Markets: Why Winning Is Losing - Big Tech Is Out Of Cash - Cracks in Claude’s Cryptography.

Upside looks behind the headlines to uncover the real stories affecting European venture. Hosted by Europe's leading emerging managers investing early in innovation; space, resilience, deep tech, and physical AI.

Recorded 31 July. Dan, Mads, Lomax and Andrew on the FTSE having a record week precisely because it owns no technology, a Chinese memory maker worth more than Intel on the strength of laptop RAM, and a 24-year-old's hedge fund discovering that leverage cuts both ways.

[00:00] Nobody's on a yacht 

[02:36] Markets: FTSE record high, NASDAQ in correction, SOX in a bear market. Winning by owning nothing anyone wants

[04:37] Big Tech earnings — Jassy floats a trillion-dollar AWS. Meta spends like an emperor, sells nothing 

[08:06] CXMT: +466% on debut, 1,600x earnings, zero HBM. Ten percent float, capital controls, and a very enthusiastic retail bid 

[10:30] Amazon's 5,000 satellites vs Starlink's head start. AST SpaceMobile's tennis-court antenna 

[13:00] Situational Awareness unwinds. Hubris, meet Griffin 

[16:53] VIX calm, VXN screaming, a 99th-percentile gap 

[18:07] Jevon's Paradox: efficiency never saved anyone any coal 

[20:12] Thinking Machines loses four of six co-founders. OpenAI nears 1bn WAU 

[22:27] Give Hiring in the UK - £48k for a nuclear propulsion cyber lead. £57k for Cabinet Office TikToks - Gah

[23:53] The US humanoid import ban is more than you think, and the death of the Shenzhen shortcut 

[30:40] Nvidia backstops $250bn. Numbers stop meaning things... 

[34:34] HAWK's key size halved in 60 hours and $100k of Claude

[42:46] Mads' software factory reinvents the paperclip maximiser 

[45:58] Meta + BlackRock's $14bn El Paso vehicle, conveniently off-books - more fancy financing to come 

[46:48] Deals: nuclear turbines, Humanoid's unicorn Series A, synthetic defence environments, more quantum 

[51:34] Week ahead: Palantir earnings, Anthropic IPO still bumbling

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Views are the hosts' own. Not investment advice.