Every week we dig behind the headlines shaping European venture.

This week Dan, Mads and Lomax - all early stage European VCs investing in space, resilience, physical AI and deep tech look at a market that's suddenly charging Big Tech for its AI spend, an agentic breach we called back in April, and the one question that decides Britain's future: is there any growth without a return to risk?

⏱️ Chapters

01:05 – Check-ins: Proto Town, what is it?

01:35 – Quick News: $100 oil, the PayPal/Stripe tie-up, a £74 battery, PitchBook's barbell & Kalanick's $1.7bn Atoms.

08:10 – Farnborough's quiet order book, plus Burnham to No.10 and Healey to No.11.

09:40 – The bill arrives: markets still charging bigly for AI capex — Alphabet, Tesla, SAP & Intel.

14:20 – Humanoids: a Newton moment or an iPhone moment?

21:00 – AI Corner: Kimi K3 vs Fable, the Chinese open-model "ban," the Hugging Face breach & AMD–Anthropic.

31:20 – Deep Dive: If you woke up as PM tomorrow what would you do? The risk-free society and the £10k everybody lost.

53:30 – Deals of the Week: Cusp AI, Arrakis & Uber/Delivery Hero.

Also: the same week markets punished Alphabet and Tesla for spending, Moonshot shipped Fable-level reasoning at a third of the price, both blades of the squeeze at once. And the Hugging Face breach laid bare the asymmetry every European CISO should fear.

For LPs, founders and fellow VCs — knowledge is having the information; wisdom is connecting the dots.

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⚠️ This show is not investment advice. The hosts may be invested in the funds and companies featured.