Ideas
Not long risk means left behind.
Markets have shrugged off the Middle East growth shock, QQQ is up 25% in a month, AI/tech earnings blew out, and new highs are broad. If you are not long risk, you are left behind in a melt-up, even though inflation and bond yields remain concerns.
STRC re-peg confidence accretive to MSTR.
Saylor signaling small BTC sales to sustain the STRC dividend increases confidence STRC re-pegs to $100, which unlocks ATM issuance and indirect MSTR issuance. The move is accretive to MSTR and STRC and not punitive for BTC.
Yan
Co-founder and Managing Partner, Delphi Ventures
11:19
Zcash as next big alt winner.
Zcash has a nine-year proof-of-work distribution with no VC or team dump overhang, privacy has returned to vogue, DeFi exploits and token rugs make shielded coins attractive, Multicoin's public position is high signal, and the tech/team are legitimately strong. It could become the next big alt winner like Solana or Hyperliquid.
Venice AI growing underowned with no unlocks.
Venice AI is one of the fastest-growing fundamental crypto businesses, adding roughly $2M ARR per week and possibly another $100M ARR, with sustainable AI-driven usage and value flowing through the token. At around $500M market cap and high-$800M FDV, it is underowned, has no VC unlocks, and has better distribution after the airdrop.
Jose
Co-founder and Head of Delphi Labs
18:40
Venice privacy thesis fundamentally flawed.
Venice's privacy product does not make fundamental sense because users still send queries and context to Venice-controlled GPUs or upstream models. The real leakage is context, not prompts, and most users do not use end-to-end encryption, leaving only niche porn or illegal use cases.
Jose
Co-founder and Head of Delphi Labs
34:42
Traditional SaaS upended by agent workflows.
Agent-first workflows mean users will stop interacting with traditional SaaS UIs; agents will choose models and services and interact through local markdown files or repos. Traditional SaaS models are commoditized and upended, and software built only for humans is cooked.
HNT lacks enforceable token holder rights.
He holds some HNT but will not add because Nova Labs could sell equity and stop HNT buybacks, leaving token holders without enforceable rights. This dual equity/token risk should compress multiples.
Sol Strategies should be punished for rug.
Sol Strategies, despite positioning itself as Solana-aligned, acquired Houdini Swap equity without addressing the token, effectively rugging token holders. The market should punish the business to deter future dual equity/token rugs.
Jose
Co-founder and Head of Delphi Labs
49:32
Token-rights structures should trade higher.
Structures that link equity and token and enforce token holder rights, such as MetaLex, MetaDAO, and SOAR, should trade higher as more token rugs occur because they solve the ownership crisis. The market should reprice non-ACE models.
Pump buyback clarity but unlocks pressure.
Pump's buyback cut to 50% and burn are not shocking. Coding the buyback for one year gives market clarity but not a perpetual guarantee, and DCF can still work if value ultimately flows to the token, though unlocks and the 50% emission cut create pressure.
Pump buyback cut sensible for stability.
Pump's buyback cut to 50% is sensible because the burn was already priced in and slowing buybacks preserves over $1B cash for product growth and stability. He remains a holder and prefers years of runway over immediate capital return.
Jose
Co-founder and Head of Delphi Labs
60:11
Pump ACE could more than double.
Pump's token is harder to underwrite without a legal link to equity, and product expansion is unclear because streaming did not work and the business remains tied to meme-coin trading. He remains a community holder but the thesis has weakened.
This Delphi Digital video, published May 07, 2026,
features Jason Calacanis, Yan, Jose, Siddarth
discussing QQQ, MSTR, STRC, ZEC, VVV, SAAS, HNT, STKE, MetaLex, METADAO, SOAR, PUMP.
12 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Jason Calacanis,
Yan,
Jose,
Siddarth
· Tickers:
QQQ,
MSTR,
STRC,
ZEC,
VVV,
SAAS,
HNT,
STKE,
MetaLex,
METADAO,
SOAR,
PUMP
