For the week's latest news behind the headlines affecting European Venture, startups and investing.

Hosts: Dan Bowyer, Lomax Ward Guest: Eyal Malinger — Co-founder, Resurge Growth Partners (venture equity — the gap between VC and PE)

[02:18] Humanoid Robots at China's Spring Festival Gala Four Chinese firms showed off cable-free dancing robots. Eyal's reaction progression: "game over" → "Clone Wars" → "why are there swords near children?" China controls ~90% of humanoid shipments. H1/G1 robots going for $6-10K. Europe has… Neuro Robotics and OverSonic at Series A. Cool.

[05:59] Will Robots Replace Soldiers? Eyal: if you don't need to risk soldiers, you will use them. Lomax: nukes still deter total war, but skirmishes could proliferate. Everyone: yes, we'd have a robot butler. Lomax: depends on the price (he lives in Portugal).

[10:57] Raspberry Pi — Europe's First Meme Stock? Stock pumped after CEO bought shares + Reddit hype around OpenClaw. Trading at ~£600M. Edge AI debate ensues. Lomax: "Isn't this a time to celebrate Europe finally has its own meme stock?"

[14:36] AI Causing a Fuss: Anthropic vs The Pentagon Anthropic doesn't want autonomous kill decisions. Eyal channels Palantir's Alex Karp: "Our adversaries will not pause for theatrical debate." Lomax: Dario wants to have his cake and eat it. Everyone broadly agrees ethics are a luxury when the other side doesn't play by the rules.

[17:19] Peter Steinberger Leaves Europe for OpenAI Created OpenClaw, Europe celebrated for two weeks, then he bounced to San Francisco. Lomax: "I thought things had got better." Dan: who in Europe could've called him? Eyal: if he'd been in London instead of Austria, maybe different story. Cue weekly EU ecosystem lament. Macron pledged €30M for AI. Anthropic just raised $30B. Right.

[24:00] VC AI Toolkits — David Stark Open-Sources His Setup WhatsApp meeting briefs, auto-transcription, deal flow into HubSpot. Lomax calls it "cute." Eyal: most of this is just Zapier with extra steps. Real alpha = agentic AI that sources and approaches founders autonomously. Dan: if everyone has Harmonic, nobody has alpha.

[31:00] Munich Security Conference Recap 62nd edition. Rubio slightly less abrasive than JD Vance (low bar). Merz says the old order is over. Starmer accelerating UK defence spend to 3%. Stark (drones) raised big from Founders Fund — German defence minister uncomfortable with Peter Thiel on the cap table. Sovereignty debates continue. Lomax: "You can't tell Europe to be sovereign then beat them for being sovereign."

[37:56] Health & Bio Good News Compass Pathways nails second Phase 3 trial for synthetic psilocybin treating resistant depression — could be on market by 2027. Savo Health working on non-invasive CGM patches (goodbye arm claws).

[39:56] Deals of the Week

• Quantonation — largest European quantum fund ever
• Ineffable — $1B seed (!!) at $4B pre-money, led by Sequoia. David Silver (AlphaGo architect) leaves DeepMind
• Netflix / Warner Bros M&A — Eyal hopes it signals FTC/DOJ reopening the exit valve for VC and PE

[42:30] Fin. 🎙️