Every week, we look behind the headlines affecting European venture.

Oura had a book covered four times over and still walked. Micron is printing money. Bailey says everyone's priced to be a winner. Burnham wants to take us back to the 1970s, but with free VAT on your electricity bill.

Dan, Mads and Pri unpack the week.

01:15 Oura pulls its IPO: $3bn, then $2.2bn, then nothing
04:43 Micron's monster quarter, and Europe's last memory maker
06:50 Bailey: "everybody is priced to be a winner"
09:07 Burnham's speech: 0% VAT on household power, nothing for industry
12:04 AI safety: OpenAI cancels a model, an agent escapes, the FTC moves in
20:37 Anthropic's leaked S-1: 12x revenue, $2tn ambitions, half a trillion in compute bills
26:41 UK venture: BBB returns, Monzo, ElevenLabs at $22bn, Nscale
29:57 AMD buys World Labs for $8.2bn: chipmakers want world models
33:24 Personal agents everywhere, except Europe
39:02 Buy British: Burnham, Healey and the ghost of the Austin Allegro
47:30 Deals of the Week
50:39 Week Ahead

🚀 Deals of the Week

• Morphotonics (Veldhoven): €40m Series B. It makes the factory machines behind the tiny optical parts that put displays inside smart glasses.
• Terasi (Stockholm): €11m seed. Jam-resistant millimetre-wave military radios, backed by the NATO Innovation Fund, Join Capital and In-Q-Tel.
• Zenithon (London): $10m seed. AI models for extreme physics: fusion, rockets, chips.

📅 Week Ahead: Tesla Q3 deliveries, the Conservative conference, London Tech Week, Deep Tech Week, and Dan at WSAI in Amsterdam on Wednesday.