The Hivemind

Is the AI trade getting crowded?

This week on Hivemind, Delphi Ventures Partner Tommy Shaughnessy joins the show to debate one of the biggest questions in technology and markets today: can OpenAI and Anthropic justify their valuations, or is open-source AI about to take market share?

The team discusses enterprise AI spending, the economics of frontier models, the rise of open-source alternatives, SpaceX's IPO, the AI bubble debate, Hyperliquid's continued growth, and the latest developments surrounding Zcash and the private Bitcoin thesis.

TIMESTAMPS

00:00:00 Introduction & Market Outlook

00:05:00 OpenAI, Anthropic & Enterprise AI Spending

00:08:53 Open Source vs Frontier Models

00:24:41 Are We In An AI Bubble?

00:35:17 SpaceX IPO & Equity Issuance

00:38:13 AI Regulation & Political Risk

00:53:36 Hyperliquid & HYPE

01:04:14 Zcash & The Private Bitcoin Thesis

01:13:16 Final Thoughts

Link to our Youtube: https://www.youtube.com/@Delphi_Digital

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Bitcoin is breaking down, AI is attracting all the capital, and crypto may be entering an entirely new market regime.

This week on The Hivemind, the team debates where Bitcoin is headed, why assets like HYPE, Venice, and Lighter are outperforming despite BTC weakness, the future of Hyperliquid, Ethena's Coinbase partnership, and whether crypto is finally becoming a market driven by fundamentals instead of Bitcoin alone.

TIMESTAMPS

00:00:00 Introduction & Is Bitcoin Cooked?

00:05:44 Saylor, Bitcoin Liquidity & Market Structure

00:12:28 Why Crypto Is Finally Detaching From Bitcoin

00:19:06 The New Altcoin Market & Capital Rotation

00:22:35 Why HYPE's Outperformance Matters

00:26:22 Zcash, Value Investing & Crypto Fundamentals

00:31:57 Hyperliquid, Lighter & Crypto's First Compounders

00:33:47 Can Crypto Thrive While Bitcoin Stagnates?

00:38:32 Why Retail Left Crypto For AI & Stocks

00:40:46 BlackBerry, Equities & Staying In Your Circle Of Competence

00:47:54 Lighter Deep Dive

00:53:16 Kalshi, Perpetual Futures & Regulatory Tailwinds

00:55:03 Polymarket's UMA Problem

01:07:09 Ethena x Coinbase Explained

01:16:43 Bitcoin To $49K? Jason's Bear Case

01:19:43 Can HYPE Keep Going Higher?

Link to our Youtube: https://www.youtube.com/@Delphi_Digital

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Crypto is becoming a stock picker’s market and the biggest winners may not even look like traditional crypto anymore.

This week on The Hivemind, the team breaks down Hyperliquid’s continued dominance, Venice AI’s explosive growth, the collapse of the L1 premium thesis, and why attention and capital are increasingly flowing toward AI, robotics, defense tech, and private markets. They also debate whether crypto is still the most exciting opportunity set in the world or if the industry is entering a new phase entirely.

Timestamps:

00:00 – Why crypto has become a stock picker’s market
05:00 – Venice AI (VVV), AI tokens & crypto business models
17:00 – ETH, SOL & the collapse of the L1 premium thesis
24:00 – Why Hyperliquid changed the crypto investment landscape
33:00 – Crypto capital formation vs traditional equity markets
39:00 – Defense tech, drones & the future of warfare
51:00 – Advice for young investors entering markets today
1:04:00 – Robotics, Figure AI & the next major investment wave
1:12:00 – Bitcoin, macro tailwinds & long-term positioning

Link to our Youtube: https://www.youtube.com/@Delphi_Digital

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Markets are green, AI is reshaping software in real time, and crypto is once again debating what token ownership actually means.

This week on The Hivemind, the team breaks down the market melt-up, Zcash’s explosive move, the rise of AI agent infrastructure, Cursor’s rumored $60B acquisition, and the growing tension between equity and token holders after the Houdini controversy. They also dive into Pump’s buyback changes, Strategy’s latest BTC playbook, and why AI-native workflows could completely disrupt traditional SaaS.

Timestamps:

00:00 – Markets rip higher as geopolitical fears fade
02:20 – Strategy, STRC dynamics & Michael Saylor’s BTC comments
09:50 – Zcash breakout, privacy narratives & alt rotation
15:40 – Venice AI (VVV) and the AI x crypto trade
23:00 – Cursor’s rumored $60B acquisition & AI business models
30:30 – AI agents replacing traditional software workflows
40:30 – Why SaaS companies may be vulnerable in an agent-first world
41:30 – The Houdini controversy & crypto token holder rights
52:00 – Pump’s buyback changes, burns & token economics debate
1:03:00 – What’s next for Pump, meme coin markets & crypto products

Link to our Youtube: https://www.youtube.com/@Delphi_Digital

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Markets are ripping again but is the rally actually sustainable? This week, the team breaks down Bitcoin’s move toward $80K, the fallout from the massive Aave/KelpDAO exploit, and whether DeFi’s risk/reward still makes sense. They also dive into AI infrastructure plays, the rise of real-world yield products like USDAI, and how AI agents are completely changing productivity workflows. 

00:00 Intro + market sentiment shift
08:55 The Aave/KelpDAO exploit explained
17:00 Why DeFi lending models may need to change
37:30 Where DeFi yield still makes sense
38:00 USDAI and real-world AI infrastructure yield
48:20 Venice, Bittensor, and AI token narratives
54:00 How AI agents are changing productivity
1:00:50 What the team is watching next
1:07:15 Outro

Link to our Youtube: https://www.youtube.com/@Delphi_Digital

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This week, the Hivemind team breaks down the ceasefire in Iran and how it could impact markets going forward. We then deep dive into the 2026 IPO window, is AI a bubble, the fallout of Drift's $280M exploit, Polymarkets recent announcement and more

Timestamps:00:00 Introduction01:50 State of The Market 09:53 Finding Opportunities In Crypto 15:15 Is AI In a Bubble? 26:35 The Return of Active Investing37:42 Prediction Markets 51:40 The Drift Exploit Fallout

Link to our Youtube: https://www.youtube.com/@Delphi_DigitalFollow Ceteris: ⁠https://x.com/ceterispar1bus⁠ Follow Jason: ⁠https://x.com/3xliquidated⁠ Follow Yan: https://x.com/YanLibermanFollow Jose: https://x.com/ZeMariaMacedoFollow Kevin: https://x.com/Kevin_Kelly_II

Announcing our transition to the Empire Podcast feed, by Blockworks! Follow us there to keep up to date with our chats and be sure to follow the hosts on social media!

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In this conversation, the hosts discuss various topics including the ETH ETF, flows data, the recent governance attack on Compound, and the state of the Cosmos ecosystem. They analyze the inflows and outflows in the crypto market, the impact of ETFs on the market, and the challenges faced by Cosmos chains. They also explore the concept of app-specific rollups and the potential of the Initial ecosystem. The conversation highlights the lack of a unified community in the Cosmos ecosystem and the difficulty in expressing a bet on its success. In this conversation, the hosts discuss various topics related to meme coins, NFTs, and the gaming industry. They touch on the success and potential of meme coins like Banana and Trump, the cult-like following of certain NFT collections, and the intersection of NFTs and meme coins. They also explore the role of gaming in onboarding users to crypto and the potential for incentivizing certain behaviors through tokens. The hosts express optimism about the future of gaming and the opportunities it presents in the crypto space.

The conversation covers various topics including the Trump assassination attempt, support for Trump, the JD Vance appointment, the Bitcoin ETF, Galaxy Digital, and the dynamics between Ethereum and Solana. The conversation covers various topics related to Solana and Ethereum scaling, app sequencing, app contracts, trusted execution environments (TEEs), and the potential outlook for both Solana and Ethereum in terms of scaling and market performance. The hosts discuss the potential for Solana to reach 10,000 to 30,000 transactions per second (TPS) and the challenges of scalability. They also touch on the narrative and value proposition of Ethereum, including its qualitative aspects and the potential impact of an ETF.

Chapters

00:00 Trump Assassination Attempt and Crypto Prices

03:27 Changing Perception of Supporting Trump

07:48 JD Vance Appointment and Impact on Tech and Crypto

09:44 Anticipation for the Bitcoin ETF and Speculation about a Solana ETF

17:00 Galaxy Digital: A Diverse Crypto Company to Watch

22:38 Dynamics Between Ethereum and Solana

28:01 App Sequencing and App Contracts

29:28 The Rise of Trusted Execution Environments (TEEs)

31:21 The Potential for Solana Scaling

35:34 The Narrative and Value Proposition of Ethereum

38:21 The Impact of an ETF on Ethereum's Market Performance

45:46 Exploring Investment Opportunities: ENS and Gold

In this episode of the Hivemind podcast, the hosts discuss the upcoming ETH ETF launch and its potential impact on the market. They explore different perspectives on the ETF, with some feeling bullish and others more cautious. They also touch on the role of prediction markets in providing insights into political events and the overall market dynamics. The conversation covers topics such as the reflexive nature of Ethereum, the potential for BlackRock to launch a stablecoin, and the influence of institutional investors on the market. The hosts also discuss the performance of meme coins and the impact of SEC lawsuits on the market. The conversation covers various topics related to the dynamics of the crypto market, including the trading of tokens over-the-counter (OTC), the value of legitimate projects, the impact of token unlocks, the role of circulating supply, the effects of raising too much money, and the sustainability of ICO platforms. The participants discuss the pros and cons of different approaches to fundraising and the challenges of navigating the crypto market. They also touch on the potential of meme coins and the importance of developing fundamental theses for investments.