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I got married last month, and spent the furthest time away from work during that period and the honeymoon
Unplugging while we broke ATHs really helped me reflect on what I’ve learned up until this milestone and what’s important to me in life
I wanted to share this publicly mostly to document my thoughts. I hope it’s helpful but it’s not intended to be life advice or anything like that. Just my own musings which include some stories, quotes, and pictures here and there.
Yup
no surprise, every crypto vc firm has done this privately if not publicly yet
"crypto" so intertwined with every other frontier technology area now and the word so associated with historically unserious people that it no longer makes sense for any vc to define as such
it's a limiting and inaccurate moniker just as many great vc firms outgrew "web" and "mobile" and "saas" and "fintech" brands / origins. the best investment firms are often born from emergent trends and expand from that wedge
in practice, not much changes in terms of how anyone invests, if you were actually pivoting at this moment, you would have missed at least 18 months of the most investable opportunities at the intersection of blockchain, ai and markets
Anil Lulla retweeted
The top sector that crypto billionaires & successful founders are investing in after Ai is biotech/longevity.
• @cz_binance Yzi Labs put ~10% of $10B fund in biotech
• @brian_armstrong co-founded the longevity startup Newlimit now worth $3.1B
• @VitalikButerin open source bio funds have contributed $400M+
Alex Colville explains why:
"The amount of funding that's been put into this field is still tiny. If you look at the amount of investment into this field compared to Ai, you wouldn't even see it on a bar chart."
"We are in the earliest innings."
A conversation with Dr. Alex Colville (@AlexJColville), co-founder and GP of Age1, the first longevity fund.
He studied the biology of aging for his PhD in Genetics at Stanford and has deployed more than $100M into longevity and biotech.
We discuss how Anthropic & OpenAi are suddenly buying biotech startups and racing to solve Ai drug discovery.
And why tech billionaires + crypto founders are both allocating significant capital to this sector.
Enjoy!
00:00 Intro
01:45 Chatgpt Moment for Biotech
03:57 Why Longevity Is Exploding Now
07:33 Exciting Bio Investment Areas
11:09 Growing Fresh Cells From Stem Cells
16:07 Epigenetic Reprogramming
19:50 Sponsored by Kraken
20:56 Reversible Cryopreservation
22:56 NewLimit's Big Bet
28:15 Is There One Cure?
30:10 Peptides Real or Hype?
34:30 What AI Is Unlocking in Biotech
36:54 Zero-Person Biotech?
40:35 Ai Labs Becoming Biotechs
44:06 Open Source vs Secrecy
47:18 Crypto Founders Longevity Bets
50:05 The Story Behind Age1
55:30 Moonshots
1:00:55 Dogs Living Forever
1:03:31 Manhattan Project for Aging
1:06:38 Contrarian Biotech
1:09:07 Holy Grail Bet
Anil Lulla retweeted
If you're even remotely interested in longevity/bio... this is your next watch
"Most tech over time goes to commoditization. Biotech therapeutic world does not."
"Semaglutide and tirzepatide have more revenue than OpenAI and Anthropic combined."
"One of our goals is to be able to replace every single cell in the human body over the next 50 years."
@AlexJColville knows ball 🤝
A conversation with Dr. Alex Colville (@AlexJColville), co-founder and GP of Age1, the first longevity fund.
He studied the biology of aging for his PhD in Genetics at Stanford and has deployed more than $100M into longevity and biotech.
We discuss how Anthropic & OpenAi are suddenly buying biotech startups and racing to solve Ai drug discovery.
And why tech billionaires + crypto founders are both allocating significant capital to this sector.
Enjoy!
00:00 Intro
01:45 Chatgpt Moment for Biotech
03:57 Why Longevity Is Exploding Now
07:33 Exciting Bio Investment Areas
11:09 Growing Fresh Cells From Stem Cells
16:07 Epigenetic Reprogramming
19:50 Sponsored by Kraken
20:56 Reversible Cryopreservation
22:56 NewLimit's Big Bet
28:15 Is There One Cure?
30:10 Peptides Real or Hype?
34:30 What AI Is Unlocking in Biotech
36:54 Zero-Person Biotech?
40:35 Ai Labs Becoming Biotechs
44:06 Open Source vs Secrecy
47:18 Crypto Founders Longevity Bets
50:05 The Story Behind Age1
55:30 Moonshots
1:00:55 Dogs Living Forever
1:03:31 Manhattan Project for Aging
1:06:38 Contrarian Biotech
1:09:07 Holy Grail Bet
Invested in age1 a few years ago and have constantly been impressed and inspired by @AlexJColville
@convergence__x has 20 episodes in the chamber rn. All with S tier guests. But honestly, this was the episode I was most excited to listen to. Alex doesn't do much media.
A conversation with Dr. Alex Colville (@AlexJColville), co-founder and GP of Age1, the first longevity fund.
He studied the biology of aging for his PhD in Genetics at Stanford and has deployed more than $100M into longevity and biotech.
We discuss how Anthropic & OpenAi are suddenly buying biotech startups and racing to solve Ai drug discovery.
And why tech billionaires + crypto founders are both allocating significant capital to this sector.
Enjoy!
00:00 Intro
01:45 Chatgpt Moment for Biotech
03:57 Why Longevity Is Exploding Now
07:33 Exciting Bio Investment Areas
11:09 Growing Fresh Cells From Stem Cells
16:07 Epigenetic Reprogramming
19:50 Sponsored by Kraken
20:56 Reversible Cryopreservation
22:56 NewLimit's Big Bet
28:15 Is There One Cure?
30:10 Peptides Real or Hype?
34:30 What AI Is Unlocking in Biotech
36:54 Zero-Person Biotech?
40:35 Ai Labs Becoming Biotechs
44:06 Open Source vs Secrecy
47:18 Crypto Founders Longevity Bets
50:05 The Story Behind Age1
55:30 Moonshots
1:00:55 Dogs Living Forever
1:03:31 Manhattan Project for Aging
1:06:38 Contrarian Biotech
1:09:07 Holy Grail Bet
Anil Lulla retweeted
New Delphi Podcast with Andrej Radonjic @0xdrej, founder of Grass
To a website, Grass looks like normal users browsing. Behind it is millions of opted in residential nodes and a data platform that has delivered exabytes of web data to the frontier labs
We get into how AI flipped the hard part of search upside down. The index used to be the moat, and crawling was free. Now AI tooling makes the index cheap, while AI crawlers have pushed the web into blocking everything. The hard part is getting the page at all
Training data is already a profitable business for Grass with most of the top labs and multiple Mag 7 companies as customers. Crawling for that data also means mapping the entire internet, which is what puts Grass in a position to build search on top of it. Contents API is live, Search is next, and multimodal grounding follows
00:00 Intro
00:43 From Nuclear Physics to Web Scraping
03:38 The Pandemic Signal Everyone Missed
07:31 The Smart TV Proxy Scandal
09:10 Why the Internet Is Blocking AI
11:56 Training Data vs Live Data
16:05 Mapping the Entire Internet
18:03 Delivering Exabytes to AI Labs
21:48 What AI Labs Really Pay For
24:43 How Robots Learn From Web Video
33:02 When Labs Change Direction
35:57 One API Call for Any Website
41:58 AI Flipped Search Upside Down
47:03 Can the Network Keep Up?
49:52 The Defense Tech of AI Data
52:58 Why Data Is the Alpha
57:08 Why AI Labs Won’t Buy Slop
59:17 The Metric That Matters Most
01:02:35 The $100 Billion Data Market
01:05:07 Who Actually Owns Grass
01:08:18 What a Real Moat Looks Like
01:13:16 What Happens Next
Disclosure. Delphi Ventures holds $GRASS
Full episode
Anil Lulla retweeted
Our report “The House Always Wins: Why Speculation is a Theme of the Decade” is out now.
Speculation runs rampant when new tech rearranges what’s possible or the system stops working for most. AI and crypto are now fueling both.
Read it for free here.
delphi.link/Speculation
Anil Lulla retweeted
Cancer patients with the same diagnosis often have very different tumor biology.
Molecular testing can reveal underlying differences, but that's slow and expensive.
Introducing Holon-S1, our platform to predict genes and biomarkers from routine pathology slides.
• beats two other models at predicting spatial gene activity in a controlled comparison
• has identified potentially novel biomarkers in breast cancer and colon cancer
• evaluated across 16 organ types and more than 15 scanners, using slides from both formalin-fixed, paraffin-embedded and fresh-frozen tissue.
We believe Holon-S1 has the potential to help researchers find new biomarkers in slides they already have, discover treatment targets, and bring more personalized cancer care within reach!
Anil Lulla retweeted
What if a routine biopsy could reveal cancer treatment clues that currently require expensive molecular testing?
That’s the promise of @SophontAI’s latest Holon-S1 model
In a retrospective analysis of GitLab co-founder Sid’s cancer, it recovered several key biological findings from existing tissue images alone, including signals pointing to potential treatments
While it’s still research-stage, but the potential is huge: helping more patients access insights that could save their lives
There’s a lot of anxiety about AI’s future. Work like this gives me a reason to be optimistic.
Proud to back them
Cancer patients with the same diagnosis often have very different tumor biology.
Molecular testing can reveal underlying differences, but that's slow and expensive.
Introducing Holon-S1, our platform to predict genes and biomarkers from routine pathology slides.
• beats two other models at predicting spatial gene activity in a controlled comparison
• has identified potentially novel biomarkers in breast cancer and colon cancer
• evaluated across 16 organ types and more than 15 scanners, using slides from both formalin-fixed, paraffin-embedded and fresh-frozen tissue.
We believe Holon-S1 has the potential to help researchers find new biomarkers in slides they already have, discover treatment targets, and bring more personalized cancer care within reach!
Anil Lulla retweeted
. @3xliquidated sent me his draft for this a couple of weeks ago and this immediately became one of the most important pieces I read this year
Jason’s report sheds light on how the recent rise in speculation and risk taking behavior is not something new, but a recurring phenomenon we’ve seen many times before
The speculation craze is a simply a sign of which regime of the political and societal cycle we are in
Read it for free today
Our report “The House Always Wins: Why Speculation is a Theme of the Decade” is out now.
Speculation runs rampant when new tech rearranges what’s possible or the system stops working for most. AI and crypto are now fueling both.
Read it for free here.
delphi.link/Speculation
Anil Lulla retweeted
A conversation w/ @CryptoHayes on OpenAi & Anthropic being worthless, why China is especially interesting right now, agentic money systems, crypto token disparity, quantum risk vs reality, and what changed his mind about Ethereum.
00:00 Intro
00:27 Bitcoin to 1 Million
00:57 Why Governments Always Print Money
03:31 Ai Tokens vs Crypto Tokens
04:30 AI Is a Waste of Money
06:11 Zcash vs. Ethereum
07:29 Why Only a Few Coins Win
10:38 China's Coming Money Printing
11:51 Stablecoins vs. Local Currencies
14:03 AI Model Companies Are Worthless
15:17 Agentic Payment Systems
17:28 Why Agents Won't Use Stablecoins
18:56 Poetry and Trading Competitions
21:17 Ai Money > BTC
22:52 Tokenization Supercycle
24:43 Michael Saylor Szn is Over
26:12 Central Banks Buying Coins
27:29 Is Quantum Risk Overhyped?
27:54 Consensus Trades
29:35 Favorite Coins
30:20 Why ETH Will Outperform
Anil Lulla retweeted
Our original Crypto Options report is now unlocked!
Crypto once wrote options off as a dinosaur. Now onchain options volume has hit a two-year high, and the landscape looks much different from last cycle.
Read the report for free here.
delphi.link/Optionsclassic
Anil Lulla retweeted
Luke is always putting out great content and @nic_carter is always making great points. Combine for a great hour of listening material.
Remember, perception is everything. Even if the threat is not close, to a boomer or asset manager the idea that there is a chance that wealth can evaporate overnight is enough to keep those kind of buyers away.
Conversation with @nic_carter to discuss the quantum risk for crypto, Ai math advancements, Satoshi's warning, and what comes next.
00:00 Intro
00:50 Bitcoin Investor Unrest
02:08 Finding Risks and Ideas Early
05:36 Why Bitcoin Needs Upgrade
07:10 Satoshi Warning About Quantum
10:06 What Quantum Computers Can Break
12:41 Crypto Market Examples
16:14 Lessons from the Bitcoin Cash Fork
17:49 The Unavoidable Risk for Bitcoin
19:54 Race Between China and US
22:01 The Base Case: Who Gets the BTC
25:21 Why BlackRock or Coinbase Can't Help
29:48 Michael Saylor Opinion of Quantum
34:29 Warning from Google
36:01 Are Altcoins like ZEC or ETH Safe?
38:20 How Markets Could React
41:22 Could This Boost Price
44:01 The Scariest Part About Quantum Risk
47:16 Is it Already Too Late?
48:41 How Ai is Accelerating Risk
50:08 What Happens Next
Anil Lulla retweeted
Nic Carter explains the most contentious part of Bitcoin's quantum problem: who gets the 2.5M coins that can't migrate?
"The worst case is someone that is not a friendly secretly recovers all those coins. And then in a space of 10 blocks, broadcasts transactions spending all those coins to their address."
"So it happens very quickly, then Bitcoin is thrown into chaos because people see this. Oh, the Satoshi coins all moved."
"It all happens at once by the way."
Conversation with @nic_carter to discuss the quantum risk for crypto, Ai math advancements, Satoshi's warning, and what comes next.
00:00 Intro
00:50 Bitcoin Investor Unrest
02:08 Finding Risks and Ideas Early
05:36 Why Bitcoin Needs Upgrade
07:10 Satoshi Warning About Quantum
10:06 What Quantum Computers Can Break
12:41 Crypto Market Examples
16:14 Lessons from the Bitcoin Cash Fork
17:49 The Unavoidable Risk for Bitcoin
19:54 Race Between China and US
22:01 The Base Case: Who Gets the BTC
25:21 Why BlackRock or Coinbase Can't Help
29:48 Michael Saylor Opinion of Quantum
34:29 Warning from Google
36:01 Are Altcoins like ZEC or ETH Safe?
38:20 How Markets Could React
41:22 Could This Boost Price
44:01 The Scariest Part About Quantum Risk
47:16 Is it Already Too Late?
48:41 How Ai is Accelerating Risk
50:08 What Happens Next
Anil Lulla retweeted
Frontier AI labs like Anthropic are being valued on the same scarcity premium once given to L1s.
Investors watched that premium fade once blockspace became abundant. Usage kept growing even as each transaction earned less.
Open models, distillation and model routing are now expanding the supply of intelligence in the same way.
According to Bloomberg, Anthropic’s revenue reportedly grew from $4.6B in 2025 to an annualized run rate above $65B by July 2026. But its rumored $2T IPO valuation is at odds with its growing compute expense and poor public narrative campaign.
Pricing pressure would hit harder because most of Anthropic’s compute spending is locked in. Roughly 80% of the $518B it has reportedly committed to cloud and compute cannot be canceled.
Revenue carries no such guarantee, since many of its largest clients reportedly have no long-term contract.
Anil Lulla retweeted
Nic Carter explains how AI could bring the quantum threat closer.
“Technology is advancing faster than it ever has in human history right now. Why would we assume the technological growth would stagnate or slow down?”
Anil Lulla retweeted
Nic Carter explains the worst case scenario if a quantum computer is used to take Satoshi’s coins.
“The worst case is someone that is not friendly secretly recovers all those coins. And then in the space of 10 blocks, broadcasts transactions spending all those coins to their own address. So it happens very quickly. Then Bitcoin is thrown into chaos.”
Nothing better than backing your friends and seeing them win
Congrats @Rewkang @WarcMeinstein @intern on $BOT
Anil Lulla retweeted
the bleeding edge goes way beyond crypto. we built Convergence at @Delphi_Digital to bring the whole frontier into one room
Convergence with @VentureCoinist is where all of it comes together. tune in or fall behind
turn on notifs
Conversation with @nic_carter to discuss the quantum risk for crypto, Ai math advancements, Satoshi's warning, and what comes next.
00:00 Intro
00:50 Bitcoin Investor Unrest
02:08 Finding Risks and Ideas Early
05:36 Why Bitcoin Needs Upgrade
07:10 Satoshi Warning About Quantum
10:06 What Quantum Computers Can Break
12:41 Crypto Market Examples
16:14 Lessons from the Bitcoin Cash Fork
17:49 The Unavoidable Risk for Bitcoin
19:54 Race Between China and US
22:01 The Base Case: Who Gets the BTC
25:21 Why BlackRock or Coinbase Can't Help
29:48 Michael Saylor Opinion of Quantum
34:29 Warning from Google
36:01 Are Altcoins like ZEC or ETH Safe?
38:20 How Markets Could React
41:22 Could This Boost Price
44:01 The Scariest Part About Quantum Risk
47:16 Is it Already Too Late?
48:41 How Ai is Accelerating Risk
50:08 What Happens Next
Anil Lulla retweeted
first @convergence__x ep with the one and only @nic_carter on all things btc, quantum, ai math and more
Conversation with @nic_carter to discuss the quantum risk for crypto, Ai math advancements, Satoshi's warning, and what comes next.
00:00 Intro
00:50 Bitcoin Investor Unrest
02:08 Finding Risks and Ideas Early
05:36 Why Bitcoin Needs Upgrade
07:10 Satoshi Warning About Quantum
10:06 What Quantum Computers Can Break
12:41 Crypto Market Examples
16:14 Lessons from the Bitcoin Cash Fork
17:49 The Unavoidable Risk for Bitcoin
19:54 Race Between China and US
22:01 The Base Case: Who Gets the BTC
25:21 Why BlackRock or Coinbase Can't Help
29:48 Michael Saylor Opinion of Quantum
34:29 Warning from Google
36:01 Are Altcoins like ZEC or ETH Safe?
38:20 How Markets Could React
41:22 Could This Boost Price
44:01 The Scariest Part About Quantum Risk
47:16 Is it Already Too Late?
48:41 How Ai is Accelerating Risk
50:08 What Happens Next