The Spiro Circle

James Spiro

Join me as I discuss issues relating to Israel, tech, media, and news. Sometimes with a guest, sometimes solo. www.thespirocircle.com

  1. Why the Tel Aviv Stock Exchange Is Rising During War - #0055, Ezra Gardner & Travis Vap

    17 HR AGO

    Why the Tel Aviv Stock Exchange Is Rising During War - #0055, Ezra Gardner & Travis Vap

    The airports may be closed, but that isn’t stopping the Tel Aviv Stock Exchange (TASE) from soaring. As Israel navigates renewed conflict with Iran, the country’s stock exchange did something surprising. Instead of tanking, it did the opposite. The TA-125 Index climbed to record highs of around 4,200 points, which represents a 66% increase compared to this time last year. At the same time, the Israeli shekel strengthened against the U.S. dollar. That isn’t to say the conflict hasn’t caused disruption and anxiety across the country, but it does demonstrate that there is confidence in Israel’s ability to bounce back from adversity. "The stock market is a predictor of what the belief or expectation is about what's going to happen in the future, not what's happened in the past," said Ezra Gardner, Partner at Varana Capital. “The stock market in Israel is actually doing the right thing, because the signaling is that Israel is going to boom when this is over. Israel is going to be the winner, and Israel is going to deliver even more on the things that they’ve delivered on in the past, in innovation and helping the world.” Gardner was supposed to arrive in Israel alongside South Valley CEO Travis Vap, and this episode was supposed to take place in a studio. But when their flight was cancelled hours before take off, we decided to continue our conversation as planned, this time virtually. It was already in the calendar, so it made sense to everyone. According to both men, not a single meeting with Israeli companies or officials was cancelled. “To me, these people are in a geopolitical conflict that I can’t imagine because I’m not there and I’m not dealing with it,” said Vap. “But the fact that we’re on calls, on Zoom, on Teams, and it is...4pm, 6pm, 8pm, 10pm Israeli time. It’s just a little overwhelming… it just reinforces what good people there are, people that are focusing on much bigger things than what's happening right now on the ground.” The case for the TASE’s trajectory may lie in this response to adversity that has become all too familiar since the early days of the pandemic. Gardner and Vap had been to Israel before (Vap only once) and were struck by the entrepreneurial culture embodied among its people. Despite the country’s challenges and an army mobilization rate that at one time reached 15% of the tech workforce, business rarely slowed. In fact, for Gardner’s deeptech and hardware portfolio companies — the kind involved in drones, semiconductors, and defense-adjacent infrastructure — closer to 50% of staff were called up. “The productivity actually went up. People worked 10 times harder when half of the staff was gone.” Gardner spent the first half of his career in the public markets. His experience spans from J.P. Morgan to Michael Dell’s family office, MSD Capital, and running the US equities desk at UBS at an unusually young age. So, when he says the TASE is doing “the right thing,” it carries weight. He argues that the market isn’t ignoring the war - it’s pricing in what comes after it. You can catch our entire conversation about the market’s response to the war in the video above. Get full access to The Spiro Circle at www.thespirocircle.com/subscribe

    51 min
  2. The Jewish Case for Bitcoin - #0054, Josh Varon

    2 DAYS AGO

    The Jewish Case for Bitcoin - #0054, Josh Varon

    “Imagine you were a family in Eastern Europe during World War Two or during the Holocaust, and you had tremendous wealth, and you had houses, or you had gold in the bank, or money in the bank,” said Josh Varon. “All of a sudden, all you could leave with was a backpack, a coat, and a hat on your head.” This week, I spoke to Varon, who started BHforBitcoin, an online course where users can learn to understand Bitcoin, money, and global change. He does so through a specific lens: through the context of Jewish historical vulnerability to confiscation and monetary debasement, and the significance of Jewish self-determination in a shaky world. “We don't know which country's money will get inflated,” he added. ”We don't know which country we might be kicked out of again. And we can say it's not going to happen, but we also know that it has happened.” It’s only been a few generations since Jews had their homes, finances, and assets taken from them by the Nazis. Today, we can see how civilians caught in conflicts around the world can suffer the same fate. Even in stable democracies, access to financial systems can become politicized through practices like “debanking”, often conducted by the Biden Administration before legal protections were put in place. He recently launched an online course titled Bitcoin and the Future: Why Jewish History Makes This Technology Impossible to Ignore. For him, Bitcoin is not primarily a speculative asset or a get-rich scheme - and he isn’t out to try to get people to stock up on the asset. Instead, he frames it as a conversation rooted in Jewish memory. “Wherever the Jewish people have gone in their history, they’ve been entrepreneurs, they’ve created their own businesses, they’ve done well economically,” he said. “They’ve created wealth for themselves and their families. But we also see that there’s been, obviously, antisemitism that we’ve been dispersed from countries that we’ve lived in.” Here’s the primary value for Varon, who has been following and investing in Bitcoin for eight years. “Imagine you were able to take that wealth with you and have a seed phrase or a code in your brain, in your mind, where you can show up in this new country. You don't have to start over.” His course is concise, aimed at beginners, and is explained through the context of the Jewish experience. It is an introduction to fundamentals: supply caps, decentralization, and monetary policy - and explores why those ideas might resonate with a people shaped by exile. He describes Bitcoin as freedom from dependence on institutions that history shows are fragile, operating in empires that eventually fall. “No empire in the world has not fallen. It's a fact,” Varon said. “We have seen that empires fall.” Critics, of course, would point to volatility. Bitcoin has experienced dramatic booms and crashes - at the time of writing, it sits at around $67,000, half of what it was worth at its October 2025 peak. Varon does not deny that. Instead, he describes it as an early-stage technology in price discovery and believes that its omnipresence alone signals its long-term health. When pressed to define Bitcoin in one sentence, he offers a single word: “Freedom.” His course is available via the link: https://bhforbitcoin.thinkific.com/products/courses/bitcoin-and-jewish-history?ref=a82aff Get full access to The Spiro Circle at www.thespirocircle.com/subscribe

    38 min
  3. "Keep It Platonic": Why Founders Shouldn’t Date Their Product - #0053, Eylam Milner

    4 DAYS AGO

    "Keep It Platonic": Why Founders Shouldn’t Date Their Product - #0053, Eylam Milner

    When Argon Security was acquired by Aqua Security in 2021, Eylam Milner experienced a different kind of startup shock. Not the chaos of building a company, but the sudden absence of it. For years, he had operated on his own time. As the co-founder, decisions were immediate, and progress was measured in days, not quarters. But once moving into part of a larger company, movement required consensus. “We had to do some mind-shifting,” he told me. “For example, large companies don’t move like startup companies, and employees cannot move things like founders can. So I had to find a new path for me to move the product in the direction that I thought was right, and the business in the direction that we thought was right.” Milner spent three years at Aqua with co-founder and CEO Eilon Elhadad before they both left to start Echo Security. The company examines critical components of original open-source code and then rebuilds it from scratch while continuously updating it as new vulnerabilities are discovered. It has raised $50 million in its first 10 months from Notable Capital, N47, SVCI, Hyperwise Ventures, and SentinelOne S Ventures. The experience did not slow him down, but it changed what he pays attention to when building again. Kill Your Darlings Milner brings new insight and experience to a startup as a second-time founder - something he says offers perspective as he begins to build a new product. This includes knowing when to dive deeper into a product, or accepting when it might be time to change course and remain tuned to the market. “We product engineers are all builders, right? They create stuff out of nothing, which is magical on its own, but you fall in love with it,” he said. “The more time you invest in a project, in a feature, in a milestone, the more you are in love with it and the harder it is to shift or pivot.” For young startups or first-time founders in particular, emotional attachment could become a liability as a company grows and it becomes harder to question whether it should exist at all. “You have to stay on your toes and be able to not fall in love with the thing you built and be willing to throw it away or to shift left and right to get the correct result of value proposition for your customer.” At Echo, iteration is treated as part of the process rather than a correction. “It’s about repetitive change… in order to make sure you are on the right path,” he concluded. And for that love? “I would recommend keeping it platonic.” Get full access to The Spiro Circle at www.thespirocircle.com/subscribe

    39 min
  4. How Military Thinking Is Reshaping AI Startups - #0052, Ido Geffen

    24 FEB

    How Military Thinking Is Reshaping AI Startups - #0052, Ido Geffen

    AI is forcing companies into environments where they are no longer competing against rivals, but with adversaries. In cybersecurity, where attackers adapt in real time, the competitive advantage for defenders is no longer just about efficiency, but in how companies learning and revise their assumptions. Instead of optimizing for speed alone, some of the biggest AI security companies are being built around principles closer to IDF intelligence operations that include constant simulation, adversarial thinking, after-action reviews, and learning under uncertainty. To better understand this, I spoke to Ido Geffen, Co-Founder and CEO at Novee Security. Novee is an AI-driven cybersecurity startup focused on transforming how companies find and fix security vulnerabilities. Rather than traditional penetration testing, which is manual, periodic, and slow, the company uses continuous, autonomous AI that simulates real-world attackers to proactively uncover hidden vulnerabilities and validate them in real time. Geffen described modern cyber defense as fundamentally imbalanced. Defenders must be perfect all of the time, whereas attackers only need to succeed once to penetrate a company. Its platform blends offensive cyber tradecraft with AI to close the gap between evolving threats and slower defensive testing processes. “You can be perfect in 99.9% of the time, but then you have this one hole, and you lose the game,” he explained. “And the bad guy doesn't have these constraints… they just need one shot that will work.” The new reality facing companies and cyber defense technologies means there is a shift in how to tackle these threats. Traditional enterprise software ships features, but companies like Novee continuously discover failure. This is where the mindset shifts from an engineering discipline to an intelligence discipline. Geffen, who has experience in the IDF, including time spent in Gaza’s dangerous tunnel system, explained how the differences between preparedness and adaptability were a military skill he adopted and brought to the cybersecurity sector. “One of the main things that I learned during those years is the ability of every soldier or a man in this type of unit to come up with ideas on how we can improve, what we can do differently,” he explained. “So I think this is one of the strengths of this type of unit. It’s hierarchy and all of that, but in the end, if someone comes up with a very good initiative, you can really change the way things are being done. And I think that, at least for me, it was very inspiring.” Thanks for reading The Spiro Circle! This post is public, so feel free to share it. The AI era is creating companies that operate in new environments where the problem space evolves daily - and cybersecurity companies are forced to keep up with the hackers. In those conditions, efficiency is key, and adaptability must operate alongside preparedness. The company emerged from stealth last month with a $51.5 million funding raise across Seed and Series A in just four months since its founding in May 2025 - a huge testament to its tech, talent, and market position. Backers include YL Ventures, Canaan Partners, and Oren Zeev via Zeev Ventures. As AI agents interact with complex real-world systems across finance, infrastructure, or healthcare industries, the companies building them will need to adopt strategies that resemble military intelligence: constantly testing reality, updating beliefs, and assuming uncertainty is permanent. Get full access to The Spiro Circle at www.thespirocircle.com/subscribe

    38 min
  5. It's Time to Stop Asking if AI Will Replace Creators - #0051, Victor Varnado

    22 FEB

    It's Time to Stop Asking if AI Will Replace Creators - #0051, Victor Varnado

    I spend a lot of my time talking to investors and entrepreneurs about AI. But the adoption of this tech goes way beyond Silicon Valley or Startup Nation. A few weeks ago, I spoke with Victor Varnado, an American stand-up comedian, writer, actor, producer, and tech creator. He has worked with local improv troupes and has also appeared in Hollywood movies such as "The Adventures of Pluto Nash with Eddie Murphy. So Victor is a creative - there’s no doubt about that - but he also stretches his entrepreneurial muscles: He’s the CEO of Supreme Robot Pictures, a creative production and technology company that helped produce a miniseries for Penguin Random House calledThe Great Fantasy Debate. I wanted to speak to Victor about his approach to creativity and where technology like AI can fit into that. It feels like artists can be sensitive about the use of artificial intelligence (as a writer, I would know!), but I wanted to see how people in the comedy industry can use the technology as a tool, similar to a utility. He describes a recent brainstorming session where he considered becoming “the world’s most benign supervillain”, which sparked the kind of conversation I’ve never had on this show. “AI helped me figure that out. So now I’m going to launch a public campaign where I become a supervillain,” he explained. By using AI, he crafted a campaign centered around his new persona, King Supernuts, complete with public events like “The Worldwide Tic-Tac-Toe Championship” and a unique twist on villainy. This integration of AI into his creative workflow showed how technology can elevate artistic expression rather than replace or replicate it. He noted, “AI can help me make the images... logos... all along the way for the creative process.” I could relate. I use AI every day for things like interview transcription, research, and light editing of my articles. I shouldn’t feel threatened by its presence, but rather liberated by how it can streamline and modify my process. Victor’s career path shows how we can apply tech to a cohesive creative identity - and that AI isn’t reserved for spreadsheets or mundane tasks. By embracing technology and humor, he illustrates how the arts can evolve in the digital age. We also spoke about my attempt at stand-up comedy and whether AI can “be funny”: What it means for a technology to make someone laugh, and whether intent is a qualifier for humour. You can learn about it all in our episode. Get full access to The Spiro Circle at www.thespirocircle.com/subscribe

    43 min
  6. History, One Social Media Post at a Time - #0050, Manny Marotta

    18 FEB

    History, One Social Media Post at a Time - #0050, Manny Marotta

    Obviously, it’s no surprise to people that I’m a huge fan of history. Working in news for years, I’ve always appreciated that the stories breaking each day (and the people reporting them) are contributing to what will eventually become history. “News is just history in real time”, right? I’ve long been fascinated by how social media, AI, and mass communication have reshaped the way we experience and understand those moments. Last week, I spoke to Manny Marotta. He’s the creator and curator of the Live History Project, which takes a couple of accounts on X and posts in real time what’s happening in that moment in history. There’s: 25 years ago - @25YearsAgoLive 50 years ago - @50YearsAgoLive 100 years ago - @100YearsAgoLive and 250 years ago - @250YearsAgoLive Right now, that means we’re living through 2001, 1976, 1926, and 1776 simultaneously. It’s an interesting insight into what was happening at that moment in history on those days, but also Manny does a great job at showing us how the news was covering those events. He doesn’t editorialize. He simply presents the news as it is. Much of our conversation focused on the 2001 account. It’s no secret that there’s a century-defining event taking place later that year, and we get into it all in the episode. But more than anything, the account taps into a powerful sense of nostalgia among his 205,000 followers (this number is significantly growing after some viral posts in the last few days). No one really has nostalgia for 1776, and few people can personally remember 1926 — but 25 years ago? That many of us remember. I remember reading those headlines, following those stories as they happened, and it’s strange to realize some of what he posts now is a quarter century old. So we talk about his project and his passion for it, and we also talk about our relationship to the news and to the mass media that reported the news to us. Social media has transformed how we consume information, but by showing us exactly what audiences saw at the time, his project helps explain how we arrived at the present. It was a really interesting conversation, and I really wish that we could have spoken for hours in more depth. I’m sure we’ll speak again at some point in the future, but for now, please enjoy our introductory conversation. Preview: Companies use AI to exploit cultural nostalgia at 2026 Super Bowl Get full access to The Spiro Circle at www.thespirocircle.com/subscribe

    52 min
  7. "Democracy is in Limbo": Can Voting Be Trusted Again? - #0049, Shai Bargil

    15 FEB

    "Democracy is in Limbo": Can Voting Be Trusted Again? - #0049, Shai Bargil

    For the past decade, election debates in the United States and some European countries have revolved around access, accountability, and security. The discussion has become deeply politicized, especially since the 2000 American election. One side pushes expanded mail-in and remote voting, whereas others push for voter-identification laws and stricter eligibility checks. In the USA, moves are being made to introduce the SAVE America Act, which would ensure identification for voting. But the voter-ID debate is solving identity, not legitimacy — and a new industry is emerging to solve the second problem. This week, I spoke to Shai Bargil, co-founder and CEO of Sequent, a company that uses cryptography and open-source software to provide secure, transparent, and end-to-end verifiable digital election results. According to Bargil, the future of election legitimacy is based on how organizations can independently verify the outcome afterward. “People are kind of losing trust in the system today,” he told me. “It’s very hard to track how elections are being conducted. Whether it’s on paper or whether it’s digital.” Founded in 2021 by Bargil alongside CTO Eduardo Robles and Head of Research David Ruescas, Sequent has raised $3.2 million. It works with election bodies for governments, municipalities, and public institutions such as unions and universities to ensure voter privacy, ballot secrecy, fully open-source election results, and system-wide transparency for online votes. Its ambition is to do for e-voting what online banking did for finance: make it accessible, secure, and auditable. Remote Voting Turned Elections Into A Technology Platform Tensions surrounding policy and implementation are intensifying as voting habits change. Remote participation expanded dramatically across the West through absentee ballots, mail-in voting, and overseas voting programs, especially in the United States in the 2020 election. “Thirty percent of all Americans vote in federal elections by mail,” Bargil noted, with the trend only set to increase. Once voting happens outside a polling station, elections start to resemble other online systems, and so verification and trust become central issues. “If you’re voting by mail, you basically don’t identify in any way,” he said, arguing that verification must be paired with proof of accurate counting. “We need to prove above all doubts that the winner won and the loser lost,” he added. So here lies the joint-solution: that voter ID laws answer eligibility, but cryptographic verification solutions like Sequent answer legitimacy. The Philippines Became A Real-World Test Case Last year, it helped roughly 1.2 million cast digital ballots remotely for elections in the Philippines, with the deployment functioning as a live demonstration of a model where authentication and verification are built together. Instead of trusting a vendor or election authority alone, observers can audit mathematical proof that votes were recorded and counted correctly. “You don’t really have to trust either the system or the vendor,” Bargil says. Elections Are Becoming Regulated Tech Infrastructure Historically, election legitimacy came from process visibility: observers watching ballot boxes, physical counting, and human oversight. Digital systems can break that psychological assurance since citizens cannot “see” software and how it is gathering and counting votes, or if the vote was counted at all. The solution, Bargil argued, is about replacing visual trust with mathematical certainty. “Criticism comes because most of the systems today are pretty much black boxes.” This shifts the questions surrounding election integrity into the faith in the technology itself. The goal isn’t to prevent fraud alone, but to reduce unverifiable outcomes - a concern often raised by critics of large-scale remote voting. The Next Political Fight May Be Technical These new American voter-ID laws may therefore represent only the first layer of a new civic technology stack. Identity verification will confirm who participates (like in most other countries), and Sequent’s cryptographic verification technology can confirm what actually happened. “My biggest concern… people losing trust and losing interest in elections,” Bargil concluded. In the coming decade, election disputes may shift away from courtroom arguments over ballots and toward technical arguments over proof standards — similar to cybersecurity breaches or financial audits. Much like any other area, it could cause deep civil mistrust in the institutions that are designed to protect democracy. Whether this new technology can restore trust remains an open question, but the next-generation technical battleground is already forming. The Spiro Circle is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Get full access to The Spiro Circle at www.thespirocircle.com/subscribe

    47 min
  8. Israel Can Win the AI Boom - #0048, Amir Fishelov

    13 FEB

    Israel Can Win the AI Boom - #0048, Amir Fishelov

    Much of the global conversation around artificial intelligence focuses on models, interfaces, and applications. But Amir Fishelov, managing partner at Square One Labs and, before that, co-founder of SolarEdge, believes that narrative is incomplete. What’s more, it is potentially misleading about the current state of high tech, especially in Israel. “It doesn’t matter if Google will win the race or OpenAI,” Fishelov says. “They all need the same infrastructure.” I spoke to Fishelov about Square One Labs, a venture creation and investment platform that helps founders build transformative tech companies from the earliest stages. Founded in early 2024, it blends early-stage funding with operational support, providing labs, facilities, mentoring, and strategic guidance to turn big ideas into real companies. It is deliberately focused on what Fishelov calls “physical infrastructure for AI”: energy, semiconductors, robotics, and the hardware systems that make large-scale AI possible. While software continues to move quickly, he argues that the real bottlenecks sit much deeper in the stack. “Looking into AI, we figured out there’s lots of opportunity in the software space,” he says. “But there’s a huge opportunity on the actual infrastructure for AI.” The logic makes sense. Training and running advanced AI systems requires enormous amounts of energy, compute, and physical reliability. Regardless of which models dominate, the same foundational systems must exist underneath them. “All the basic software layers, all of these are critical infrastructure that any solution for AI needs,” Fishelov says. This focus is informed by experience. At SolarEdge, Fishelov helped scale energy and semiconductor systems globally, selling more than 200 million units of proprietary semiconductors. That operational background shapes Square One Labs’ investment thesis today. “We just came from these worlds,” he said. “Energy is our bread and butter. We also saw what happens in manufacturing.” Unlike consumer software, infrastructure businesses operate on long timelines and demand precision early. “Deeptech companies were hard 20 years ago,” Fishelov says. “They’re still hard today.” In these sectors, missing early accuracy can be fatal. “Not hitting a target fast can cost the company three to four years in terms of capital and runway.” That difficulty, however, is exactly what creates defensible moats. “The moat is very high,” he says. “Once they penetrate into the market and you have a differentiated solution… you can be in the game for the long run.” Fishelov points to energy as a clear example. New systems don’t just need to be cleaner—they must be cheaper and more reliable than technologies built over a century. “You’re competing with gas solutions, oil solutions, whatever, which were built here for the past 100 plus years,” he says. “Now you need to build a new solution which is more cost-competitive than that.” One Square One Labs investment in geothermal energy reflects this approach. By developing more efficient drilling methods, the company aims to deliver “cheaper energy, green energy, and available 24-7 energy,” Fishelov says—an infrastructure-level improvement that benefits any AI system layered on top. AI itself, he adds, is accelerating deep-tech development rather than replacing it. “AI can help you understand a much broader range of topics,” he says, speeding up research, simulation, and material discovery. But it doesn’t remove the need for physical systems that work reliably at scale. I enjoyed speaking to Fishelov, who emphasized that the future of AI will depend less on who writes the best model, but who builds the systems that keep it running. You can learn more in the video above. The Spiro Circle is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Get full access to The Spiro Circle at www.thespirocircle.com/subscribe

    47 min

About

Join me as I discuss issues relating to Israel, tech, media, and news. Sometimes with a guest, sometimes solo. www.thespirocircle.com