Why Global AI Mania Is Creating Bargains in Latin America / TJC Debrief

How would you invest a fresh $500 million across public markets, private AI, venture capital, secondaries and Latin America?Valor Capital Managing Partner Paulo Passoni reveals how he would build the portfolio today—including why he would put just 15% into public markets and where he sees overlooked opportunities in LatAm growth.In this episode of TJC Debrief, Paulo joins Olga Maslikhova to discuss:• Why global AI mega-rounds are creating attractive valuations in Latin America• The LatAm businesses he is watching, including CloudWalk, Plata, QI Tech, iFood and Motu• Why AI orchestrators such as Perplexity and Higgsfield could capture more value than expected• The capital-intensity problem hiding behind AI gross margins• Why distribution—not the underlying model—could become AI’s strongest moat• How CloudWalk could evolve from a Brazilian fintech into a global AI company• Why SpaceX could become the defining test for private-market secondaries• Tether’s extraordinary economics and the future of stablecoin payments• What missing Anthropic and OpenAI taught Paulo about investment decisions and sunk costsThis is TJC Debrief—a monthly conversation decoding the most important developments across technology, venture capital, Latin America and global markets.Subscribe to The J Curve Insider newsletter for deeper insights and follow Olga on LinkedIn and Instagram.