What's Your Number?

📈 Our WYNDEX (What’s Your Number Index) update for today: The WYNDEX rose 8.69% this period, outperforming both the S&P and NASDAQ and returning to positive territory year-to-date. Yonatan and Yael break down a market rebound driven by ceasefire optimism. Satellite and space-related companies led the gains, while SaaS names like Wix and Lemonade declined, reflecting continued uncertainty around how AI will impact their growth. 🔎 Our Long Play today: Did Iran’s use of the Strait of Hormuz actually work? In the short term, it appears so—disrupting global energy flows and helping force a ceasefire. But Yonatan argues it may eventually prove to be an empty and costly victory for Iran, accelerating global efforts to reduce dependence on Hormuz. From alternative pipelines and ports to increased U.S. energy production and a renewed push toward nuclear power, the world is already adapting—potentially weakening Iran’s leverage in the years ahead. In this episode: 00:00 - Numbers of the Week 04:15 - The WYNDEX 07:42 - Big Short #1: Anthropic says its newest AI model is too dangerous for public release 10:51 - Big Short #2: Israel’s education budget is like “ throwing money into the fire. “ 13:00 - Long Play: Iran’s Hormuz Gamble. Did they win or lose? 29:09 - Words of the Week Find us on: YouTube Instagram LinkedIn Yael on X Yonatan on X Write to us here New episodes drop on Wednesdays LEGAL DISCLAIMER This podcast offers general business and economic information and is not a comprehensive summary for investment decisions. It does not recommend or solicit any investment strategy or security. CREDITS: Hosts - YONATAN ADIRI & YAEL WISSNER-LEVY Executive Producer - ADAAM JAMES LEVIN-AREDDY Production Manager - BRITTANY COHEN Community Manager - AVA WEINER Sound and Video editing - MARTIN HUERGO AND PATRICIO SPADAVECCHIA Music - MIDNIGHT GENERATION

Yael and Yonatan are taking the week off to celebrate Passover with their families. Wishing all of our subscribers a safe and happy holiday. Find us on: YouTube Instagram LinkedIn Yael on X Yonatan on X Write to us here New episodes drop on Wednesdays LEGAL DISCLAIMER This podcast offers general business and economic information and is not a comprehensive summary for investment decisions. It does not recommend or solicit any investment strategy or security. CREDITS: Hosts - YONATAN ADIRI & YAEL WISSNER-LEVY Executive Producer - ADAAM JAMES LEVIN-AREDDY Production Manager - BRITTANY COHEN Community Manager - AVA WEINER Sound and Video editing - MARTIN HUERGO Music - MIDNIGHT GENERATION

📈 Our WYNDEX (What’s Your Number Index) update for today: The WYNDEX returned to the green, outperforming the S&P and NASDAQ by nearly 2% in a weaker market. Gains were led by Lemonade (+16%), Nova hitting new highs, and continued strength in defense names like Elbit. On the downside, losses were limited, with ICL down over 8% as markets weigh supply chain risk. Overall, investors are showing renewed confidence in Israeli tech resilience. 🔎 Our Long Play today: Toppling the Islamic Republic will only be possible by inflicting real harm on the regime’s oppressive economy. Miad Maleki, the architect of the Trump administration’s sanctions strategy against Iran, joins Yonatan and Yael to unpack the state of Iran’s corrupt economy, and its domination by the IRGC. Can economic distress lead to revolution? And will Iran be able to pick up the pieces if the regime collapses? In this episode: 00:00 – Numbers of the Week 05:00 – The WYNDEX 08:18 – Big Short #1: U.S.–Iran talks begin in Islamabad 10:27 – Big Short #2: Qatar’s influence and regional recalibration 13:51 – Long Play: Breaking and rebuilding Iran’s economy 38:48 – Words of the Week Find us on: YouTube Instagram LinkedIn Yael on X Yonatan on X Write to us here New episodes drop on Wednesdays LEGAL DISCLAIMER This podcast offers general business and economic information and is not a comprehensive summary for investment decisions. It does not recommend or solicit any investment strategy or security. CREDITS: Hosts - YONATAN ADIRI & YAEL WISSNER-LEVY Executive Producer - ADAAM JAMES LEVIN-AREDDY Production Manager - BRITTANY COHEN Community Manager - AVA WEINER Sound and Video editing - MARTIN HUERGO AND PATRICIO SPADAVECCHIA Music - MIDNIGHT GENERATION

📈 Our WYNDEX (What’s Your Number Index) update for today: The WYNDEX fell 1.99% this week, underperforming both the S&P and NASDAQ in an otherwise quiet market. Yonatan and Yael break down the divergence across sectors: cyber holding steady while AI and SaaS names face pressure. Fiverr dropped over 7%, Via fell sharply and remains far below its IPO, and defense tech cooled after a major run—pointing to a market still sorting winners in the AI shift. 🔎 Our Long Play today: Is Iran’s economic warfare actually working? One week later, markets suggest not—oil remains below $100 thanks to Saudi rerouting and global supply responses. But the real risk may still be ahead. From natural gas disruptions impacting AI infrastructure and chips to fertilizer supply and food systems, pressure points are building. With a 3–4 week window before strain escalates, they explore whether this conflict could still spill into global inflation and growth. In this episode: 00:09 - Numbers of the Week 04:21 - The WYNDEX 07:30 - Big Short #1: Israel’s deficit and market credibility 10:09 - Big Short #2: Tech founders bid for Channel 13 14:27 - Long Play: Is Iran’s economic warfare working? 30:06 - Words of the Week Find us on: YouTube Instagram LinkedIn Yael on X Yonatan on X Write to us here New episodes drop on Wednesdays LEGAL DISCLAIMER This podcast offers general business and economic information and is not a comprehensive summary for investment decisions. It does not recommend or solicit any investment strategy or security. CREDITS: Hosts - YONATAN ADIRI & YAEL WISSNER-LEVY Executive Producer - ADAAM JAMES LEVIN-AREDDY Production Manager - BRITTANY COHEN Community Manager - AVA WEINER Sound and Video editing - MARTIN HUERGO AND PATRICIO SPADAVECCHIA Music - MIDNIGHT GENERATION

Please take 5 minutes to fill out What's Your Number's LISTENER SURVEY to help us level up the show. We'll catch you next week. 📈 Our WYNDEX (What’s Your Number Index) update for today: Despite recording between air-raid sirens and shelter runs, the WYNDEX had a strong week, rising 8.26% and outperforming both the NASDAQ and the S&P. Yonatan and Yael unpack the rebound in Israeli SaaS stocks like Wix and monday.com, the surge in defense tech names such as Elbit and Ignite amid wartime demand, and why Nova and Mobileye slipped alongside global sector trends. 🔎 Our Long Play today: Yael and Yonatan break down Iran’s emerging strategy of economic warfare. Instead of matching Israel and the U.S. militarily, Iran appears to be targeting global pressure points—oil and gas infrastructure, fertilizer supply chains, financial hubs, AI data centers, and the Strait of Hormuz—to drive up global costs and force political pressure. The question: can this strategy actually move markets and reshape the conflict? In this episode: 0:00 - Numbers of the Week 4:00 - The WYNDEX 8:20 - Big Short #1: Lebanon signals a shift on Hezbollah 11:30 - Big Short #2: Israel’s budget politics and coalition stability 14:00 - Long Play: Iran’s economic warfare and the global energy stakes 39:00 - Words of the Week Find us on: YouTube Instagram LinkedIn Yael on X Yonatan on X Write to us here New episodes drop on Wednesdays LEGAL DISCLAIMER This podcast offers general business and economic information and is not a comprehensive summary for investment decisions. It does not recommend or solicit any investment strategy or security. CREDITS: Hosts - YONATAN ADIRI & YAEL WISSNER-LEVY Executive Producer - ADAAM JAMES LEVIN-AREDDY Production Manager - BRITTANY COHEN Community Manager - AVA WEINER Sound and Video editing - MARTIN HUERGO AND PATRICIO SPADAVECCHIA Music - MIDNIGHT GENERATION

Yael and Yonatan won’t be recording a new episode this week as they are in Israel caring for their families during the war with Iran. We'll catch you next week.

Please take 5 minutes to fill out What's Your Number's LISTENER SURVEY to help us level up the show. We'll catch you next week. __________ 📈 Our WYNDEX (What’s Your Number Index) update for today: The WYNDEX fell 3.38% this week, underperforming U.S. markets as the SaaS selloff deepened. Cyber stocks reacted sharply to new AI-driven security tools, raising disruption concerns, while ZIM surged on acquisition news. Yonatan and Yael break down what the “SaaSpocalypse” means for Israeli tech and the broader market. 🔎 Our Long Play today features Ami Daniel, co-founder and CEO of Windward, to discuss how maritime intelligence has become central to today’s geopolitical tensions. From the rise of Russia’s “dark fleet” and Iranian threats to global shipping routes to the ZIM acquisition and the role of AI in defense tech, Ami explains why control of the seas is increasingly shaping global power. In this episode: 0:00 Numbers of the Week 4:00 The Wyndex 8:20 Big Short #1: Palmer Luckey’s secret Israel visit 11:30 Big Short #2: India–Israel strategic partnership expands 14:00 Long Play: Ami Daniel on maritime intelligence and geopolitics 39:00 Words of the Week Find us on: YouTube Instagram LinkedIn Yael on X Yonatan on X Write to us here New episodes drop on Wednesdays LEGAL DISCLAIMER This podcast offers general business and economic information and is not a comprehensive summary for investment decisions. It does not recommend or solicit any investment strategy or security. CREDITS: Hosts - YONATAN ADIRI & YAEL WISSNER-LEVY Executive Producer - ADAAM JAMES LEVIN-AREDDY Production Manager - BRITTANY COHEN Community Manager - AVA WEINER Sound and Video editing - MARTIN HUERGO AND PATRICIO SPADAVECCHIA Music - MIDNIGHT GENERATION

Please take 5 minutes to fill out What's Your Number's LISTENER SURVEY to help us level up the show. We'll catch you next week.

📈 Our WYNDEX (What’s Your Number Index) update for today:The WYNDEX had its worst week since launch, falling 5.41% and underperforming both the S&P and the NASDAQ. Yonatan and Yael break down why Israeli SaaS names were hit hardest, how AI is accelerating a credibility reset across software markets, and why biotech emerged as a rare bright spot amid the selloff.🔎 Our Long Play today Yael and Yonatan examine the growing rivalry between Saudi Arabia and the UAE and how it may define the economic future of the Middle East. As MBS’s Vision 2030 fails to meet its KPIs, Abu Dhabi has been quietly building power through capital, energy infrastructure, and global partnerships. From India and Central Asia to gas pipelines and ports, Yael and Yonatan follow the money to explain what this strategic shift means for Israel’s economic future, regional influence, and the limits of headline diplomacy.Also, a bit of housekeeping: On a bittersweet note, Michal Lev-Ram, who launched WYN with Yonatan, has accepted a role at Morgan Stanley and will step down as co-host. Michal joins Yonatan today to pass the torch to Yael, who'll take over as our official co-host.In this episode: 00:00 - Numbers of the Week 05:53 - The WYNDEX 11:16 - Big Short #1: Netafim and Chinese capital 14:47 - Big Short #2: Israel’s airspace crunch and El Al’s fine 19:10 - Long Play: Saudi Arabia vs. the UAE and the real power map of the region 33:23 - Words of the WeekFind us on:YouTubeInstagramLinkedInYael on XYonatan on XWrite to us hereNew episodes drop on WednesdaysLEGAL DISCLAIMERThis podcast offers general business and economic information and is not a comprehensive summary for investment decisions. It does not recommend or solicit any investment strategy or security. CREDITS:Hosts - YONATAN ADIRI & YAEL WISSNER-LEVYExecutive Producer - ADAAM JAMES LEVIN-AREDDYProduction Manager - BRITTANY COHENCommunity Manager - AVA WEINERSound and Video editing - MARTIN HUERGO AND PATRICIO SPADAVECCHIAMusic - MIDNIGHT GENERATION

📈Our WYNDEX (What’s Your Number Index) update for today:Markets were up this week, but the WYNDEX slipped again. Yonatan and Yael break down the biggest movers, including Nova leading the pack and monday.com falling to the bottom, plus what the Fed shakeup and a sudden drop in gold and silver signaled to investors.🔎 Our Long Play Yonatan and Yael are joined by Daphne Koller, CEO and founder of insitro and co-founder of Coursera, for a wide-ranging conversation on insitro’s acquisition of CombinAble.AI. They explore why drug discovery still has a 90% failure rate, how AI can help uncover entirely new biological targets, what it takes to turn targets into real medicines, and why Israel’s talent ecosystem matters at the intersection of AI and biology.This episode was sponsored by SAPIR: Sign up for the SAPIR journal at sapirjournal.org/whatsyournumber01:00 - Numbers of the Week05:00 - The Wyndex10:40 - Big Short #1: Apple acquires Israeli startup Q.ai14:40 - Big Short #2: United Nations financial crunch and global credibility19:20 - Long Play: Daphne Koller on AI drug discovery42:40 - Words of the WeekFind us on:YouTubeInstagramLinkedInYael on X Yonatan on XWrite to us hereNew episodes drop on WednesdaysLEGAL DISCLAIMERThis podcast offers general business and economic information and is not a comprehensive summary for investment decisions. It does not recommend or solicit any investment strategy or security. CREDITS:Hosts - YONATAN ADIRI & YAEL WISSNER-LEVYExecutive Producer - ADAAM JAMES LEVIN-AREDDYProduction Manager - BRITTANY COHENSound and Video editing - MARTIN HUERGO AND PATRICIO SPADAVECCHIAMusic - MIDNIGHT GENERATION

📈Our WYNDEX (What’s Your Number Index) update for today:Markets moved higher this week, with the S&P up 0.73% and the NASDAQ up 1.55%, but the WYNDEX moved in the opposite direction, slipping 0.97%. Still, as January wraps up, the WYNDEX remains ahead, up 2.61% YTD compared to 1.12% for the NASDAQ and 1.02% for the S&P.🔎 Our Long Play today takes a deep dive into Israel Aerospace Industries and the bigger question it raises about defense tech, ownership, and growth. Yael and Yonatan are joined by Natti Ginor, Managing Director and Head of Israel Investment Banking at Jefferies, to unpack reports that Israel Aerospace Industries is exploring an IPO. They explore IAI’s unique role as a government-owned defense giant, what going public would actually require, how global investors view Israeli defense tech, and who stands to win or lose if one of Israel’s most strategic companies makes the leap to the public markets.This episode was sponsored by SAPIR: Sign up for the SAPIR journal at sapirjournal.org/whatsyournumber01:12 – Numbers of the Week03:43 – The Wyndex05:21 – Big Short #1: Wix and the AI Talent Narrative08:12 – Big Short #2: Lemonade, Tesla, and AI-Driven Insurance10:56 – Long Play: Natti Ginor on Israel Aerospace Industries and a Potential IPO35:12 – Words of the WeekFind us on:YouTubeInstagramLinkedInYael on XYonatan on XWrite to us hereA little bit of housekeeping:Michal is away for the month of January. In her stead, Yonatan will be joined by the incomparable Yael Wissner-Levy, Chief Communications Officer at Tenzai, as co-host.New episodes drop on WednesdaysLEGAL DISCLAIMERThis podcast offers general business and economic information and is not a comprehensive summary for investment decisions. It does not recommend or solicit any investment strategy or security. CREDITS:Hosts - YONATAN ADIRI & YAEL WISSNER-LEVYExecutive Producer - ADAAM JAMES LEVIN-AREDDYProduction Manager - BRITTANY COHENSound and Video editing - MARTIN HUERGOMusic - MIDNIGHT GENERATION

📈Our WYNDEX (What’s Your Number Index) update for today:Market weakness overall impacted the WYNDEX as well. Shedding 1% on a pretty flat S&P and a 0.26% decline in NASDAQ. 🔎Our Long Play today looks at what happens to the economy as Israel emerges from the morass of war into the mess of an election year. With sights set on reelection, the policy makers in Jerusalem seem unwilling to stir the pot with dramatic-but-necessary reforms, opting instead for big headline-grabbing but fiscally irresponsible electioneering tactics. Yontatan and Yael unpack these developments and spotlight the winners and losers. They discuss how the current budget (or lack thereof), combined with reckless populist and a strong shekel, can increasingly burden Israel’s middle class and businesses. But on the bright side, getting a rideshare from the airport might become a lot easier soon. Find us on:YouTubeInstagramLinkedInMichal on XYonatan on XWrite to us hereA little bit of housekeeping:Michal is away for the month of January. In her stead, Yonatan will be joined by the incomparable Yael Wissner-Levy, Chief Communications Officer at Tenzai, as co-host.New episodes drop on WednesdaysLEGAL DISCLAIMERThis podcast offers general business and economic information and is not a comprehensive summary for investment decisions. It does not recommend or solicit any investment strategy or security. CREDITS:Hosts - YONATAN ADIRI & YAEL WISSNER-LEVYExecutive Producer - ADAAM JAMES LEVIN-AREDDYProduction Manager - BRITTANY COHENSound and Video editing - MARTIN HUERGOMusic - MIDNIGHT GENERATION

📈Our WYNDEX (What’s Your Number Index) update for today:WYNdex is back with a whopping 5.56% green performance, outperforming both S&P and NASDAQ by 4.59 and 4.71% respectively. Elbit, NOVA, Lemonade, and PANW in the green. EToro, FIVERR, and WIX in the red.🔎Our Long Play today is a conversation with Ariel Karlinsky. Ariel, who’s a PhD student at Hebrew University’s economics department and the Center for the Study of Rationality, has recently co-authored a paper thoroughly examining how different populations in Israel engage with the welfare state. What makes a segment of the population a net contributor versus net dependent? His study reveals a stark reality: under the hood of Israel’s seemingly-robust economy there are actually 3 different economies: while one is highly productive and prosperous by first world standards, the other two resemble the developing world. Ariel, Yonatan, and Yael discuss: how did Israel get here? What happens if the incentives don’t change? And can Israel make the necessary reforms?Read the paper here. On Taxes and Wonders: Complete Fiscal Accounts at the Household Level in Israel, published in the Israeli Economic Review, authored by Ariel Karlinsky, Tom Sadeh, Eran Yogev & Michael Sarel (2025). Find us on:YouTubeInstagramLinkedInMichal on XYonatan on XWrite to us hereA little bit of housekeeping:Michal is away for the month of January. In her stead, Yonatan will be joined by the incomparable Yael Wissner-Levy, Chief Communications Officer at Tenzai, as co-host.New episodes drop on WednesdaysLEGAL DISCLAIMERThis podcast offers general business and economic information and is not a comprehensive summary for investment decisions. It does not recommend or solicit any investment strategy or security. CREDITS:Hosts - YONATAN ADIRI & YAEL WISSNER-LEVYExecutive Producer - ADAAM JAMES LEVIN-AREDDYProduction Manager - BRITTANY COHENSound and Video editing - MARTIN HUERGOMusic - MIDNIGHT GENERATION

Our Long Play today is a conversation with Daniel Schreiber. In addition to being the co-founder and CEO of Lemonade, Daniel is the Founder and Chairman of the Mosaic Institute for AI Policy, an Israel-based nonprofit aiming to ensure that the AI revolution will be harnessed to shore up and grow the economy, rather than destroy it. With a look at history, Daniel, Yael, and Yonatan discuss how a future Israel economy might fare in an automated world between the risks of massive workforce displacement and the potential of turbocharged productivity.Michal is away for the month of January. In her stead, Yonatan will be joined by Yael Wissner-Levy, Chief Communications Officer at Tenzai, as co-host.LEGAL DISCLAIMERThis podcast offers general business and economic information and is not a comprehensive summary for investment decisions. It does not recommend or solicit any investment strategy or security. CREDITS:Hosts - YONATAN ADIRI and MICHAL LEV-RAMGuest host: YAEL WISSNER-LEVYExecutive Producer - ADAAM JAMES LEVIN-AREDDYProduction Manager - BRITTANY COHENSound and Video editing - MARTIN HUERGOMusic - MIDNIGHT GENERATION

Find us on:📺 YouTube📸 Instagram💼 LinkedIn𝕏 Michal on X𝕏 Yonatan on X📩 Write to us here📈Our WYNDEX update for today:It’s our last WYNDEX update of the year! On that note, here is our year-to-date comparison: WYNDEX - 20.78%S&P - 15.77%NASDAQ - 20.12%Our best performers of the year were:Lemonade with 125%Elbit with almost 100%Nova measurements up 64% TEVA up 24% (and is now a $35B company)However, our WYN “babies” - the newcomers - were down for the year:Etoro (~46% in the red) Via (32.74%).Monday.com (35%) WIX was cut in half…🔎And our Long Play today is a conversation with friend of the show investor Michael Eisenberg to talk about a recent piece he wrote in SAPIR Journal titled “Building Israel’s Trillion Dollar Economy.” Michael’s core argument is that Israel can (and must) double its GDP over the next 10 years, but that the growth drivers that got the economy to its current point won’t be enough to get it to this next milestone. We speak to Michael about his proposals and how he thinks Israel can continue to grow in the future. (And for more, please see the link to his article in SAPIR here: https://sapirjournal.org/money/2025/building-israels-trillion-dollar-economy/)📅 New episodes drop every WednesdayWhat’s Your Number? is hosted from Tel Aviv and Silicon Valley by Yonatan Adiri — Israeli entrepreneur and former advisor to President Shimon Peres — and Michal Lev-Ram, Israeli-born Silicon Valley-based tech journalist and contributing editor at Fortune. Together, they unpack the headlines, trends, and data driving Israel’s economy and its future. ⚖️ LEGAL DISCLAIMERThis podcast offers general business and economic information and is not a comprehensive summary for investment decisions. It does not recommend or solicit any investment strategy or security. 🎧 CREDITS:Hosts - YONATAN ADIRI and MICHAL LEV-RAMExecutive Producer - ADAAM JAMES LEVIN-AREDDYProduction Manager - BRITTANY COHENSound and Video editing - MARTIN HUERGOMusic - MIDNIGHT GENERATION

Find us on:📺 YouTube📸 Instagram💼 LinkedIn𝕏 Michal on X𝕏 Yonatan on X📩 Write to us here📈Our WYNDEX update for today:The WYNDEX is down .8%, almost in line with the S&P and showing better performance than NASDAQ by 1.07%. Notable in the green this week is defense giant ELBIT with a 6.3% rise, completing a 99.5% increase year-to-date and trading at a $24 billion market cap. In the red we have ZIM, which continues to lose steam as it struggles to find a suitable acquirer, and eToro, which closed the week down 11.76% (40% below its IPO number). 🔎And our Long Play today is a conversation with Natti Ginor, head of Israel Investment Banking at Jefferies. Last month, the investment firm - which is very active in the country - published a year-end report on the Israeli market called “Next-Gen Middle East: Israel’s role in shaping a tech future.” In this episode, we ask Natti to share some of the highlights of the report, giving listeners a snapshot not just of tech but overall market & economic fundamentals in Israel over the last year. 📅 New episodes drop every WednesdayWhat’s Your Number? is hosted from Tel Aviv and Silicon Valley by Yonatan Adiri — Israeli entrepreneur and former advisor to President Shimon Peres — and Michal Lev-Ram, Israeli-born Silicon Valley-based tech journalist and contributing editor at Fortune. Together, they unpack the headlines, trends, and data driving Israel’s economy and its future. ⚖️ LEGAL DISCLAIMERThis podcast offers general business and economic information and is not a comprehensive summary for investment decisions. It does not recommend or solicit any investment strategy or security. 🎧 CREDITS:Hosts - YONATAN ADIRI and MICHAL LEV-RAMExecutive Producer - ADAAM JAMES LEVIN-AREDDYSound and Video editing - MARTIN HUERGOMusic - MIDNIGHT GENERATION