LatAm Tech Weekly
#194: Macro shake-up, NVIDIA’s $4T moment, ChatGPT-5 buzz, vintage fund returns, deals of the week... and much more!
Weekly writing about what is happening in LatAm tech. By day, I work at Itau Unibanco. By night, I am reading and learning about technology in general (now, with a focus on AI). During the weekends, I’m writing the LatAm Tech Weekly.
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Happy Sunday!
What a week! From macroeconomic shocks to tech milestones—it’s been a jam-packed seven days. The U.S. announced 50% tariffs on Brazilian imports, and NVIDIA briefly topped a $4 trillion market cap, yet markets were surprisingly resilient. Despite a modest pullback, the S&P 500 edged down around 0.2% and Nasdaq slipped about 0.04%, capping off a week that remained near record highs, thanks largely to the AI surge.
Now, obviously, this is a LatAm tech newsletter—but I've said it before and I'll say it again: everything is interconnected. No matter which asset class you're focused on, you can’t ignore macro. And if you're in LatAm—or anywhere—what happens in the U.S. almost always reverberates back home. So both the tariffs and NVIDIA’s milestone matter.
Plus, there's big AI news—ChatGPT 5 is around the corner—and new data on closed-end fund returns across strategies and vintage years.
Without further ado, let’s dive in!
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Opinions expressed here are solely my own and does not represent those of people, institutions, organizations that I may or may not be associated with in any capacity, unless explicitly stated.
On July 9, the U.S. sent a letter via President Trump notifying Brazil of a 50% tariff on all Brazilian imports, citing Brazil’s prosecution of former President Bolsonaro and national security concerns. Brazil’s response was swift and retaliatory: President Lula rejected the premise, summoned the U.S. ambassador, returned the tariff letter, and vowed reciprocal measures under Brazil’s new reciprocity law. Markets in Brazil reacted, but held up better than expected. The Ibovespa dropped around 0.6% on Friday, under pressure from financials and export-heavy names. Meanwhile, the BRL partially recovered, ending the week near 5.54 BRL/USD after plunging as much as 2.8% earlier in the week. Despite the turbulence, the B3 market managed to stabilize, reflecting a mix of concern and confidence amid growing geopolitical tensions. Most macroeconomists believe this could prove to be short-term noise if diplomacy prevails. But if rhetoric escalates or tariffs broaden, the economic fallout could intensify—especially for trade-exposed sectors and Brazil’s external accounts. Markets are now watching closely for further U.S. moves and Brazil’s first concrete countermeasure. Now, we are in a wait & see mode.
Moving on, this past week, NVIDIA briefly crossed the $4 trillion market-cap milestone, a first in corporate history, before closing the week around $3.97 trillion—its stock settling near $164/share, up roughly 1–2% on the week. The achievement underscores how central NVIDIA's GPUs have become to the global AI infrastructure: many consider its chips “the new gold and oil” of AI. That said, analysts warn this dominance comes with risk—its valuation, though not unreasonably high (~33× forward earnings), echoes past bubbles and could be vulnerable if AI growth disappoints.
Dependency on NVIDIA is intense: its GPUs power the vast majority of AI data centers, with industry giants like Amazon, Microsoft, Meta, and OpenAI fueling demand. Estimates suggest NVIDIA holds close to a near-monopoly position in high-performance AI semiconductors—up to 90% market share in this critical space.
But challengers are emerging. AMD is releasing its new MI300 line to meet data center needs, Intel is pushing its Gaudi chips through the Habana acquisition, and startups like Cerebras and Graphcore aim to carve out niche segments. Cloud providers like AWS, Google, and Microsoft are also designing custom silicon to reduce reliance on NVIDIA’s ecosystem. Still, for now, the world remains heavily reliant on NVIDIA—making any disruption in chip supply a potential game-changer.
Pitchbook released this week the returns for Venture Funds update with Q1 2025 marks:
Finally, it looks like GPT-5 is just around the corner. According to The Daily AI Brief podcast (a must-listen if you follow this space), the upcoming model is expected to unify OpenAI’s fragmented lineup into a single, more powerful architecture—bringing ChatGPT, Codex, Whisper, and DALL·E under one roof. The goal is to significantly reduce inference costs and boost performance across modalities. Internally, OpenAI has reportedly referred to GPT-5 as the first model that truly “feels like AGI”, thanks to its ability to reason, plan, and interact more fluidly across text, image, and audio inputs. While there’s no confirmed release date yet, the buzz suggests a launch in the coming months, and expectations couldn’t be higher.
General news:
AI and machine learning startups raised a record-breaking $73.6 billion across 1,603 deals globally in Q1, marking the highest quarterly total on record by deal value.
Andreessen Horowitz is moving its state of incorporation from Delaware to Nevada, citing more business-friendly policies and stronger legal protections. While some public companies have made the move west, a16z is one of the first VC players. Whether this sparks a trend remains to be seen.
XP Asset is backing Collective Liquidity’s LP Buyback program, gaining indirect exposure to top startups like Cart.com and DailyPay. The structure mixes fixed income and equity, with plans to offer it to Brazilian investors. 🇧🇷
Deals:
Woba raised $13.5M in a round led by Bewater, with participation from Kaszek, Valor, Endeavor, and Citrino, to expand its flexible office network and boost its tech capabilities. 🇧🇷
Addi secured $35M from BBVA Spark to expand credit access in Colombia, with a focus on underserved sectors and new business solutions. 🇨🇴
Nekt launched MCP Server to help SMBs turn lakehouses into AI-powered data environments, cutting reliance on manual reports and integrating with tools like WhatsApp. 🇧🇷
Plenna raised $6M in Series A to scale its hybrid femtech healthcare model, with plans to open 13 new clinics across Mexico and expand to 200K women. 🇲🇽
CoreWeave acquired Core Scientific in a $9B all-stock deal, adding 1.3 GW of power capacity and cutting $10B in costs over 12 years. Once a crypto miner, CoreWeave pivoted to AI after the Ethereum Merge and has grown revenue 8x, now valued at ~$79B. 🇺🇸
General news:
Swap received approval from Brazil’s Central Bank to operate Pix directly, eliminating intermediaries and boosting system resilience. The move comes amid growing concerns over third-party risks after a R$1B cyberattack hit six banks. Now profitable and serving 70+ clients, Swap positions Pix as a core product in its platform. 🇧🇷
Dell is discontinuing its Dell for Startups program and launching Dell Business Partnerships to support a broader range of growing companies. While the branding moves away from “startups,” Dell says its commitment to early-stage innovation remains strong. 🇺🇸
Oracle and Pipefy have partnered to accelerate generative AI adoption in highly regulated industries. Leveraging Oracle’s secure infrastructure and Pipefy’s low-code automation, the alliance is already generating millions in deals with telecom and financial firms. 🇧🇷
Luisa Sucre has joined Sunna Ventures as General Partner to invest in early-stage companies driving energy transition and industrial decarbonization across the U.S. and Latin America. 🇺🇸
Central Bank authorized three new payment institutions: Finteca (Spain), Apus Digital, and PinPag (Brazil). Apus was also approved to issue postpaid instruments such as credit cards. 🇧🇷
Tupay launched a direct payment button with Yape, Peru’s leading digital wallet with over 14 million users. The feature simplifies checkout and reduces fraud by validating payments within the Yape app. 🇵🇪
Genoa Capital is thriving by focusing on less crowded markets like Brazil, Mexico, and Chile. Its R$17B macro fund has outperformed the CDI by over 20pp in 5 years, powered by AI and systematic strategies across 19 currencies. 🇧🇷
RT-One, a U.S.-based AI and cloud data company, is investing R$6B in a 245,000 m² AI data center in Uberlândia, Brazil. The project is expected to generate 2,000 jobs and features energy-efficient cooling for sustainability certification. 🇧🇷
Prometeo and Jumio formed a strategic alliance to deliver an AI-powered identity verification and bank account validation solution across Latin America, boosting security and compliance. 🇺🇾
Musique, a Brazilian startup, is using AI to generate custom in-store music and ads. Backed by HiPartners, it plans to grow from 1,000 to 4,000 stores by year-end. Clients include BMW, Volvo, and Ri Happy. 🇧🇷
Deals:
Constellation, the Canadian software giant, has acquired Sysopen through its Brazilian arm Vela. Sysopen, a 30-year-old software firm specializing in credit recovery, stood out for its low churn and strong platform. 🇧🇷
Ag fintech raised $56M in Series C funding led by Syngenta Group Ventures and Creation Investments. Other participants included Yara Growth Ventures, B3, and 10 more investors. The funds will expand rural credit access and financial solutions in agribusiness. 🇧🇷
General News:
Digital Manager Guru was built during a sabbatical in Portugal and now processes over R$3B annually with a fixed-fee model that challenges the commission-heavy status quo. Founded by Brazilians André Cruz and Michelle Oliveira, the platform targets content creators seeking lower costs and more control. Unlike competitors like Hotmart, it offers checkout orchestration without taking a cut. Now expanding into ticketing, it has issued over 200K tickets and continues scaling with a lean 60-person team. 🇧🇷
WiFeed joined the Wireless Broadband Alliance to bring OpenRoaming to Brazil, enabling seamless, secure Wi-Fi access without passwords or logins. Using encrypted certificates and identity providers like Google and Samsung Pass, the move improves user experience and reduces support needs across malls, airports, and hospitals. 🇧🇷
Mindsight, a Chilean startup, is tackling digital wellness through an AI-powered app that integrates mental health, nutrition, and sleep improvement. With emotional tracking, gamification, and expert support, the platform targets healthy, sustainable routines. 🇨🇱
Scooto, a women-led CX BPO founded by Marina Vaz, operates a 100% remote team of nearly 500 across Brazil. With clients like XP and Banco BMG, it combines tech and empathy to drive R$20M+ in revenue and empower mothers through flexible work. 🇧🇷
Brazilian data centers now have 2 GW of power reserved for future AI contracts—more than Angra 2’s output. Operators like Ascenty and Equinix are scaling quickly amid rising hyperscale demand. Tax incentives aim to ease equipment imports. 🇧🇷
BRICS nations are calling for global AI governance based on national laws and the UN Charter. The statement stresses fair content use, reduced Big Tech dominance, and protection for Global South innovation. 🇧🇷
Meu Vista is scaling financial planning as a recurring SaaS service in Brazil. It supports thousands of planners and families, bridging the gap between financial stress and real action. White-label solutions also serve employers and banks. 🇧🇷
CVM issued a warning against Gênesis Capital (Gênesis Tech) for unauthorized portfolio management services. The firm must cease operations or face a R$100K daily fine. 🇧🇷
Bink launched a Visa-branded corporate benefits card in Colombia. The fintech aims to centralize and customize employee incentives across 1,000+ companies in its first year. 🇨🇴
Deals:
Covalenty, a Brazilian healthtech, raised R$15M from Astella and a Dasa board member to expand its AI-driven drug management platform for pharmacies. Funds will go to product, team, and new financial services. 🇧🇷
KIRA, a Miami-based fintech infrastructure startup, emerged from stealth with $3M in revenue and a $2M pre-seed round. It enables non-financial firms to launch fintech products like wallets and remittances across LatAm using AI agents and stablecoins. 🇺🇸
General news:
LatAm startups raised $2B in Q2 2025, up 73% from Q1 with 149 deals; Brazil led in deal count (91), Mexico in funding volume ($882M). Despite the growth, funding is down 9% YoY, with Brazil falling 26%. Debt financing surged to $805M, while equity totaled $629M. 🇧🇷🇲🇽
Aigen’s solar-powered AI robots are already weeding California cotton fields—no chemicals, no diesel. Backed by AWS, the startup plans to expand into Brazil next. 🇺🇸🇧🇷
ASL Tools just got CVM approval to operate as an Organized OTC Market for private credit in Brazil, offering real-time trading for fixed-income assets. This is the first new infrastructure of its kind since 1986. 🇧🇷
RockYou2024, a file containing over 10 billion passwords, leaked on the dark web in June. It’s the largest credential leak ever, affecting major platforms and raising cybersecurity concerns in Brazil. 🇧🇷
Bitcoin hit a record $113K while Ethereum reached $2,816. The $3.6T crypto market boom is being fueled by spot ETF inflows from BlackRock and Ark. 🇺🇸
Pomelo partnered with FICO to deploy AI-powered fraud detection across LATAM via BSafe on Oracle Cloud. The tool covers 92% of U.S. card accounts. 🇱🇺
Kupos launched its multimodal ground transport platform in Peru. With 140K daily transactions and plans for 10K daily ticket sales, it eyes a Nasdaq IPO by 2027. 🇵🇪🇨🇱
Global66 launched a compensation account in Colombia to simplify SME FX transactions, backed by a $5M investment. 🇨🇴
Brazil's inflation reached 5.35%, breaching the Central Bank’s 4.5% ceiling for the sixth straight month. Lula’s administration faces pressure as utility and service costs soar. 🇧🇷
Accenture projects that generative AI could inject $1T into LATAM GDP by 2038, with Brazil contributing 40%. Yet 44% of local leaders feel unprepared. 🇧🇷
Deals:
Neon raised R$202M more in Series E, reaching R$720M. Backers include IFC, DEG, BBVA, and General Atlantic. The funds will boost credit, AI, and Open Finance. 🇧🇷
Copel Ventures is preparing its third startup investment, focusing on energy transition and AI. Recent bets include Move and Nextron. 🇧🇷
Avista raised $10M from Ninety One to grow payroll-deducted loans for underserved retirees. It’s Ninety One’s first deal in Colombia. 🇨🇴
General news:
Recruit Holdings, owner of Indeed and Glassdoor, is laying off 1,300 employees (6% of its workforce) as it shifts toward AI-powered recruitment. Cuts affect R&D, HR, and tech teams in the U.S., aiming to streamline hiring through automation. 🇺🇸
Brazil just unlocked a R$96B public funding window for innovation through 2029. MMK Partners and Sure Plus formed an alliance to help startups access hybrid capital—combining VC and non-dilutive funds like Finep and BNDES. 🇧🇷
AWS will debut an AI agents marketplace next week at the AWS Summit in NYC, featuring Anthropic as a key partner. The platform lets startups sell autonomous agents directly to AWS clients. 🇺🇸
Payment initiation via Pix nears a key milestone in Brazil, with nearly R$1B transacted in June and over R$4.2B in H1 2025—already surpassing 2024 by 31%. Biometrics and new flows are accelerating adoption. 🇧🇷
Senior Sistemas launched Senior Flow, an AI-powered automation platform for corporate workflows. It offers BPM, e-signature with facial recognition, document management, and low-code system integration. 🇧🇷
Deals:
Meta acquired voice AI startup PlayAI to strengthen Meta AI, wearables, and audio tech. The team joins Meta Superintelligence Labs, led by Alexandr Wang and Johan Schalkwyk. 🇺🇸
You will see below an updated list of events, including for the second half of the year. If I forgot your event, and you want to include it - please sure to send those my way asap!
Cubo Conecta 2025
Date: September 2025 (exact dates to be announced)
Location: São Paulo, SP
Description: Celebrating its 10th anniversary, Cubo Conecta is the flagship event of Cubo Itaú, bringing together thousands of entrepreneurs, investors, and innovation leaders from across Latin America. The event offers over 90 hours of content and facilitates more than 5,000 digital connections, highlighting the potential of the technology and innovation ecosystem in the region.
Brazil Climate Summit 2025
Date: September 13–14, 2025
Location: New York, NY, USA
Description: The Brazil Climate Summit focuses on Brazil's role in the global green transition, emphasizing the importance of private sector involvement and international capital to accelerate low-carbon businesses. The event gathers leaders from various sectors to discuss sustainable development strategies.
More infoGartner CIO & IT Executive Conference 2025
Date: September 22–24, 2025
Location: São Paulo, SP
Description: A gathering of CIOs and IT leaders to discuss digital transformation, organizational leadership, and innovation strategies across industries.
More infoMoney 20/20 USA 2025
Date: October 26–29, 2025
Location: Las Vegas, NV
Description: One of the world’s leading fintech and payments conferences, Money 20/20 gathers global leaders across banking, payments, tech, and startups to explore the future of money and financial services.
More infoWeb Summit Lisbon 2025
Date: November 10–13, 2025
Location: Lisbon, Portugal
Description: One of the world’s most influential tech conferences, Web Summit Lisbon connects 70,000+ attendees from startups, enterprises, and media to discuss trends shaping the tech industry.
More infoBrazil Tech Summit 2025
Date: December 9, 2025
Location: São Paulo, SP
Description: Part of the Global Startup Ecosystem Series, Brazil Tech Summit brings together entrepreneurs, government leaders, and investors to foster tech-driven innovation across Latin America.
More info
Sunday Drops by Lucas Abreu - congrats!!!!! the podcast is amazing
The AI Daily Brief (Formerly The AI Breakdown): Artificial Intelligence News and Analysis
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