01:52 - Anthropic's Insane $30B Round Started as $10B rumour, became $20B in January, closed at $30B.
03:21 - The Great Model Migration Sam finally kicked OpenAI off his iPhone homepage. Claude's in.
08:23 - Claude Code: Mads' Love Letter Mads hasn't looked back since discovering Claude Code's skills and agentic workflows. It's not just better writing anymore—it's a whole different way of working.
09:36 - HBR Report: AI Makes Us Work MORE Generative AI isn't reducing work, it's intensifying it. Turns out when you can do everything yourself, you just... do everything yourself. Constant dopamine hits.
14:07 - AI as Your Second Opinion Mads fed his DNA and blood work to an LLM.
19:38 - Alphabet's 100-Year Bond Google just raised £5B more than expected. Priced like government bonds. Too big to fail, baby.
22:59 - Your Pension is Funding US Hyperscalers €35 trillion in European savings. None of these pension holders know they're financing 100-year bonds for Google. The rules say "minimise volatility," not "maximise returns." Cool cool cool.
26:31 - European Sovereignty: Words → Action? Merz and von der Leyen saying the quiet parts loud. Two-tier EU? 28th regime? Ignoring planning rules? Also Mistral going from $25M to $400M run rate with a full sovereign stack (no US tech).
27:31 - "What Even Is an AI Business?" If you're not using AI for what you're doing... what ARE you doing? Material science? Better use AI. Biotech? Better use AI.
30:32 - The Only Office Suite Update Was Google European governments spend billions yearly on decades-old Microsoft IP. Open source alternatives exist. Nobody cares.
31:28 - Mistral: Not Dead, Actually Dan had written them off. Turns out they're crushing it with enterprise. Not a chatbot play—it's consultancy + transformation + Anthropic-level models.
34:50 - The China Manufacturing Model, Reversed German manufacturers using Chinese AI for factories? Probability: nil to zero. Regional fragmentation + massive AI growth = very large companies serving regional markets.
35:42 - Europe Finally Saying It Out Loud Von der Leyen threatening breakaway subset unless countries get on board. Big words from the "protein" European government. Tax attempts always flounder but... momentum feels different?
38:07 - Space: Orbex Down, Data Centres Up? UK's Orbex (low-carbon micro launcher) filed for administration. £49M debt. Government didn't support. Meanwhile: Elon eyeing Google's orbital data centre research.
40:45 - Billionaires Should Burn Capital McCalip's plea: goad more billionaires into irrational high-variance projects that advance civilisation. "No one cares about your Loro Piana." Build cathedrals. Fund ugly metal. Light up corners of the future.
42:00 - Europe's Launch Problem No European small launcher has reached orbit. Not one. Airbus worked because we collaborated. Launch requires same logic. "We are mid-sized countries pretending we're still empires."
43:15 - Fusion: Europe's Real Shot? Should Europe double down on quantum and fusion instead of chasing AI? Mads: "Fix capital markets union first." Everything circles back.
45:04 - Deal of the Week: Olix 25-year-old British founder James de Combe raised £220M at $1B+ valuation for AI inference chips. Also runs Comind (raised £100M as a teenager). Is this our Elon without the red cap?
46:22 - Upside Closeout "Nothing happens until somebody decides to do something." More entrepreneurs. Less standing in their way.
Hosted by Dan Bowyer & Mads Jensen Guest: Sam Marchant
