This week on Upside: Nvidia is so rich it's literally throwing money at shareholders, three megacaps queue up to IPO, and Americans discover they hate AI almost as much as politicians.

(00:47) Mads at the BBCA / UKPC. Same name, same problem, same answers nobody's implementing. Plus a quick spin through Ben Evans' latest, ASML's revenue upgrade, and Meta canning 8,000 engineers. Cool, cool, cool.

(02:30) Nvidia returns $80B to shareholders - roughly the GDP of Tunisia, give or take. Free cash flow of $49B a quarter. Stock down on earnings - maybe we've collectively lost our minds.

(07:00) The Great IPO Unfreeze. SpaceX at $2T (an AI company wearing a rocket suit wearing a telecoms business), OpenAI at $1T (the most consequential S-1 of the decade, Dan bets it ain't pretty), and Anthropic's "final-final" pre-IPO round, number four. Sure.

(13:24) Unitree IPOs in Shanghai at $67B. The dancing robot company actually shipping units. The Android of humanoids? Europe, please build the layer on top.

(20:00) Europe writes its own future. Mistral grabs Vienna's EMMIE for neural physics simulation, EQT wins the €5B Scale-Up Europe mandate (sorry Atomico), and HMRC picks Quantexa over Palantir for £175M. Buying British: hopefully not the B-player.

(27:30) American AI rebellion. AI now polls worse than ICE. Molotovs at Sam Altman's house. Europe, take note.

(33:30) Prediction: France will cave on ESOP rules by end of '26. Mads disagrees.

(36:30) Deal of the week: Isomorphic Labs, $2.1B Series B. Demis's side hustle is going great.

(38:50) Week ahead: Salesforce earnings (where art thou, Agentforce?), AI-stack reports, and the S&P 500 rule change that could let SpaceX/OpenAI/Anthropic into the index faster than feels reasonable.