COO @delphi_labs - building + investing in AI and crypto. Ex @IBM, @McKinsey, @CarnegieMellon, reformed CFA
Filtered: Research
Kevin compares VeniceAI's $VVV token valuation against similar infrastructure plays, finding it expensive on most metrics. OpenRouter handles 60x VVV's inference volume at 2x the valuation, while TogetherAI does 45x the volume at 11x the valuation. Inferring Venice's ~$8.4m ARR from recent token burns yields an 80x revenue multiple versus 26x for OpenRouter and 7.5x for TogetherAI, though this depends on unconfirmed burn rate assumptions.
Kevin examined AI agent investment opportunities and identified where moats actually exist. The sector's real defensibility lies not in engineering patterns—which open source reimplements in weeks—but in proprietary trajectory data from execution, integration depth with customer systems, and evaluation infrastructure. Companies like Harvey ($190M ARR), Sierra ($150M+ ARR), and Cursor ($2B ARR) compound advantages through data flywheels, while Meta's $2 billion Manus acquisition signaled that 147 trillion tokens of execution data across 80 million VM sessions justifies premium valuations where framework elegance and generic tooling offer no moat.