Upside is a weekly podcast that unpacks the news and headlines that will affect European venture startups and investing.

This week Dan and Mads go deep on what Hungary's political earthquake means for European capital flows, why Anthropic is speedrunning a monopoly, and whether one bloke with a laptop can really build a unicorn (spoiler: it's complicated).

[03:28] Orbán Out, Money In Hungary was the EU's most corrupt member state and Orbán was Russia and China's favourite circuit-breaker inside Brussels. Peter Magyar takes over mid-summer and suddenly €90bn in EU funding unlocks, twenty sanctions packages clear, and Hungarian defence spending gets greenlit.

[09:53] Anthropic Eats the Stack Six months ago Mads predicted frontier labs would either become application companies or get absorbed by hyperscalers. Anthropic ships an app builder, leaks a design tool, hires Workday's CTO, and Mike Krieger resigns from Figma's board the same day the Figma-killer surfaces.

[15:09] Mythos vs GPT-5.4-Cyber: The Weapon vs The Tool OpenAI released their cyber model publicly. Anthropic can't because Mythos is genuinely terrifying. First model to complete a full 32-step autonomous corporate network takeover from a simple prompt. No security expertise required. The distillation angle matters: every month Mythos stays gated is a month the Chinese open-source labs can't copy it.

[21:53] The One-Man Unicorn (Or Is It?) Matthew Gallagher claims $400M in year-one revenue selling GLP-1 supplements, built with ChatGPT, Claude, and his brother. Sam Altman's prophecy, fulfilled? Not so fast. Class action lawsuits, dodgy marketing, and numbers that don't survive a Trustpilot audit.

[28:19] Compute Scarcity: Still Very Much Early Innings TSMC spending $52-56bn in capex. ASML raising guidance. Blackwell GPU spot rent up 48% in two months. CoreWeave extending minimums from one to three years. OpenAI quietly cut its infra plan from $1.4T to $600B because Anthropic took pole position and they can't justify the spend. The lie detector test? If the chipmakers are still spending, the demand is real.

[37:00] Musk's Terafab: 50x Global Compute, 80% in Space Elon's answer to scarcity: build a factory producing 50x today's global AI compute and launch most of it into orbit. The physics says cooling 1GW in a vacuum needs 834,000m² of radiators. A guest expert's verdict: "putting servers in orbit is a stupid idea, unless your customers are also in orbit." But betting against Musk has historically been expensive.

[38:00] Predictions & Deal of the Week Dan calls it: within 12 months, a major breach gets publicly attributed to an AI model, triggering first AI-specific liability law. Mads picks Synera ($40M Series B, Bremen). Dan picks Helical (£10M, London) the AI virtual lab speeding up drug discovery.

[41:00] Week Ahead TSMC Q1 earnings (already out by the time you hear this), EUVC Live in London on Wednesday, and Dan's off to dinner with founders he's known for 28 years.