The Delphi Podcast

The Delphi Podcast

Conversations with Crypto Gigabrains. Hosted by Tommy, Co-Founder and Founding Partner at Delphi Ventures 

  1. 19h ago

    It's not AI Doom, It's a Fourth Turning

    From building TechCrunch to backing Uber and Airbnb, Michael Arrington has had a front-row seat to some of technology’s biggest shifts. He joins Tommy on The Delphi Podcast for a candid conversation about the unstoppable AI race, the psychology of exceptional founders, and why he believes Bitcoin is the hard money the world needs. Michael shares how he broke the news of Google buying YouTube, what working with Steve Jobs taught him, and how his relationships with founders translated into early investments in generational companies. He also opens up about burnout, leaving TechCrunch, reinventing himself through crypto, and staying convinced through brutal market cycles. The conversation closes with his advice for entrepreneurs: face your fears, play to your strengths, and build a team that complements your weaknesses. Timestamps 00:00 Intro & the Fourth Turning 07:00 AI, China & the race to AGI 17:00 Founder psychology & investment red flags 29:00 Building TechCrunch & lessons from Steve Jobs 44:00 Selling TechCrunch & backing Uber and Airbnb 53:00 Moving into crypto & navigating market cycles 60:00 Bitcoin, AI & an uncertain future 01:09:00 Advice for founders: play to your strengths Tommy: https://x.com/Shaughnessy119 Michael: https://x.com/arrington 🔗 Connect with Delphi 🌐 Portal: https://delphidigital.io/ 🐦 Twitter: https://twitter.com/delphi_digital 💼 LinkedIn: https://www.linkedin.com/company/delphi-digital Watch on Youtube: https://youtu.be/YgyjaD8mgbs DISCLAIMER This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.

    It's not AI Doom, It's a Fourth Turning

  2. 1d ago

    Most VCs Are Afraid to Be Wrong | Rohan Pujara

    José sits down with Rohan Pujara, general partner at Valhalla Ventures, for another episode of the Emerging Managers series on The Delphi Podcast. Rohan explains why he avoids crowded investment themes, seeks out unconventional founders, and believes venture capital has increasingly traded risk-taking for status and consensus. They explore what separates repeatable investing skill from getting lucky, why a great seed investment should have no competitors, and how Valhalla builds conviction in companies other investors overlook. Rohan breaks down the thinking behind investments in K2 Space, Jaza and Truffle—from large satellites and electricity in sub-Saharan Africa to the case for running AI on personal devices. The conversation also covers concentrated portfolios, selective follow-on investing, the appeal of owning future monopolies, and how LP incentives shape fund managers’ decisions. Rohan shares how growing up with little money shaped his willingness to take risks, why he prefers New York to San Francisco, and what it takes to build an enduring investment firm. 💡 Want to stay updated with the latest in crypto & AI? Hit subscribe and the notification bell! 🔔 🧠 Follow the Alpha ▸José Macedo: @ZeMariaMacedo ▸Rohan Pujara: @rohanpuj 🔗 Connect with Delphi 🌐 Portal: https://delphidigital.io/ 🐦 Twitter: https://twitter.com/delphi_digital 💼 LinkedIn: https://www.linkedin.com/company/delphi-digital 🎧 Listen on Spotify: https://open.spotify.com/show/62PR1RigLG2YN5Pelq6UY9?si=18ac7ccf36ab4753 Apple Podcasts: https://podcasts.apple.com/us/podcast/the-delphi-podcast/id1438148082 Youtube: https://www.youtube.com/channel/UC9Yy99ZlQIX9-PdG_xHj43Q Timestamps 00:00 Cold Open 00:44 Meet Rohan Pujara and Valhalla Ventures 01:56 Why Rohan Avoids Consensus Investments 10:23 Has Venture Capital Lost Its Risk Takers? 13:11 Investing Skill vs. Getting Lucky 17:23 Finding Founders Before They Raise 19:14 What Makes an Exceptional Founder? 28:28 Concentrated Portfolios and Follow-On Investing 34:32 San Francisco Groupthink vs. New York 36:48 TCI, Monopolies and Long-Term Moats 39:37 From Crypto to Deep Tech and Beyond 44:25 K2 Space: Betting Against Small Satellites 47:34 Jaza: Bringing Electricity to Africa 51:33 Investment Mistakes and Overthinking 55:17 Backing Technical AI Founders 58:44 Truffle and the Future of Personal AI 1:03:53 Growing Up Poor and Learning to Take Risks 1:11:38 Valhalla’s Future and Aligning Incentives Disclaimer This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.

    Most VCs Are Afraid to Be Wrong | Rohan Pujara

  3. Sep 9

    Why the Future of Venture Is Hard Tech, Drones & Physical AI | Ian Rountree

    Join José as he hosts another episode of the Emerging Manager series on the Delphi Podcast, sitting down with Ian Rowntree, founder and managing partner of Cantos. Ian details the ten-year journey of Cantos, moving from early vertical software into hard tech and physical AI, while announcing the launch of their $70M Fourth Fund.  They dive into the reality of venture capital returns, the power law dynamics of outlier funds, and why traditional SaaS playbooks fail in frontier markets. Ian shares the frameworks Cantos uses to evaluate hard-tech founders, the mechanics behind portfolio companies like Neros and Castilleja, and why vertical integration is required to displace entrenched incumbents.  Timestamps 00:00 Intro 00:39 Why Invest in Venture Capital? 07:10 The Edge of Emerging Managers 11:05 From Software to Hard Tech 23:08 Contrarian Investing, Valuations, and Venture Mistakes 34:14 What Makes an Exceptional Founder? 56:38 Bringing Technology Into the Physical Economy 1:10:51 Defense Tech, Drones, and the Future of Warfare 1:23:55 Physical AI and Shaping the Future 💡 Want to stay updated with the latest in crypto & AI? Hit subscribe and the notification bell! 🔔 🧠 Follow the Alpha ▸ José: @ZeMariaMacedo ▸ Ian's Twitter: @IanRountree 🔗 Connect with Delphi 🌐 Portal: https://delphidigital.io/ 🐦 Twitter: https://twitter.com/delphi_digital 💼 LinkedIn: https://www.linkedin.com/company/delphi-digital Watch on Youtube: https://www.youtube.com/channel/UC9Yy99ZlQIX9-PdG_xHj43Q Disclaimer This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.

    Why the Future of Venture Is Hard Tech, Drones & Physical AI | Ian Rountree

  4. Sep 2

    China’s AI Advantage Is Bigger Than You Think

    In this episode of The Delphi Podcast, Tommy sits down with AccelXR, author of Delphi Digital’s “Evaluating the AI Labs of China” report, to break down what’s actually happening in the US-China AI race.  You can read the report here: https://members.delphidigital.io/reports/evaluating-the-ai-labs-of-china?utm_source=twitter&utm_medium=social Timestamps 00:00 Intro 00:35 Is China Innovating or Just Distilling? 06:10 DeepSeek and China’s Leading AI Labs 10:15 How China Is Working Around Weaker Chips 18:25 China’s Biggest AI Advantage: Electricity 29:45 Three Scenarios for the US-China AI Race 40:20 America’s AI Talent Advantage Is Reversing 47:45 China’s Path to AI Sovereignty Tommy: https://x.com/Shaughnessy119 AccelXR: https://x.com/accelxr 🔗 Connect with Delphi 🌐 Portal: https://delphidigital.io/ 🐦 Twitter: https://twitter.com/delphi_digital 💼 LinkedIn: https://www.linkedin.com/company/delphi-digital Watch on Youtube: https://www.youtube.com/@delphi_digital DISCLAIMER This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.

    China’s AI Advantage Is Bigger Than You Think

  5. Aug 19

    Most Venture Funds Are Playing Momentum Games | Michael Dempsey

    Join José as he hosts another episode of the Emerging Manager series on the Delphi Podcast, sitting down with Michael Dempsey, managing partner of Compound. Michael makes the case that most venture funds being raised today are playing momentum games that won't survive contact with a real cycle, and explains why Compound has become known as one of the slowest-deploying seed funds in the US. They dive into the fallacy of founder legibility, why paying up at seed doesn't improve outcomes, and how the firm's research edge decayed the moment anyone could drop an academic paper into ChatGPT. Michael shares Compound's portfolio construction math, the thesis behind their public markets fund and the coming decade of market cap destruction, where he's investing across bio, materials, and robotics, and why the humanoid narrative is far more fragile than the market believes.  Timestamps 00:00 Intro 01:24 Why Momentum Investing Fails in Venture 05:05 Price, Legibility, and the Myth of the Obvious Founder 15:10 Research as Edge and the Problem With Obviousness 32:31 Portfolio Construction and Shots on Goal 39:04 Bio, Materials, and the Commoditization of Intelligence 43:44 Public Markets, Software Margins, and the Short Side 56:58 Meta, Google, and the Mag 7 1:06:45 Crypto, Robotics, and Drone Warfare 1:21:38 Therapy, Psychedelics, and Writing 💡 Want to stay updated with the latest in crypto & AI? Hit subscribe and the notification bell! 🔔 🧠 Follow the Alpha ▸ José: @ZeMariaMacedo ▸ Michael's Twitter: @mhdempsey 🔗 Connect with Delphi 🌐 Portal: https://delphidigital.io/ 🐦 Twitter: https://twitter.com/delphi_digital 💼 LinkedIn: https://www.linkedin.com/company/delphi-digital Watch on Youtube: https://www.youtube.com/channel/UC9Yy99ZlQIX9-PdG_xHj43Q Disclaimer This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.

    Most Venture Funds Are Playing Momentum Games | Michael Dempsey

  6. Aug 12

    Steve McLaughlin Built a Multi-Billion-Dollar Investment Bank and Beat Wall Street at Its Own Game

    In this episode of The Delphi Podcast, Tommy sits down with Steve McLaughlin, founder and CEO of FT Partners, to unpack how he left Goldman Sachs at 32 and built one of the most influential investment banks in fintech. Steve shares the story behind FT Partners’ early days, including how his team took a company that had received roughly $150 million offers and ultimately sold it for $550 million. He explains why FT goes deeper than traditional investment banks, how the firm has built decades-long relationships with founders, and why incentives, founder ownership, and putting your own capital behind your conviction matter. They also discuss FT’s $50 million investment in Revolut, what Steve looks for in great founders, the work ethic required to build a firm over 25 years, surviving multiple financial crises, and why he believes AI will ultimately be a bigger disruption to financial services than the internet, mobile, or crypto. Timestamps 00:00 Intro 02:20 Leaving Goldman and Starting FT Partners 11:00 Turning a $150M Offer Into a $550M Sale 18:30 How FT Partners Values Companies 28:30 Building Long-Term Founder Relationships 34:00 Founder Incentives and the Revolut Bet 52:00 What Steve Looks for in Great Founders 1:08:00 The Future of Fintech, Crypto, and AI Tommy: https://x.com/Shaughnessy119 Steve: https://x.com/FTPartners 🔗 Connect with Delphi 🌐 Portal: https://delphidigital.io/ 🐦 Twitter: https://twitter.com/delphi_digital 💼 LinkedIn: https://www.linkedin.com/company/delphi-digital Watch on Youtube: https://youtu.be/P_JdhPqiww8 DISCLAIMER This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.

    Steve McLaughlin Built a Multi-Billion-Dollar Investment Bank and Beat Wall Street at Its Own Game

  7. Jul 31

    Building the SoftBank of Robotics | Andrew Kang

    Join José as he hosts a special edition of the Emerging Manager series on the Delphi Podcast, sitting down with Andrew Kang, founder of RoboStrategy. After managing personal capital through Mechanism Capital across both public and venture markets, Andrew turned his focus entirely to the under appreciated robotics industry a space he identifies as being at a critical inflection point reminiscent of AI in 2022 or crypto in 2014.   They dive deep into the underlying method behind finding asymmetric bets, sizing positions, and distinguishing a true contrarian play from simply being the sucker at the table. Andrew breaks down the multidisciplinary engineering breakthroughs that sparked his initial bullishness on humanoid robotics and why he believes the industry is poised to become a multi-decade, trillion-dollar powerhouse. 🎯 Key Highlights ▸ The Robotics Inflection: Why the broader acceptance and adoption of physical AI is changing dramatically after years of stagnation. ▸ The $19M Play: The conviction and framework behind Andrew’s famous $19 million pre-markup investment into Figure. ▸ From Crypto to Nasdaq: Transitioning from on-chain trading habits to running a public robotics vehicle under the Nasdaq ticker BOT. ▸ Pre-ChatGPT Moment: Evaluating the first generation of robot foundation models and why generalizability was originally overlooked. ▸ Multidisciplinary Edge: Why generating structural alpha in robotics requires mastering electrical engineering, mechanical engineering, and robot learning. ▸ The Physics of "Pick and Place": Tapping into a multi-billion dollar market by automating simple factory tasks like sorting and packaging. ▸ Beyond Deterministic Code: Moving past traditional "if-then" programmatic parameters to build safe, AI-driven physical adaptions. ▸ The Ultimate Game: Applying crypto-native risk principles, position sizing, and asymmetry filters to venture-scale hardware outcomes. 💡 Want to stay updated with the latest in crypto & AI? Hit subscribe and the notification bell! 🔔 🧠 Follow the Alpha ▸ José: @ZeMariaMacedo ▸Andrew Kang's Twitter: @Rewkang 🔗 Connect with Delphi 🌐 Portal: https://delphidigital.io/ 🐦 Twitter: https://twitter.com/delphi_digital 💼 LinkedIn: https://www.linkedin.com/company/delphi-digital 🎧 Listen on Spotify: https://open.spotify.com/show/62PR1RigLG2YN5Pelq6UY9?si=18ac7ccf36ab4753 Apple Podcasts: https://podcasts.apple.com/us/podcast/the-delphi-podcast/id1438148082 Youtube: https://www.youtube.com/channel/UC9Yy99ZlQIX9-PdG_xHj43Q Timestamps 00:00 — Early stage pitfalls: How crypto instills bad habits in venture 00:25 — José welcomes Andrew Kang to the Emerging Manager series 01:50 — Managing personal capital from Mechanism Capital to RoboStrategy 03:00 — Humanoid robotics as a multi-decade, trillion-dollar industry 05:30 — Looking past the consensus: Finding alpha in multidisciplinary tech fields 06:50 — The Exponential Horizon: Abandoning short-termism and trading 07:15 — The 2022 DeepMind breakthroughs and signs of true robot intelligence 11:15 — Generalizability vs. Specific programming paths in traditional robotics 12:20 — The Taylor Swift vs. Kanye West task: Evaluating early vision-language backbones 13:10 — Moving objects in factories: Breaking down the massive "pick and place" market size 14:50 — Overthinking humanoids: Transitioning from industrial code to the human form factor 15:50 — Math of a billion-dollar scale: Why it only takes 20,000 robots sold at $50,000 17:40 — The hardware inflection: When traditional controllers become AI-driven joint angles 18:30 — The Figure bet: Betting on the timeline to billions in physical AI revenue Disclaimer This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.

    Building the SoftBank of Robotics | Andrew Kang

  8. Jul 28

    OpenAI is Making a MASSIVE Mistake

    In this episode of The Delphi Podcast, Tommy sits down with Travis Good, co-founder of Ambient, to discuss why open-source AI may ultimately beat the closed labs and what that shift means for developers, businesses, and the broader AI economy. Travis explains how Ambient is building a decentralized marketplace for AI inference, matching demand with underutilized GPU capacity while verifying that users receive the exact model quality they paid for. They also explore the risks of building on closed AI infrastructure, China’s growing advantage in open-source models, and why OpenAI and Anthropic may be creating long-term distrust among their own customers. The conversation also goes deeper into what would happen if OpenAI achieved AGI first, why prompt injection remains one of AI’s most important unsolved problems, and how the current AI infrastructure spending boom could eventually trigger a broader funding shock or AI winter. Timestamps 00:00 Intro 03:20 What Ambient Is and How It Works 18:40 Verified AI Inference 40:20 China and the Open-Source AI Race 49:00 Why Closed AI Is Making a Mistake 1:03:00 What Happens If OpenAI Reaches AGI? 1:17:10 The AI Bubble and a Possible AI Winter Tommy: https://x.com/Shaughnessy119 Travis: https://x.com/IridiumEagle 🔗 Connect with Delphi 🌐 Portal: https://delphidigital.io/ 🐦 Twitter: https://twitter.com/delphi_digital 💼 LinkedIn: https://www.linkedin.com/company/delphi-digital 📺 Watch on Youtube: https://thedelphipodcast.buzzsprout.com DISCLAIMER This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.

    OpenAI is Making a MASSIVE Mistake
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4.6
out of 5
79 Ratings

About

Conversations with Crypto Gigabrains. Hosted by Tommy, Co-Founder and Founding Partner at Delphi Ventures 

Information

  • Creator
    The Delphi Podcast
  • Years Active
    2018 - 2026
  • Episodes
    489
  • Rating
    Explicit
  • Copyright
    © 2026 The Delphi Podcast
  • Show Website
    The Delphi Podcast

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