Join the Delphi team for an inside look at their Montenegro retreat as Anil Lulla, José Maria Macedo, Yan Liberman, Tommy Shaughnessy, and Kevin Kelly discuss the evolution of Delphi’s three main companies. From consulting and applied research to venture investments and AI acceleration, the team shares their strategic vision, recent wins, and how they're building competitive advantages across crypto and AI.

🎯 Key Highlights

▸ Retreat philosophy: building context and bonding across Research, Ventures & Labs

▸ Evolution from consulting 1.0 → applied research & economic design

▸ Labs’ journey post-Terra to new incubations like Legion & Metal X

▸ Ventures’ fund-to-fund strategy for AI deal flow & expertise

▸ Delphi Intelligence: bridging the crypto–AI knowledge gap

▸ 21 AI investments totaling $25M+ before major rounds

▸ SPV strategy for late-stage AI & deep tech opportunities

▸ “Hive mind” advantage: cross-company collaboration & shared insight

▸ From speculation → savings: crypto’s evolution via stablecoins & tokenized assets

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🧠 Follow the Alpha

▸ Anil's Twitter: @anildelphi

▸ José's Twitter: @ZeMariaMacedo

▸ Yan's Twitter: @YanLiberman

▸ Tommy's Twitter: @Shaughnessy119

▸ Kevin's Twitter: @Kevin_Kelly_II

🔗 Connect with Delphi

🌐 Portal: https://delphidigital.io/

🐦 Twitter: https://x.com/delphi_digital

💼 LinkedIn: https://www.linkedin.com/company/delphi-digital/

🧠 Intelligence: https://www.delphiintelligence.io

🎧 Listen on

Spotify: https://open.spotify.com/show/62PR1RigLG2YN5Pelq6UY9?si=18ac7ccf36ab4753&nd=1&dlsi=50105fd66e6c4124

Apple Podcasts: https://podcasts.apple.com/us/podcast/the-delphi-podcast/id1438148082

Youtube: https://www.youtube.com/channel/UC9Yy99ZlQIX9-PdG_xHj43Q

Timestamps

00:00 — Intro: Montenegro retreat overview

01:00 — Retreat philosophy: context & bonding

02:00 — Research & Consulting: from subs → applied research

04:30 — Economic design & GTM strategy

06:00 — Design studio: from cost center → client services

07:00 — Labs origin & Terra lessons

09:15 — Incubation vs. acceleration models

10:30 — Highlights: Legion, Metal X & Oro

11:00 — Fabricio’s path: hackathon → founder

13:30 — Ventures: bootstrapping & concentrated bets

15:00 — Fund 1 → Fund 3 evolution

16:00 — SPV strategy revival

17:30 — Delphi Intelligence launch & monetization

18:15 — Crypto–AI convergence & learning

20:30 — From zero AI edge → advantage

21:45 — Tommy’s AI journey

22:30 — 21 AI investments (Nouse, Ambient, Grass & more)

24:00 — Internal AI tools: 6 Delphi bots

24:45 — The need for a US open-source AI lab

25:00 — Strongest company connectivity yet

27:00 — Next phase: maximizing collective impact

28:00 — Crypto’s shift: speculation → parallel finance

29:30 — Patience & perspective: beyond CT’s noise

31:00 — Ventures’ collaborative deal flow

32:00 — Backing emerging AI managers

33:30 — 200+ annual deal exposures

35:00 — Diversifying beyond crypto

36:30 — Finding the next “Magnificent Seven”

37:00 — Closing reflections

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.