Upside

This week on Upside – It's a digital sovereignty deeper dive - what does it really mean, Nvidia is up but kinda not, Apple vs CMA - stormy teacup, and Governments Buying AI - which is a a great thing! Yes it is.With Mads, Lomax, Andreas and Dan.00:52 – Why Nvidia is “the poster child”Picks & shovels of AI; outsized share of data-centre capex; sheer scale of valuation and index weight.01:49 – Numbers that bend the mind$100B rev $25B net income quarter; growth decelerating (YoY strong, QoQ data-centre +5%) and mostly “priced in.”04:33 – Europe’s chip toolkitASML, STMicro, Infineon, ARM as the homegrown counterweight—and the media’s US-centric bias.06:07 – Apple vs UK CMAInteroperability, payments, “Apple tax,” and the tension between competition policy and platform control.08:05 – When regulation helpsOpen banking as a rare win; risk of “fighting the last war” on phones while AI becomes the real battleground.16:36 – Antitrust lessons for AINeed smarter, transatlantic, pro-innovation guardrails before AI market power locks in.18:55 – Creative destruction vs. copsMarkets toppled IBM/Microsoft; you can’t regulate your way to greatness—create conditions to compete.21:05 – Sovereignty kicks off: US buys 10% of IntelEquity via CHIPS grants; debate on retroactive terms, national champions, and when government should own.28:26 – Europe’s long tradition of state helpAirbus, satellites, energy—how “strategic” differs from picking winners.30:42 – What should be sovereignCompute/chips, energy, critical minerals, food/health inputs, and space—areas where hands-off fails.37:12 – UK gov is buying AI (a lot)Spend surges; Microsoft & Palantir dominate; case for being a “power user” while seeding EU/UK alternatives.43:54 – Can startups sell to government?Procurement is the moat for incumbents; call for sandboxes, fast paths, and small experiments.50:01 – What is digital sovereignty (really)?Acting without others’ permission; Europe’s dilemma: US defence, China manufacturing, and now US AI.52:07 – China’s playbookBack sectors, unleash brutal competition (EVs), let winners emerge—then scale.57:33 – Follow the moneyEU pension funds underweight EU VC; stop funding US dominance if we want sovereignty.Fast takeaways* Nvidia remains the bellwether, but the growth rate is normalising at hyperscale.* Apple vs CMA = overdue competition questions, but don’t fight 2010’s war in 2025 - aim rules at AI.* Sovereignty ≠ autarky: diversify dependencies, go big on adoption, and grow local apps/infra.* Procurement reform (sandboxes, smaller tickets) is the cheapest way to catalyse EU/UK AI champions

For the real news behind the headlines affecting European venture.Hosts: Dan Bowyer & Mads Jensen, with Joe Knowles from Smedvig Ventures(01:15) US vs. Europe in Wealth CreationUS dominates wealth & compounders due to internet hyperscalers.Europe: strong talent, growing startups, but weaker late-stage funding & exits.Pension fund restrictions and lack of capital allocation are core structural issues.(12:10) AI Race & Europe’s ChallengeUS likely to win again; Europe risks falling far behind.Strategic gaps: compute, energy costs, slow policy response.(13:05) M&A BoomH1 2025: ~$100bn in deals (+155% YoY), led by Google–Wiz ($32bn).Hot areas: AI code gen, security, vertical apps.Europe well-placed in application-layer M&A and AI-enabled services.Exits recycle capital → critical for VC ecosystem health.(21:21) Defence Tech AwakeningPorsche & Deutsche Telekom launching €500m fund; Lakestar raising €250m.Cultural shift in Germany: mainstream corporates backing defence/dual-use.Small monetarily, but signals a tide change.(31:21) Energy & BatteriesBreakthroughs: lithium recycling (97%), sodium-ion at $10/kWh, EU gigafactories planned.Europe must cut energy costs (4x US levels).Nuclear, deregulation, and better storage key for AI competitiveness.(35:06) AI CornerGPT-5: Faster, unified model, free to ChatGPT’s 700M users. Incremental but strong in coding.Perplexity vs. Chrome: DOJ may force Chrome divestiture; Perplexity rumored buyer (PR stunt?).Economics: OpenAI at $500bn valuation despite $5bn losses; Anthropic ARR exploding ($1bn → $5bn in 7 months).(42:15) Chips & GeopoliticsUS restricting Nvidia chips to China; Trump proposes tariffed exports.Europe’s Chips Act stuck with outdated tech; Intel project canceled.Urgent need for “Chips 2.0” and partnerships with TSMC/Nvidia/ASML.(48:03) Closing NotesItaly’s record H1 (€655m raised).Europe’s momentum building across defence, energy, and venture.

Upside #52 The weekly podcast for all things European venture, startups and investing. Each week we look behind the headlines for the real news affecting our ecosystem.VC Hosts: Mads, Andrew & DanThis week: Seed-to-Series A: harder or hype?Germany’s €100B DeutschlandfondsUK interest rate cutOECD’s corporate investment warningEU Chips Act 2.0 - 1.0 #failAI Corner – GPT-5, Anthropic’s advances, open-source warsDeal of the Week00:50 – Series A: Out of Reach? Really?US: Avg. 2.5 years to Series A, down to 11% graduation rate. UK/Europe: ~18 months, higher graduation rates, but smaller rounds. AI reshaping funding pace; bridge rounds at record levels. Overhang from 2021–22 funding glut being flushed out. Carta data shows improving graduation rates. Labels distort. Under-capitalisation as a European challenge.07:59 – Germany’s €100B Deutschlandfonds - Be More GermanFund to secure strategic sectors: defence, energy, raw materials. Leverages €10B public → target €100B private. Germany’s growth stagnation since 2019 needs reversal.18:35 – UK Autumn Budget Of MiseryLikely tax rises despite Labour’s pledges - risk making UK unattractive for VC & startups. Millionaire exodus, low PE carried interest returns signal concern.22:09 – UK Interest Rate Cut Says What?BOE cuts from 4.25% → 4% despite sticky inflation (3.6% → rising to 4%). Growth fears outweigh inflation fight – signals economic fragility. Will lower rates make VC relatively more attractive?23:29 – OECD: Weak Corporate Investment Is Bad NewsInvestment still 20% below pre-GFC trends; physical asset investment lagging. Productivity stagnation since 2008. Corporates prioritising dividends over long-term growth.40:11 – EU Chips Act 2.0 - Can We, Should We?Act 1 mega fail: Missed 20% market share goal; may hit only 5% by 2030. Intel exit, focus on low-end chips, global oversupply, poor US trade terms. Need to attract TSMC/Samsung for cutting-edge fabs. Europe must avoid “please everyone” industrial policy. Chip demand will keep growing; still time to compete.50:35 – Mega AI CornerGPT-5 “soon” Anthropic’s Claude 4.1 leading in reliability. OpenAI launches first open-source model since GPT-2. Mega-rounds: OpenAI $8B, Mistral $10B, Perplexity raising. Open vs. closed source. IP & “decomposition” debate:1:04:04 – Deal of the WeekClay – $100M at $3.1B; widely used contact intelligence tool.n8n – Valuation surges past €2B amid investor frenzy.Voltrac – Spanish autonomous electric tractor; 70% fewer parts, strong ROI.AI in politics: Sweden’s PM admits using ChatGPT for second opinions.Recorded 7 August 2025

Upside is for anyone interested in the European tech and startup ecosystem. We discuss the real stories that live behind the headlines.Recorded: Friday August 1st 2025Hosts: VCs - Mads, Lomax, and Dan00:50 – Big Tech Earnings BlowoutsMassive Meta and MS uplift. Massive efficiency gains via AI, despite headcount cuts. Microsoft: $13B AI cloud run rate. Growth driven by CoPilot and Azure.11:20 – Fundamentally Flawed Figures Inflation sticky around 2.9%. Rates stuck. Why equity markets remain bullish despite macro pressure. AI productivity gains seen as the buffer against high rates. Not the dot-com? 17:42 – Europe’s No Mag7The sobering gap, but optimism for emerging EU-based players. Nurture “green shoots” of European innovation.18:34 – Markets - Figma IPO – Is SaaS Back?Massive Day 1 pop: from \$20B to \$65B market cap. 91% gross margin, 132% NDR, strong enterprise traction. Optimism for SaaS exits and public market appetite.26:27 – Markets - Anthropic vs. Figma – AI Valuations in ContextAnthropic at \$170B valuation (\~30x revenue).Contrasted with Figma’s 60x multiple. SaaS more stable; AI still in sandbox.27:23 – Markets - Return of Risk Appetite: Firefly & Space IPOsFirefly targeting a $5B IPO despite revenue.29:26 – Liberation Day 2.0 – Trump’s Trade Deal with the EU**EU commits to $750B in US energy, $600B in US manufacturing investment. Concern over EU sovereignty and realism of enforcement.37:54 – Implications for European StartupsSoftware firms largely unaffected. Hardware or hybrid firms need to rethink supply chains.Consumer hardware most at risk from tariffs.40:17 – Geopolitical Signalling and the Long GameEU’s long-term strategy will shift towards self-reliance and defence. Upside for local tech ecosystems.41:23 – AI Corner – Latest Deals & Developments.Anthropic: From $1B to $6B ARR in months. $5B raise underway.Alibaba: Launches Claude Code competitor for 1/60th the cost.Cognigy (Germany): Acquired for $1B by NICE (CX automation).n8n: Open source automation tool now valued at \$1.5B.OpenAI Study Mode: Personalised learning agents; education disruption incoming.47:26 – Is Germany Becoming Europe’s AI Leader?Germany, France, and the UK all seeing strong AI momentum. European AI isn’t centralised – strength lies in distributed hubs.50:01 – Why Billion-Dollar Exits Are No Longer a Big DealCognigy, Oxford Ionics → seen as “modest” compared to US mega-deals. Yet: exits like these power Europe’s VC ecosystem - billion-dollar exits still matter.51:00 – Project Europe – What Europe NeedsHarry Stebbings’ “Project Europe”: €200k per startup, under-25 founders.6 companies in batch one: drones, brain-computer interfaces, cybersecurity, robotics. Focused on deep tech and hard problems – not consumer fluff. A bet on Europe’s technical edge and early-stage ecosystem.56:30 – Challenges Ahead for Project EuropeAccelerators attract top-tier founders? Signalling risk? Success will require time, patient capital, and structural support.63:57 – Stopping the Brain DrainEU founders often register in the US, but real drain is sub-10%. IPO path must be restored in EU. Public markets offer cheaper capital vs. growth equity.65:30 – Deal(s) of the WeekCyberArk acquired by Palo Alto Networks for $25BProject Q (Germany) raises €7.5M for battlefield software. One to watch.

Upside - for the real stories behind the headlines affecting European Venture.In this week's episode:AI in Public Services - OpenAI and the UK govt sign dealThe US vs UK AI plans - how do they compare?Stablecoins - what are they really and why are they not in the UK?Deepmind wins the IMO maths competition - so what?Deal of the Week01:50 – AI in UK Government and Public ServicesUK government signs an MOU with OpenAI to explore AI in public services.Introduction of “Humphrey,” a ChatGPT-powered assistant for civil servants.03:21 – Will AI in Public Services Work?NHS could be a testbed for AI adoption, potentially with citizen opt-ins for faster treatments using AI technologies.05:26 – UK AI Plan and Public Sector ProductivityUK’s AI Opportunities Plan.Potential AI use cases: fraud prevention and efficiency in administrative tasks.08:24 – Challenges in Government AI Implementation09:27 – AI in NHS & HealthcareDebate on AI’s role in healthcare11:46 – UK Sovereignty & AI PartnershipsConcerns about reliance on US AI companies (OpenAI, Anthropic).13:03 – Is Reliance on US AI a Problem?Discussion on whether the UK should build its own foundational AI models.16:31 – National AI StrategiesDebate on the UK government’s responsibility to invest heavily in domestic AI.Comparison to the UK aerospace industry and state-backed R&D.19:26 – Comparing US and UK AI PlansOverview of both strategies:US: Innovation, leadership, and global dominance.UK: Sovereignty, public sector benefits, and homegrown champions.22:24 – Key Differences Between US and UK AI Approaches27:47 – What Should the UK Do Differently?Invest in national AI infrastructure. Mandate “buy UK first” for AI solutions.33:31 – AI in Large OrganizationsNorway’s sovereign wealth fund sees 20% efficiency gains using AI (Claude).36:01 – Transition to StablecoinsWhat they are and why they matter.41:02 – Dollar Dominance via StablecoinsStablecoins as a strategic tool to extend USD dominance.48:25 – Future of StablecoinsHow stablecoins will reshape DeFi, cross-border transactions, and payments.52:27 – AI Excels at MathematicsGoogle DeepMind and OpenAI achieve gold-level performance at the IMO (International Mathematical Olympiad). Significance: AI is moving from computation to creative problem-solving and advanced reasoning.55:47 – Implications of AI in Math & ScienceAI’s ability to solve complex math problems signals breakthroughs in R&D and engineering.58:14 – Philosophical Questions on AI ReasoningDebate on whether AI’s reasoning is “synthetic” or genuinely creative.AI’s utility matters more than its internal mechanics.59:33 – Deal of the WeekKeywords: AI, public services, OpenAI, UK government, healthcare, stablecoins, financial system, mathematics, funding, trade deals.

UPSIDE - For the week's *real news* behind the headlines affecting European venture.If curious about startups, investing, venture capital, innovation, AI, and all things going on in and around Europe - that's what this weekly roundup is all about.Hosts: Lomax from Outsized Ventures with Mads and myself from SuperSeed VCOn this week's show:04:02 – Shout out for EU Inc and The 28th RegimeLegal fragmentation in Europe increases friction and costs for pre-seed and seed funding. Comparison to US (Delaware + SAFE) vs. Europe’s notary-heavy systems.Potential savings of €350–500M annually by reducing legal overhead. ESOP (employee share options) complexity highlighted as a major barrier.09:55 – The United States of EuropeEU Inc. could be a “small first step” toward a unified European market post-Brexit. Lobbying from notaries and national interests creates significant resistance. Watered down is as good as not at all.15:14 – AI Corner: Huge AI news this weekMira Murati’s new startup raises $2B from A16Z, Nvidia, AMD. China’s Moonshot AI (Kimi 2) - 1T parameter open-source LLM outperforming Anthropic’s Opus 4 on coding tasks. Europe is trailing the US and China in foundational AI, but vertical AI and apps offer big opportunities.25:28 – The Application Layer BoomLovable Raised $200M at $1.8B valuation** with 75M ARR in 8 months.AI application companies like Tandem Health and Legora are scaling rapidly.31:51 – Apple Rumoured to Acquire Mistral?$15B acquisition? Would be the largest European AI exit, but raises sovereignty concerns in France.36:12 – UK Government ReformsRachel Reeves’ speeches: Streamlined reporting, pushing pension funds into riskier assets, and supporting LSE listings - symbolic or game-changing?42:21 – Crypto Week in the USBitcoin hits $120K as three major US crypto acts debated: Clarity Act, Genius Act, Anti-CBDC Act. Europe already has MiCA regulations but lacks a cohesive narrative. But should we have our own Crypto week?48:19 – European VC at 10-Year Low2025 projections: $10B VC capital raised. Solutions: Unlock pension capital, simplify retail VC access, and recycle returns from big exits like Mistral.54:28 – Deal of the Week: NumanMen’s D2C health startup: Raised $57M (30M equity + 27M debt). Pivoted to GLP-1-based weight-loss products, doubling revenue to $90M in 2024.56:16 – Closing Thoughts.

Upside for the real news behind the headlines affecting European Venture.This week: Is defence the only game in town? Any moral lines? Has Germany nailed its return to growth? OpenAI at peak LLM? Search engine wars are back! Does WFH kill culture, a tariff check in (already out of date!), EU fines and big tech - will we get the good sh*t? 00:00 – Welcome & RundownDan, Mads & Lomax set the scene: Europe’s defence startup boom, OpenAI’s new browser play, WFH vs. culture, Trump’s ever-shifting tariffs, UK H1 VC stats, and Big Tech vs. EU regulators.04:21 – Euro uplift €6.5b in June FundingEurope’s tech raises hit €6.5 billion across 323 deals; UK led with 30% (€1.95B) but dipped 18% MoM, while Germany surged past the UK on deep-tech, quantum, energy robotics & aerospace.05:40 – Defence vs. Resilience vs. Dual-UseWhat’s the difference? Defence = pure military; resilience = protecting society (cyber-security→critical infrastructure); dual-use = tech with both civilian & military applications.07:41 – German Market on FireDAX +22% YTD: Industrials up 30% (Rheinmetall, Airbus), Financials +16% on easing rates, Tech +14% via AI plays (SAP) & EV chip leader Infineon - autos and pharma lags.08:46 – Founder Caution in DefenceBudgets may double to €1 trillion, but only ~5–10% goes to R&D, procurement is slow, buyers are few & timelines clash - “proceed with caution” is the advice.10:56 – Defence Moral DebateIs it OK to back companies making weapons? Europe’s “sleepy time under US umbrella” ends do we agree protecting citizens and way of life is a moral imperative?17:03 – OpenAI’s Browser BetWith 3b Chrome users feeding Google $200 B/yr in search ad profit, OpenAI’s upcoming “AI browser” could unlock ad revenue ($1B ’26; $25B ’29) by capturing click & intent data.19:16 – Search Engine Wars Are Back AGAIN Beyond ChatGPT: Grok 4 (hooked to X), Perplexity’s Comet, and generative SEO shake up distribution—from keyword tags to “GEO” (Generative Engine Optimisation).31:28 – Does WFH Kill Culture?Values ≠ behaviours: true culture is “expected actions.” Zoom can’t replace serendipity, mentoring & rapid knowledge-share that happen when teams sit shoulder-to-shoulder.40:59 – Trump’s Tariff Tracker“90 deals in 90 days” fizzled - only UK, Vietnam & China. EU deadline pushed to August; Brazil hit with 50%; US aiming for $300b in tariff revenue.48:39 – UK H1 VC Snapshot£8 B raised (AI startups 30%), beats Germany & France combined; 188 unicorns (71 private) worth £230b; Oxford/Cambridge/Cardiff each hit £1b.56:57 – Will Europe get the good stuff if we keep fining and controlling? EU vs. Big Tech. Apple appeals €500m App-Store fine; Google races to comply with the DMA (10% global-revenue penalty); EU’s proposed chat back-door sparks mass-surveillance concerns.58:28 – Deal of the Week: Eutelsat €1.35 B RaiseFrance & UK gov’ts back a pan-European LEO+GEO satellite operator to rival Starlink - €1.35 B shows Europe’s push for sovereign space resilience.1:00:43 – Parting BytesAndrew’s rooting for “pet-emotion AI” (Purosense AI’s seed round); Mads eyes Nvidia’s Q2 (ASML report on July 16); Lomax plans LP visits - and everyone’s beach-office-envious!

🎙️ Upside #EP— IPOs, AI vs Doctors, London’s Trouble & The Internet’s Future⏱️ 02:30 – Figma’s IPO & European StakesFiling in NYC after failed Adobe acquisition$800M+ revenue, 91% margins, 132% NDR$5B Index Ventures paydayWhy this matters for Euro tech⏱️ 08:50 – London’s IPO DisasterWorst first half in nearly 30 years: only $160M raisedAstraZeneca flirting with a US listingCan London come back?25+ years of decline traced to pension reform post-Maxwell scandal⏱️ 14:10 – UK vs US Markets: Staggering ComparisonUS market cap: $60T vs UK: $3TTech in FTSE 100: only 1%Apple alone = FTSE 100Institutional apathy + structural rot⏱️ 18:00 – Pension Power & Mansion House DebateUK pension funds hold just 5% in UK equities£40B in annual tax breaks not translating into local investmentNeed for regulatory overhaul to unlock capital⏱️ 22:00 – Fixing the Public MarketsPublic markets *should* be the exit pathWithout them, the entire private capital waterfall stallsStagnation in public exits affects tax receipts, job creation, and the UK ecosystem⏱️ 25:45 – European Equities SurgeBiggest outperformance vs US stocks on record€46B inflows in 2025 vs €66B outflows in 2024Germany wakes up: €500B in infrastructure & defence spendSustainable or a short-term Trump-driven rotation?⏱️ 32:00 – UK Budget Black Hole£5B budget gap after Labour’s U-turnHighest tax burden since WWIISocial care + NHS = nearly 50% of budgetStuck between tax pledges, borrowing risks, and spending pressures⏱️ 41:00 – UK Future - 3-PathsStasis: stealth taxes, zero reformsFurther decline: shrinking influenceRecovery: bold reforms in pensions, NHS tech, and civil service productivityWhat road will we take?⏱️ 46:30 – EU AI Act: Incoming Train Wreck?Set for August rollout, but 44 major firms ask for pauseMissed code-of-practice deadline - What do we do?Healthcare, finance, and SaaS startups at riskGDPR 2.0 on steroids?⏱️ 52:45 – Can We Save the Open Web?Cloudflare’s bold move to gate AI scrapingAPI-first monetisation and licensing models emerging⏱️ 57:45 – AI vs DoctorsMicrosoft benchmark: AI got 80% of diagnoses right vs doctors’ 20%The end for doctors?Regulation, infrastructure, and explainability still big hurdles⏱️ 01:05:00 – Deal of the Week: Portal Biotech$35M Series A led by Earlybird + NATO Innovation FundProtein sequencing tech spun out of University of GroningenHopes to be “the Illumina of proteins”A deeptech win for Europe

🎙️ Episode Highlights00:00 – Market Pulse: We’re So Back Baby! US IPOs are red-hot (CoreWeave, Circle), S&P nearly at ATH, and Q2 GDP forecasts hit 3.5%. The resurgence in AI and crypto-led optimism despite fiscal clouds.03:00 – Bubble or Boom? Are we heading into bubble territory? US deficits are ballooning, but M&A tailwinds and LP liquidity look promising.05:00 – The Sentiment Effect Economic psychology: consumer sentiment drives GDP. Europe’s problem? It talks itself down. The US? Belief + boldness.06:50 – Big Tech Bets on Britain Amazon pledges £40B UK investment (data centres, fulfilment, even a film studio). British Business Bank expands to £25B. Visma chooses London IPO over Nasdaq—confidence win?14:00 – UK’s 10-Year Industrial Push Gov’t targets AI, defence, creative, and energy—aiming to slash grid connection delays. Electricity costs still a major drag. Can policy execution catch up to rhetoric?18:00 – The UK’s Economic Reality Check High inflation + stagnant growth = stagflation-lite. £66B in working-age benefits forecast by 2029. Labour’s internal revolt blocks real reform.27:00 – Tariff Tensions Mount Trump trade wars return: EU braces for July 9 deadline. Retaliation looms. Could German auto exports be the pressure point?32:00 – AI in the Wild Apple eyes Perplexity. DocuSign sues scrappy 2-day clone. Seed-strapped startups exit for millions without VC - Paradigm shift or PR hype?37:00 – Copyright Battles Begin Meta & Anthropic win round one using “transformative use” defence. The big legal fight (OpenAI vs NYT) still looms.41:00 – Robotaxi Rollout? Tesla demos driverless fleet in Austin - damp squib? Still lagging Waymo. Real progress or just share-price theatre?43:00 – Europe’s Bay Area Dream Can Europe become Silicon Valley? Should we can we? It’s not about funding - it’s confidence, imagination, and embracing failure.51:00 – Optimism Please! Q2 earnings optimism and promising chip efficiency breakthroughs. Markets strong, founders bold, and Europe's moment (maybe) coming.

🎙️ Upside 45 Podcast – “Defence, Dirty Deals, and Disruption”This week EU defence spend motors - will it save us?European Space Agency military satellites US-China competition - European opportunity?US IPOs up 30% this year, so far, so whatBritish surgical robotics start-up -> sell-out⏱️ [01:13] – Geopolitical Hotspots and DefenceIran’s global influence and diasporaUkraine’s resistance to Israel-Iran dynamicsCautious optimism about regime change WWIII has begun?⏱️ [03:35] – Oil & Markets Brent crude spikes (from $70 → $77, possibly $100+) Shipping, inflation, and interest rates affected Bank of England holds rates amid uncertainty⏱️ [05:52] – Impact on Venture?Founders not immediately impacted, but long-term capital flow risks flaggedDefence tension might dry up funding or shift VC attention⏱️ [06:56] – Defence as a European Economic Engine?Defence our financial lifeline? But VC exposure to defence is tiny⏱️ [09:35] – Unicorns in EU Defense Tech3 recent unicorns: Helsing, Tekever, Quantum SystemsHelsing shifts gearVCs rush in - BUT Sales cycles, procurement, regulation⏱️ [12:38] – Helsing’s Capital & The VC Taboo US firms: Lightspeed, Accel, General Catalyst Homegrown capital is crucial to reducing 10x funding gap with USEIF restricts arms/weapons investmentsHelsing’s value as a “reference company” for LPs⏱️ [18:51] – ESA’s Satellite PlansEU Space Agency wants €1B+ to build military satellite network.⏱️ [22:15] – Iris vs Starlink ContextIris <> StarlinkEU must move fast on sovereignty or risk dependence⏱️ [23:59] – NASA Cuts vs ESA BudgetsNASA’s proposed 25% cutEurope’s ESA increasing funding—ironically divergent paths⏱️ [25:52] – China, Trade Wars, and Supply ChainsEU’s dependence on Chinese imports (clean tech, chemicals) Fear of trade dumping post US-China de-coupling Rare earth constraints impacting defence and auto industries⏱️ [29:45] – Tariff TimelinesJuly 9 tariff decisionPotential EU-US mini deal to avoid Trump’s punitive tariffsPharmaceuticals next⏱️ [32:00] – IPO Boom in the US Chime, Circle, CoreWeave IPOs—massive post-IPO pops Klarna leads EU pipeline⏱️ [34:04] – IPO vs Private CapitalBill Gurley’s hatred of bankersPrivate markets still offering better valuationsSPACs are back!⏱️ [36:25] – Surgical Robots and CMR SurgicalCMR (Cambridge Medical Robotics)Raised $1B, now eyeing $4B exitPremature exitCMR’s potential lostScale homegrown tech more aggressively⏱️ [44:45] – Deed of the WeekDaniel Ek’s €600M into HelsingParis-based Nabla raises $70M Series CScale AI deal closes in one weekFastest capital deployment of its kind; no FTC review needed⏱️ [49:05] – Founders in GovernmentAlex Depledge named UK entrepreneurship advisorPraise for founders like Matt Clifford shaping UK tech policy⏱️ [51:10] – Meta’s AI Talent WarMeta’s aggressive poaching of OpenAI talentAI job market likened to football transfer seasonPay off or backfire?