Eben Upton, founder and chief executive of Raspberry Pi, joins the Big Boss Interview to discuss artificial intelligence, British manufacturing, semiconductors and why he believes there is a growing tendency to overestimate what AI tools can currently do. AI tools are “genuinely incredible”, Upton says, and he uses them regularly himself. But he warns against assuming they remove the need for human judgment, engineering skill or technical understanding.

His concern is that the current enthusiasm around AI risks creating the impression that deep technical understanding is becoming less important, when in reality the opposite may be true. Raspberry Pi itself was originally created to reverse collapsing computer science applications at Cambridge University by giving children affordable programmable computers that could encourage them to “accidentally slide into engineering”.

Upton’s message to young people is simple: “do more maths”. Despite advances in AI, he argues the world will need more engineers, not fewer, and describes engineering as “the most incredible job” where “they pay you money to mess about”. He also reflects on the persistence required to build successful companies, revealing that during Raspberry Pi’s early years he repeatedly drifted towards other ideas before family members — particularly his wife and co-founder — pushed him back towards the business that would ultimately become one of Britain’s biggest technology success stories.

The interview also explores the future of British manufacturing and industrial policy. Upton argues that high energy prices are now the single biggest threat to manufacturing in the UK. Raspberry Pi designs its computers in Cambridge, builds them in Bridgend, South Wales, and carries out plastics moulding in Dudley — operations that rely heavily on automated production and energy-intensive manufacturing.

Britain, he warns, risks “quietly electing to move manufacturing and heavy industry out of your country” without properly accounting for the embedded carbon emissions in imported goods. The deeper issue, in his view, is political. Upton describes Britain as suffering from a “distributed failure of will” — an inability to sustain long-term decisions across successive governments. He points to decades of indecision over Heathrow’s third runway and repeated delays to nuclear power projects as examples of a country that struggles to commit to major infrastructure over time, despite possessing world-class engineering and industrial capability.

The conversation also examines Raspberry Pi’s decision to list on the London Stock Exchange rather than in New York. The company floated in June 2024 at a valuation of £542 million and has since grown to more than £1.3 billion. Upton reveals he initially expected to favour a US listing, but meetings with American investors changed his mind. They argued the perceived valuation premium in New York was largely a “cohort effect” and warned that a business of Raspberry Pi’s size risked disappearing into the “noise floor” of the US market.

Geopolitics also looms large over the semiconductor industry. Raspberry Pi’s chips are manufactured by TSMC in Taiwan, and Upton acknowledges the strategic risk posed by tensions around the island. However, he argues the United States cannot realistically allow access to Taiwanese semiconductor manufacturing to disappear, because advanced chipmaking now underpins not only the global economy but the AI revolution itself.

Presenter: Fliss Hannah Producer: Olie D'Albertanson Editor: Henry Jones

02:10 What is Raspberry Pi? 03:25 The decline in computer science students 04:56 AI and overestimating these tools 06:26 Startup intensity and pacing yourself 08:08 Listing on the London Stock Exchange 09:21 Luck and serendipity in business 10:23 UK optimism and industrial strength 12:32 Energy costs and manufacturing 15:03 UK infrastructure and political will 18:59 The IPO journey and the multiples gap myth 26:14 Industrial & embedded growth 30:00 Taiwan, TSMC, and geopolitical risk 32:38 Agentic AI and the reality vs the hype 36:57 Advice for young people and the case for maths

Presenter: Felicity Hannah Producer: Olie D'Albertanson Editor: Henry Jones