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

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