Delphi's AI + DePIN Year Ahead 2025
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Hello everyone and welcome back to another episode of the Delphi Pod. This is the last episode in our series of the year ahead reports. If you haven't listened to the other ones, they're all in the feed. We did gaming, then markets, then infrastructure, then defy. This one is going to be focused on what is the hottest topic in crypto right now. And definitely the most requested report since we asked people what report they wanted to read. This is the de AI and deepen one, a lot of deepen things kind of have to do with compute. So a lot of them fit into the de AI bucket. And then, of course, th
So so first of all, I do wanna say it was very much a joint effort. So I I do wanna thank, Robbie and Michael for for joining the team and, you know, spitting out a a 130 pages of what is hopefully entertaining content. But, yeah, I guess I'll I'll kick off with the macro, and then, obviously, Michael, I know this is near and dear to you, so so please jump in. But, yeah, I guess all eyes are kind of on the scaling laws. And, you know, I think a lot of conversations in Silicon Valley are, hey, have we plateaued? You know? And and I think that the general consensus, if you watch Ilya's talk is t
I think you hit the nail on the head there. I guess from a market's perspective, 2 of the things that we wrote about in our kind of macro AI section are you know, I I think a lot of people are looking at AI right now, and they're like, wow. Like, you know, NVIDIA ran up a lot this year. Palantir is up a lot. Some of these other AI you know, you look at crypto, all the AI names are up a lot. It feels a little frothy. It feels almost like a bubble. So people are wondering if at some point, you know, does that pop. You know, the way that we think about AI, you know, I I I think AI is, like, a lit
do you think it's taken longer than expected to see all the nations get into this arms race? I
don't yeah. I don't have a good answer for that. That's something that I thought about. I I really don't know. I I I think part of it is just like politicians don't fully understand this technology yet. And if they do, they're a little scared, because similar to crypto, AI is, like, taking power away from these centralized kind of entities, and now everybody has Chat GBT in their pocket. You don't need to go to the government for an answer. You can just ask Chat GBT. So I think that might be part of it, but the PD, what do you think?
Yeah. I guess my my answer is pretty simple is, like, you know, it's just really expensive to even be a part of the race. And, you know, the hyperscalers that are involved, like, a lot of times their market cap is, you know, much more sizable than the vast majority of countries. And so, you know, it it is implausible that the vast majority of countries will be able to play in a race that is so capital intensive that, you know, only, you know, so far, 5 or 6 companies on earth that are truly, you know, nation state scale, the vast majority of them are in the US and have been dominant and domina
Okay. So I think that's, like, pretty good macro overview. Maybe we can get more into the weeds on some of the crypto AI stuff. I know. You know, we did this whole 4 part series before, but that was like right before all the agents and everything really started taking off. Right. And so we've seen a lot kind of go on since then. I kind of want to have a discussion on like the agents, the agent platforms, what people kind of like, think of all this for me. It's kind of like the more I look into it, the more I get convinced on just the platforms or frameworks. An
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