Application layer vs LLM infrastructure

This week on the EUVC Podcast, Andreas Munk Holm sits down with Mikael Johnsson, Co-founder & General Partner at Oxx, one of Europe’s leading specialist B2B software investors.

Mikael has a very clear-eyed view on the current AI wave: he’s seeing valuation discipline slip, fundamentals being stretched, and a real risk that the market mistakes pilot-driven excitement for lasting enterprise value.

In this episode, they explore how to distinguish hype from substance, what “real” AI adoption looks like within a business process, and how both founders and investors can remain level-headed when everyone else is losing theirs.