Welcome back to another episode of Upside at the EUVC Podcast, where Dan Bowyer, Mads Jensen of SuperSeed and Lomax from Outsized Ventures unpack what’s happening in European tech and venture capital.
This week: Why Meta and Microsoft are minting cash from AI, what Figma’s IPO signals for SaaS, whether the EU got rolled in its new trade deal with the US, and how Europe’s AI scene is finally delivering billion‑dollar exits. Plus: OpenAI’s new “Study Mode” and Harry Stebbings’ Project Europe—an “anti‑YC” deep‑tech accelerator for founders under 25.
🎧 Here's what's covered:
01:07 Meta & Microsoft Blowout Earnings: How AI is driving real revenue and margins.
04:43 Meta’s Efficiency Playbook: Ads, engagement, and headcount cuts fueling growth.
06:39 Zuckerberg’s Billion-Dollar AI Talent Grab: Why Meta is betting the farm on AI.
11:23 CapEx Shockwaves: Meta at $70B and Amazon at $100B—bigger than all of European VC.
14:02 Sticky Inflation & AI Boom: Why markets stay bullish despite high rates.
21:33 Figma’s Blockbuster IPO: SaaS revival or a one‑off outlier?
25:37 Index Ventures’ €7B Payday: Power law dynamics in European venture.
33:51 EU–US Trade Deal Breakdown: Tariffs, defense procurement, and $600B in investment.
46:43 Anthropic’s $5B Raise: Can US AI dominance withstand cheap, open‑source rivals from China?
49:32 Germany’s $1B AI Exit: Cognigy and the rise of European enterprise AI.
01:07:59 Accelerators & the “Best Founders Don’t Need Them” Debate
01:10:59 Deal of the Week: CyberArk Acquired for $25B & Project Q’s German Defense Play
🎧 Listen on Apple or Spotify — or queue it for later with chapters ready to go.
✍️ Show Notes
Big Tech’s AI Blowout
Meta, Microsoft, and Amazon stunned Wall Street with Q2 results. Meta’s revenues up 22%, Microsoft’s AI cloud revenue now a $13B run rate, and Meta’s efficiency drive showing 63% revenue growth with 17% fewer staff. Amazon’s $100B CapEx guidance spooked investors as it trails in AI cloud growth.
Figma’s IPO & SaaS Revival
After regulators blocked Adobe’s $20B acquisition, Figma IPO’d at a $20B valuation before soaring to $65B on day one—the biggest first‑day pop in 30 years. Index Ventures emerged as Europe’s big winner, cashing in on venture’s power law dynamic.
Europe’s Trade Gamble with the US
The EU accepted 15% tariffs (down from a threatened 30%) but pledged $600B in US manufacturing investment and $750B in energy purchases. Critics call it a sovereignty setback, especially around defense procurement. Software startups may skate by, but hardware founders face supply chain headaches.
Anthropic vs China’s AI Push
Anthropic eyes a $5B raise at $170B valuation, despite Chinese models like Alibaba’s Quen 3 offering LLM access at 1/68th the price. Trust, sovereignty, and enterprise compliance are keeping buyers with US firms—for now.
Germany’s AI Exits
Düsseldorf‑based Cognigy sold for $1B in Europe’s largest AI exit to date, proving AI value creation beyond coding tools. Meanwhile, open‑source workflow tool N8N surges toward unicorn status.
OpenAI & the EdTech Disruption
Study Mode promises personalized AI tutors—raising questions about whether ChatGPT will eat traditional EdTech platforms like Duolingo. A potential revolution for universal, personalized learning.
Project Europe: The Anti-YC
Harry Stebbings’ new program invests €200K into founders under 25 solving hard technical problems—robotics, defense, cyber. With backing from Europe’s top operators, the goal: stop the brain drain and keep talent scaling in Europe.
Deal of the Week
Palo Alto Networks acquires CyberArk for $25B, strengthening privileged account security in an agent‑driven AI future.
Project Q, a German defense‑software startup, raises €7.5M from Project A for battlefield integration systems.
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