Upside #28 - Inside no.10, Going Nuclear, UK merely a startup incubator? European (lack of) sovereign wealth?

In this episode, Dan, Lomax, and Mads dive into a packed agenda spanning tech earnings, European venture dynamics, government policies on AI and nuclear energy, and the debate over whether Europe—or the UK—could (or should) define its own version of the “American Dream.” Mads shares insights from his recent visit to Number 10 Downing Street to discuss the UK’s AI strategy, and Lomax highlights a series of notable European health tech deals.

Welcome & Introductions
• Dan kicks things off with a check-in on what’s happening in Lisbon, London, and beyond.
• Lomax is monitoring global political drama (particularly in the U.S. and Europe).
• Mads teases big announcements out of Number 10 regarding AI.

Tech Earnings & Market Sentiment
• Palantir reports bullish earnings; stock jumps ~24%.
• Google’s cloud growth disappoints vs. analyst expectations; capital expenditures on the rise.
• AMD and ARM under the spotlight—concerns over data centre growth.
• ASML and Spotify highlight strong European tech performance.
• January inflows into European stocks reach 25-year highs, briefly outpacing US markets.

Cherry Ventures’ $500M Raise & Europe’s VC Landscape
• Cherry Ventures closes its fifth fund, demonstrating how larger European VCs continue to mature.
• Discussion on the overall trend: Big name funds attracting more capital, mirroring the U.S. “flight to quality.”

German Elections & Political Shifts
• The rise of the far-right AFD (Alternative für Deutschland) in the polls.
• Potential implications for tech talent and immigration policy.
• Broader context of populism in Europe and the struggle for pro-tech growth policies.

The UK’s Nuclear Push
• New moves to accelerate nuclear power plant approvals and the pivot to small, safe reactors.
• How nuclear energy ties in with AI (data centres needing massive, stable power sources).
• Debate over planning red tape vs. the urgency to bolster UK’s energy security and cut costs.

The Number 10 AI Plan (Mads’ Visit)
• Mads shares first-hand insights from meeting with UK government officials, including Keir Starmer.
• Adoption of Matt Clifford’s 50-point AI plan and the promise of government as an “early customer.”
• The challenge of scaling AI talent in a post-Brexit environment—and how to attract global talent.
• Pension reform, government procurement, and the push for overall efficiency gains in the public sector.

Is Europe Just an “Incubator” for the US?
• Analysis of new research suggesting fewer startups relocate to the US than expected—but those that do raise 3x more capital.
• Role of large European funds in combating early acquisitions and supporting founders to scale.
• The example of ARM and its journey from European tech champion to global powerhouse.

Trump’s Proposed US Sovereign Wealth Fund
• Contrasting with Norway’s $1.5 trillion Government Pension Fund Global and Singapore’s GIC.
• Questions around how a country with high debt (like the US) might run a sovereign wealth fund.
• Potential lessons for European nations and the risks of politicising large capital pools.

Deals of the Week
• Health Tech Highlights:
◦UK cancer detection startup See the Signs secures seed funding led by Khosla.
◦ IVF funding platform Gaia raises a strong Series A.
◦ Spanish AI imaging startup Cuban nabs a $50M Series A.
• ARM & Ampere rumour: possible acquisition to expand ARM from IP licensing into actual chip manufacturing for data centres.

Looking Ahead
• Mads: Speaking at local schools on entrepreneurship, then multiple board meetings.
• Lomax: Closing an investment in a space-tech company and working on a significant Series B funding.
• Dan: Potential trip to Finland to explore a diagnostics startup focusing