About this episode

The episode discusses the financial aspects of AI investments and infrastructure with insights from Ivana Delevska.

Paulo Passoni, Managing Partner at Valor Capital, and Olga Maslikhova sit down with their first-ever TJC Debrief guest — Ivana Delevska, Founder and CIO of Spear Invest and Portfolio Manager of the Spear Alpha ETF (SPRX, Nasdaq), one of the best-performing actively managed AI ETFs. Ivana spent a decade at Tiger Management, Millennium, and Citadel before founding Spear, where she now runs over $100M in AUM as a one-person fund augmented by AI. This is the June 2026 edition of TJC Debrief — a monthly show covering tech, venture, and capital markets through a global lens. We cover where $1 of AI spend actually goes — 50% to compute, 15–20% to networking, 15% to power and physical build-out — and why networking is the most under-the-radar layer of the value chain, why behind-the-meter power and former Bitcoin mining sites (Applied Digital) are the most overlooked plays in AI infrastructure, why Latin America could become a serious data center alternative to the US given cheaper electricity and faster permits, why hyperscaler-backed offtake deals are solving the cost-of-capital problem for data center build-outs, the SpaceX IPO at $1.77 trillion and 60x forward revenue with only 15%…

People in this episode

Hosts: Paulo Passoni, Olga Maslikhova

Guest: Ivana Delevska

Topics covered

• AI investment
• venture capital
• data centers
• infrastructure
• market analysis
• technology trends

Keywords

• AI spending
• data centers
• investment strategies
• venture capital
• market trends
• infrastructure costs
• Spear Alpha ETF

Mentioned in this episode

Organizations: Valor Capital, Spear Invest, Spear Alpha ETF, Tiger Management, Millennium, Citadel, Applied Digital, SpaceX, Anthropic

Products: Spear Alpha ETF (SPRX, Nasdaq)

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