AI capex falters, AI goes vertical, AI's new moat

Every week, we look behind the headlines and connect the dots across European venture, investing and startups. 

Record quarters everywhere, share prices down anyway. Dan, Mads and Priyanka on what the AI wobble means for European founders, why EU Inc is being quietly filleted, and who really owns the data for physical AI.

• 00:41 — The week in numbers: Anthropic's $16.8bn quarter, ASML, TSMC's sixth record in a row, US inflation, UK GDP (up 0.1%, hold the applause)
• 01:50 — Project Europe's founding team hands over. Is the brain drain still real, or just better PR?
• 04:00 — EU Inc gets watered down: central register gone, insolvency fast-track gone, stock options in limbo. Worth passing anyway?
• 08:11 — Starling trains an AI model on UK sovereign cloud. Near-frontier capability lands in the application layer
• 10:03 — European startups raise ~€16bn in September. Five times August, if you ignore that August is August. Plus SAP buys TechWolf
• 11:16 — IMF's stability report, and the EU-China hybrid cap: fewer Chinese cars, or just Chinese factories in Hungary?
• 13:52 — Jensen in London. Nvidia as investor, supplier and your competitor's investor
• 18:41 — The AI capex wobble: Asian memory stocks tank, Gartner says 80% of neoclouds are gone by 2030, and "adjusted profit" - bwahaha
• 26:22 — Everyone builds the whole stack: Meta's Wonder, Gemini 4 Argon (road-tested), Microsoft's Maia 300, Nvidia circling Reflection AI
• 32:00 — Physical AI: Atomic Machines out of stealth, Agility goes public via SPAC. Who owns the data owns the moat
• 34:45 — China in the supply chain: would a 40% tariff end your business?
• 40:51 — Can anyone IPO right now?
• 44:23 — Deal of the Week: Extend Robotics (Pri), Rabot Energy (Dan)
• 45:20 — Week ahead: Tesla Q3, China GDP, UK inflation before the Budget