Delphi Digital

Yan Liberman × Andrej Radonjic

Grass uses consenting residential bandwidth and browser infrastructure to reach sites blocking data-center traffic; Andrej Radonjic says it has delivered exabytes to AI labs.Labs value targeted signal and speed: one discovery found 0.16% useful, while sophisticated buyers link data value to benchmark gains, token use and returns.Content API arrived ahead of the previously discussed 2027 timetable, but regional capacity and latency remain inference-era constraints.

José Macedo × Rohan Pujara

Pujara avoids consensus-heavy seed categories where inflated prices, copycats, and weak margins destroy early economics, underwriting distinctive founders instead.Valhalla’s $80 million–$100 million fund makes only two to four new investments annually and can concentrate 20%–30% behind a clear fund-returner.K2 Space’s more than $1 billion of signed business and $6.8 billion valuation illustrate the playbook, while the roughly 30-check diversification case remains unresolved.

Ceteris × Jason × Yan × Kevin × Jose

Delphi says the healthy alt-season sequence has played out: ETF flows remain consistent, leverage has not built, and BTC cooling while alts lead supports an alt-pickers’ market.Momentum may sustain gains without new asset-class inflows; on-chain stocks offer a differentiated one-to-two-year theme, while HYPE’s fee-funded buybacks and expanding markets provide catalysts, with regulation and selling discipline key risks.

Tommy × AccelXR

Chinese labs are stabilizing multi-trillion-parameter MoE training and open-sourcing recipes that spread GRPO/RLVR variants within months.Open-weight price wars could make tokens an electricity derivative as China adds capacity 6x faster and co-designs weaker chips for cheaper serving.A 2028 Ascend model could be a catalyst, while possible export restrictions preserve bridge-demolition risk.

José × Andrew Kang

Humanoid robotics may be approaching the pre-ChatGPT phase of AI, with $50,000 robots requiring only 20,000 units for $1B revenue and a projected tens-of-billions industry within two to four years.Robo Strategy (NASDAQ: BOT) seeks to challenge SoftBank through public markets, favoring vertically integrated players with embodiment-specific data; US restrictions on Chinese robots could help, while robotics data businesses face a two-to-five-year durability test.

Tommy × Travis Good

Ambient is positioning itself as an asset-light “Uber for inference,” using 100% logits verification to aggregate stranded GPU supply and guarantee delivery quality.With inference margins of 40-50% versus roughly 10% for rental operators, its routing and token incentives could capture a structural uplift, while falling token prices and a possible two-year AI winter remain the key test.

Ceteris × Jason × Yan × Jose × Kevin

Token-equity structures need explicit rights: Venice’s $1B raise showed ambiguity can make holders price trust in Erik rather than guaranteed value accrual, potentially creating a 10× premium; ACE-style KYC conversion offers a contractual alternative.Grass’s $70M 2026 revenue against roughly $30M of operating costs supports its network thesis, while Zcash’s Ironwood launch will test whether roughly 4M ZEC leaves Orchard slowly—or signals an exploiter is moving funds.

Ceteris × Jason × Yan × Jose × Kevin

Crypto’s 2026 stock-pickers’ market favors structural flows, revenue, or strong narratives; Venice shows the fundamental case with roughly $60M ARR and weekly additions above $2.5M.Falling VVV issuance and a clean, self-funded structure could support at least $200M of additional ARR, but value transfer is not guaranteed as L1 token accrual breaks down and HYPE expands beyond crypto.

Ceteris × Jason × Yan × Jose × Kevin

Markets were described as a melt-up, with the Qs up 25% in a month and earnings growth estimated near its strongest since late 2020.Saylor’s willingness to entertain BTC sales was read as STRC re-peg engineering; at 99.98, success by the 15th ex-date could unlock “low billions” of firepower.Zcash’s nine-year proof-of-work distribution supports a PVE case, while Houdini Swap and Pump expose token-holder rights as the unresolved ownership risk.

Yan Liberman × Can Gurel × Samed Düzçay

Tory tokenizes dollar-hedged emerging-market carry, borrowing USD at 4% to lend into Turkish lira at 40% or Egyptian pounds at 20-25%.Direct access, disciplined execution, and NAV oracles against depeg liquidations define the edge; user-controlled looping may lift yield further, while Ethereum mainnet is targeted within the next month and operational trust remains a key risk.