Welcome back to another episode of Upside at the EUVC Podcast, where Dan Bowyer, Mads Jensen of SuperSeed, and Lomax Ward of Outsized Ventures go behind the headlines shaping European tech, capital, and power.
This week’s episode starts, as ever, with tech failing spectacularly, planes landing late, and VCs reminding each other they really should be doing deals. Then it gets serious.
From a billion-pound UK data center stopped in its tracks, to Davos and Mark Carney’s quietly devastating diagnosis of the global order, to Europe’s long-awaited 28th regime finally getting real momentum, this is a conversation about whether Europe can still act at scale or whether fragmentation will finish the job.
Along the way, the trio digs into China’s AI strategy, whether SaaS has quietly peaked, why defence IPOs are suddenly everywhere, and whether science in the US is really “collapsing” or just being reshuffled under Trump.
This is Upside, where optimism is earned, not assumed.
What’s covered:
00:02 Mads back from the Gulf + Lomax in Nazaré
00:04 UK data centre blocked: what happened + why it matters
00:07 Fast-tracking data centres: national infrastructure vs EIAs
00:12 Davos standout: Mark Carney and the end of nostalgia economics
00:18 Middle powers and fragmentation: why Europe can’t go solo
00:24 AI and jobs: are entry-level roles really disappearing?
00:27 EU Inc / the 28th regime: momentum, labour law, and risk
00:34 Has China already won AI? redefining what “winning” means
00:43 SaaS, defence IPOs, and Europe’s capital reset
🎧 Listen on Apple or Spotify, or queue it for later with chapters ready to go.
The UK’s Data Centre Problem
A one-billion-pound data center outside London is halted after the government admits a planning mistake. The group unpacks why local planning, environmental impact assessments, and NIMBYism keep blocking infrastructure Europe has already decided it needs and whether the new national fast-track regime will actually fix anything.
Davos and the End of Nostalgia
Mark Carney delivers what many saw as the standout speech of Davos. His core message lands hard: the old world order is gone, nostalgia is not a strategy, and middle powers negotiating alone will be picked off one by one. Europe’s choice is unity or irrelevance.
Strategic Autonomy and Political Reality
From energy and defense to AI and capital markets, the conversation turns to whether Europe can ever move fast enough with 27 governments, 27 vetoes, and no single democratic mandate at the center.
AI, Jobs, and the Entry-Level Panic
Graduate job postings are down. Is AI to blame, or is this just the macro finally biting? The group argues the evidence points far more to interest rates and hiring freezes than mass AI-driven job destruction at least for now.
The 28th Regime Goes Live
EU Inc gets real momentum. A pan-European startup entity, simpler incorporation, faster setup, and long-overdue ESOP reform are finally on the table. But labor law, tax sovereignty, and political vetoes still loom large.
Has China Already Won the AI Race?
The answer depends on what “winning” means. While the US still leads at the frontier, China is ruthlessly applying AI to the real economy. Europe, meanwhile, risks being neither a leader nor a fast follower unless it commits to scale.
US Science Under Trump
Reports of a collapse in US research funding make headlines, but the reality is more nuanced. While federal grants are being cut in certain areas, defence and private-sector R&D remain massive. This looks more like ideological pruning than a wholesale retreat.
Is SaaS Dead?
A provocative new report argues SaaS must either become a cash-generating utility or reinvent itself as an AI-native system of context. Bloated cost structures, Silicon Valley salaries, and the rise of “Bending Spoons-style” rollups all come under scrutiny.
Defence IPOs and the New Capital Cycle
Europe’s defense sector is booming. A record-breaking IPO from Czech arms giant CSG becomes the poster child for a broader shift as institutional capital drops long-standing ESG taboos and defense budgets surge across the continent.
Deals and Signals of the Week
Plural raises a billion, cementing itself among Europe’s true platform funds.
ElevenLabs quietly keeps scaling, reminding everyone that Europe still produces global category leaders.
Andreas Klinger launches Prototype Fund, doubling down on robotics, automation, and EU Inc just as Europe finally seems ready to act.
One-Line Takeaway
Europe knows what needs to be done on AI, infrastructure, capital, and sovereignty, but the real question is whether it can overcome its own fragmentation before the window closes.
