’ve invested in that that
    I’m pretty excited about are the
    coordination networks right so bit
    tensor worth you know 10 or 15 billion
    dollars um I have my concerns but I
    think it’s a phenomenal experiment and
    you know Cornerstone of of the space but
    there are other coordination networks
    right there are other projects that are
    the meeting point or the marketplace
    between model creators and end users
    right and those are like sentient uh
    those are like Aur uh and others that
    I’m I’m really excited about um I’m also
    personally um not through the fun but
    pretty excited about Morpheus which is a
    pretty Cipher Punk version of um an AI
    Network that uh has around 350 million
    eth in its um Stak eth pool two weeks
    into launching uh month and a half ago
    which is kind of
    ridiculous and what about from like a
    user standpoint how many of the users of
    these products or services are going to
    realize they’re using crypto Endor AI
    versus they’re just going to have a
    product that like solves the problem or
    does the job they
    need I’m hoping that they never that
    they never know right but it is sort of
    interesting because you’re starting to
    see ways in which people are using
    crypto AI very differently from chat GPT
    right I’ll give you another example when
    you enter a prompt into chat EBT right
    you say who are the founding fathers you
    say you know tell me about Pal’s history
    whatever you want to say there is a
    two-page list of all the rules and
    regulations it has to go through before
    it gives you your answer right some of
    them are fine like some of like be
    divver you know don’t be racist like
    things like that but as you and I both
    know that list is going to get long
    right it’s going to get even longer
    there’ll be more restrictions there’ll
    be more rules there’ll be more things
    that can and can’t do right if you go on
    a crypto AI large language model like
    enqu like enq Ai and you ask a question
    you get a totally different answer
    because there’s no rules right there’s
    no regulations right um so thinking
    through the future of who de Ides what
    those prompt guard rails are and what
    they aren’t I have a funny feeling it’s
    not going to go well so people are
    already seeing the difference between
    crypto Ai and normal
    llms and when we start to see these uh
    I’m going to call them crypto
    entrepreneurs or or kind of crypto
    developers um how many of them have uh
    the technical skills to build the AI
    side right like it almost feels like um
    in the AI world there’s such uh
    competition
    for talent and these researchers and
    people are just spending immense amounts
    of money Etc and those researchers have
    a specific skill set experience you know
    technical ability Etc do people in the
    crypto world have those skill sets and
    vice versa like do the people in the AI
    world that maybe like don’t know as much
    about crypto um and what that really
    begs the question of is like when you’re
    evaluating a
    team what are the you know is it like
    hey we need some AI people we need some
    crypto people or do you find like oh we
    can find two or three engineers and they
    can do both today’s episode is brought
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    yeah no I mean it’s sort of like your
    age- old battle against Wall Street
    right it it’s very there’s a pretty big
    riff between crypto people and AI people
    right but if you talk to the AI people
    who have come over to crypto it is
    hilarious and ironic how much they agree
    on things right like so once you’re able
    to convince them it it goes a long way
    and there there’s obviously more crypto
    people crypto AI people than there are
    AI crypto people right now but if you’re
    able to find a team that has the AI part
    in it you know you start to get blown
    away right um one great example of that
    is uh new research right n us they’re
    they built a bit tensor subnet these are
    just traditional a well they’re
    untraditional how good they are but
    they’re AI folks that met together on a
    Discord and have now built an incredible
    project as as AI people right um and
    it’s crazy how fast AI people could run
    in crypto because these folks uh ran
    into an issue right they saw hugging
    face which is the largest traditional
    website for open source models right
    there’s half a million models on there
    you can just take whichever one you want
    use it and you know have fun but the
    leaderboard for which model is good and
    bad is flawed right you you can all the
    specifics on how to gain that
    leaderboard are known right so people
    just make models over fit to the the
    leaderboard and they’re not commercially
    viable right the people start to take
    those models and deploy them on bit
    tensor for different uh use cases right
    but it sucked because they’re not
    commercially viable models these guys at
    new created a subnet so one of the bit
    tensor sort of networks to basically
    test any model against realtime
    synthetic data in real time so you don’t
    know what the data is you don’t know
    what the parameters are going to be in
    real time but hey submit your model will
    give you a ranking that’s actually real
    right so it’s crazy when a group of AI
    people come to crypto and could do
    things like that in such a short amount
    of time because it just speaks to like
    no barriers to entry real money flow and
    I’m sure they’re making a ton of money
    on the town incentives just from just
    from that got it and then what are the
    areas that maybe you all are looking for
    opportunities but you haven’t yet found
    a company um you know or kind of like
    almost like a request for startup if you
    will yeah um I’m
    really scared and looking for a a really
    good proof of personhood project uh
    World coin’s obviously done really well
    but just massive FTV and and sort of
    looking for some Alternatives um it’s
    already pretty clear you can’t tell what
    is real or or what is not real on the
    internet um that’s only going to get way
    worse uh so I think finding something
    like that is is hard uh even if you find
    something it still gets really hard
    right like if
    trump. eth you know signs or or stamps a
    video that he recorded something you
    know that that’s great right but how do
    we know that he owns trump. eth right
    like so it gets really tough but I’m
    really looking forward to some sort of
    proof of personhood um or some way to
    validate that our our world is is real
    before it slips away so how do you
    balance like in that world right if you
    were to go talk to the critics of world
    coin as an example they’ like oh my God
    this is like a surveillance tool you
    could put your Biometrics all this kind
    of stuff like is there a world where we
    can do proof of personhood uh without
    giving up some of that information or or
    like how are you all thinking about
    maybe what the right solution there
    could be yeah I mean I think the world
    coin team gets gets some flak from just
    being so ahead of their time right it’s
    it’s usually hard to understand projects
    that sort of visionary that this early
    on um they’ve you know begun or started
    or or almost done open sourcing their
    their stack right they’re using
    really intense CK technology to make
    sure that you know your data isn’t being
    uh released right but you know you have
    to find an orb by you right you have to
    scan your eye um culturally people
    probably longtail people are not going
    to be okay with that um and there’s also
    like a lot of weird stuff going on right
    like people scanning their eye and then
    selling their identity right like you
    know it’s going to be hard to get your
    identity back after you after you sell
    it but uh it does get a little
    wacky and then what are the areas that
    maybe are too hyped up uh people are too
    excited about when it comes to you know
    kind of AI and crypto but you guys are
    maybe not as excited or or think that uh
    it may not actually acrew as much value
    as people
    think um I I’ve had I’ve had public
    concerns on on bit tenser for for quite
    a while um I think it’s again like
    Cornerstone crypto AI project uh it it
    is attracting phenomenal Builders but
    there are some concerns right like
    massively overpaying for for subnets is
    is one right like you don’t get that
    money back um if people are are starting
    to to milk the network for for some
    reason um the incentive flow is also
    currently sort of arbitrary right like
    you know those who have a large stake
    decide where the towel flows and then
    within a subnet they decide where it
    flows right so it is sort of a bit of a
    more manual process it’ll definitely
    improve but I think that um we need to
    be a little bit more critical of of
    projects earlier on because as you and I
    both know Ai and especially Krypto AI
    will hit a low right it will go through
    a bare market and people are going to
    have to build and really deliver and I
    don’t think we’re anywhere you know near
    that bare market yet but I think people
    should realize that it will come people
    will get pretty down on the space until
    we have new use cases and and then as we
    know it’ll it’ll pop up once again and
    when we see uh kind of uh Deli investing
    in this space should we expect um there
    to be faster liquidity right because
    there’s kind of crypto involved than
    maybe a traditional um venture capital
    investment should we expect there to be
    more asymmetry uh than maybe a
    traditional Venture investment like like
    why is the uh investment component of it
    so interesting you guys could easily
    just say hey we think that space is
    going obviously become popular uh you
    know we pay attention to the market uh
    sounds interesting but the fact you guys
    are actually deploying Capital making a
    lot of Investments here it is there
    structural things that you think the the
    crypto component being added to AI uh
    makes it more attractive from an
    investment standpoint yeah absolutely um
    I mean first and foremost there just
    aren’t that many liquid or liquid
    options right now right other than bit
    tensor and and a bunch of meme coins and
    stuff like that there there really
    aren’t a a lot of good liquid plays
    right there bit tensor is pretty huge
    Olas is pretty huge worldcoin is already
    pretty big um so there is like some
    Market validation there but a lot of the
    best deals are are currently private um
    but yeah I mean just the crypto
    incentive to the entire stack here is
    just you know it’s just really
    interesting right like allowing like it
    just again zooming back out to that
    foundational like first principles level
    like giving this stack
    ownership control and aay in the most
    powerful technology of Our Generation
    which is AI is the only way that this
    can ever be unbiased at scale and
    legitimate right like I don’t think open
    AI ever open sources their stack um I
    think this is the only way that we’re
    going to be able to do it do you ever
    consider um AI is more powerful than
    crypto and kind of blockchains and
    protocols or do you think that crypto
    blockchains and protocols are more
    powerful than
    AI it’s a great question I I generally
    view them as extremely complimentary
    right I think that if we fast forward to
    an AGI they’re obviously not opening a
    Chase bank account right they’re not you
    know they’re not they’re never going to
    send an AGI will never send a Fed wire
    other than convincing a human to do it
    for for some reason right the path of
    least resistance is for them to use
    crypto right to acove value for whatever
    their use case is and to build
    communities around itself um in crypto
    and eventually I think there will be a
    quote team that develops a crypto
    project and Acres a lot of value and we
    later figure out that it is some sort of
    AI right um you know maybe we’ll start
    to see something like that soon do you
    think we’re close to
    AGI
    um I yeah I I would as a nontechnical
    I person I I have a less than informed
    view than a lot other people but I think
    that we are closer than people think um
    I think the open AI drama months ago uh
    where the team and went kind of crazy
    and just seeing the lawsuit from musk
    and and that Discovery uh just seeing
    the co-founders freak out over over what
    they built I definitely think we’re
    closer than than people
    think and what changes in the world like
    one of the things I’ve always thought is
    uh this idea of U machine to machine
    transactions like obviously they’re not
    going to you know use two-day settlement
    time or wires uh to send economic value
    back and forth so like the the quote
    unquote intersection right now um of AI
    and crypto is it like they both enable
    each other and almost like it’s like 1
    plus one equals 5 uh type
    scenario yeah no absolutely I mean it’s
    it’s just the the Synergy will be crazy
    and sorry your question was on machine
    to machine stuff right yes yeah
    absolutely I mean I think it’s a little
    bit of a ways out before we have AIS
    just interacting uh with AIS directly
    but it’s definitely going to happen um
    it it’s just like when you have you know
    back to our earlier example like
    fine-tuning that specific use case right
    like I think we get a world where
    there’s millions of Highly specific AI
    models that don’t have to generalize
    about the world and these models are
    working together with each other
    directly right like one will handle your
    Unis swap liquidity provision if we’re
    still doing that in a couple years um
    and one will handle uh your trade on cow
    Swap and then one will handle you know
    taking out that loan on a for you right
    and and they’ll all work together sort
    of symbiotically and the only thing
    you’ll do is enter your intent or or
    your desire in an LM like you do on
    Gemini right like hey I want to trade
    eth for usdc and I want to take out a
    loan on a and borrow maker right like
    and you’ll see like a simulated flow
    you’ll hit go and that’ll go out to a
    network of AI solvers human or or
    machine got it and then in terms of um
    like so much data being available in the
    blockchain and crypto World it feels
    like AI is all about data uh it may not
    be proprietary data because it’s on
    these public ledgers but do you guys see
    any opportunities there or have you seen
    anyone really trying to figure out like
    what to do with all this data and
    overlay it with
    AI yeah absolutely I mean grass is one
    of the best examples of that just taking
    like massive amounts of data um public
    and and use it to train um specific
    models but yeah the the data side is
    interesting
    because models have grown in parab count
    right they’ve grown in massive size
    right but they haven’t the data used to
    train those models uh could be argued is
    not grow and commencer with the the
    parameter count right and so when you
    start to get to
    really like Chad was trained on like
    Reddit data right and stuff like that
    like um and obviously much more data but
    if you want to train a a really good
    model it doesn’t have to have this
    massive parameter count anymore right it
    could be five or 10 gigabytes in size
    right like the my shell. a team just
    proved that last night right they they
    they trained a model with $100,000
    that’s more performant than meta’s small
    model right 8 gab model versus 7 gab
    model right that’s crazy um and it’s
    even cheaper to to fine-tune that so
    yeah you don’t need these crazy Earth
    shattering data center models anymore
    you just need to your point that highly
    specific data to to train it got it and
    then when um when you guys are making
    these Investments like what are some of
    the uh technical checklist or like
    criteria that you guys go through to to
    evaluate these opportunities right so
    like we’ve talked about where are the
    segments that you’re interested in we’ve
    talked about kind of the team but are
    there other things that as part of the
    diligence process that you’re really
    paying attention
    to yeah I mean the team is the team is
    really big right you need a team that
    both deeply understands Ai and a team
    that is not a stranger to crypto right
    as we both know the worst thing in the
    world would be this killer team that you
    know fails because they don’t understand
    the token aspects the community building
    aspects the open source nature of all of
    this like that uh that always sucks
    right so the team is is really important
    the other one is sort of like a crazy
    understanding of of why their project uh
    works really well and a crazy energy
    around it right like when we met the
    light works founder Gabe who did data
    labeling who does d uh data labeling his
    Mastery of just the whole process was
    was crazy right so definitely want that
    that sort of Mastery um and we also just
    want like a first principal
    understanding of of why crypto and AI
    right like why does this actually uh
    need this and you know there are enough
    risks and Venture uh we want to make
    sure that we at least have a good good
    foundation on why they’re building what
    they’re
    building and when you think about Deli
    today help us understand a little bit
    more just in terms of uh you guys have
    the research you have the investing
    you’ve got Labs like what what are some
    of the updates in terms of uh you know
    team size what you guys are doing how
    things are going yeah I I mean pomp
    you’re one of the people that helped us
    out the ear and we’re we’re super happy
    to have you as part of Deli research
    right on that cap table um annoying you
    early on was was probably one of the
    best things I ever did so really
    appreciate you you being a part of it um
    and helping out uh yeah we have three
    three entities right we have a research
    uh division which covers cide research
    talking about uh the market uh projects
    things like that we have the ventures
    division where we’re investing um our
    money into projects that we’re really
    big on and then the labs division would
    which sort of incubates from the uh from
    the ground up so uh yeah dozens and
    dozens of people across these different
    entities uh and we’re really excited to
    uh to have the bull market back in full
    swing yeah and then um on the investing
    side uh like what are the other things
    that you’re investing in outside of AI
    and
    crypto yeah no I I’m glad you asked I
    mean we have a full gaming team that’s
    that’s super super active um my partner
    Yan and piers and and Jeremy you know
    brush that that area as well uh Yan also
    spans Defi and other things there uh so
    we have a pretty active defi side um our
    infer team is also uh very active uh so
    we made sort of foundational investments
    in Celestia and igen lay and and others
    um John girl who who’s at Deli sort of
    leads a lot of that stuff for us as well
    so uh I hope I’m not forgetting anybody
    but yeah we’re we’ve been very active
    across uh those
    spectrums and then maybe my last
    question is um for this bull market uh
    are you guys investing in crypto and AI
    for this Market or sometimes in crypto
    people will do is they’ll make
    investments today and they know that
    it’s you know four to five years away
    and so it’s actually like you’re almost
    investing for the next cycle how do you
    guys think about uh you know the length
    of time it will take to build this stuff
    out and then also uh when you guys can
    realize you know economic gain on the
    Investments that you’re making yeah now
    I mean it’s it’s tough right it it is
    sort of uh sometimes that’s risk that
    it’s really hard to to figure out right
    like I’m pretty sure that most of these
    Investments are for next cycle right and
    generally you want to invest in the bare
    Market uh when everything’s boring and
    there’s not taus and the vals are great
    but you know you can’t have your cake
    and eat it too right AI crypto AI
    happening during a bull market so it is
    what it is but um I I think most of
    these will be
    next cycle Investments right and I’m
    trying to ins like within Deli that
    obviously this is the most foundational
    technology linked with the most powerful
    uh financial application ever which is
    crypto but look there will be slowdowns
    in this stuff right we’re in the hype
    right now but understand there will be
    slowdowns there will be times when these
    teams have to build in the dark for a
    while but next cycle um and hopefully
    this cycle I think these projects will
    will really deliver that makes sense to
    me where can we send people to find you
    on the internet or learn more about
    Deli uh Deli digital. and sha c119 on on
    Twitter and P thanks so much for having
    me man you run one of the best podcasts
    in the space and it’s always super
    energetic really appreciate it I
    appreciate you coming on and teaching me
    I learned something today I learned
    something every single time we talk so I
    appreciate it very much by man talk to
    you soon f

    Tom Shaughnessy is the Co-Founder of Delphi Digital and Founding Partner at Delphi Ventures. In this conversation, we talk about the intersection between AI & crypto, OpenAI & ChatGPT, open-source, where value is accruing, monetization, risks, and what he Is doing at Delphi.

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    Pomp writes a daily letter to over 265,000+ investors about business, technology, and finance. He breaks down complex topics into easy-to-understand language while sharing opinions on various aspects of each industry. You can subscribe at https://pomp.substack.com/

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