Every week on Upside we look behind the headlines and connect the dots that will shape European venture.

This week Dan and Mads are joined by Karim Palant, Director of External Affairs at UK Private Capital (formerly the BVCA). He ran policy at LinkedIn, Facebook and in the Shadow Chancellor's office.

01:40 - Tesla Q3: when the numbers run out, sell the narrative
03:24 - Jackdaw approved: energy security or pre-Budget politics?
08:58 - Anthropic and Elon start giving away shares
11:21 - UK Budget: do no harm, or actual carrots?
17:24 - Scale-up reinvestment relief and a bigger British Business Bank
21:16 - Mads: fix the deficit, everything else is tinkering
27:54 - Dan rules it "pub territory" and drags everyone back
28:47 - Where should British tech's money come from?
32:56 - £13bn from foreign pensions, a sixteenth of that from UK firms
36:56 - Mandate the pensions, or fix the market?
40:14 - How Britain built a pension system that exports its capital
44:33 - AI build-out: wall hit - hiccup or speed bump?
49:11 - The PHP hack: AI agents, $50 break-ins and self-funding circular cybercrime
57:35 - Prediction: personal AI agents get financially mugged in 2027
58:05 - Deals of the week: Photon Bridge, and a Budget already at the OBR
1:00:42 - Week ahead: Big Tech cloud earnings and Budget Wednesday

Thanks to Karim for the backroom intel.

The Budget lands Wednesday, and we'll find out together whether "boring" was a promise or a threat.