Every week, we look behind the headlines to explore what's coming down the track that will affect European venture, start-ups and investing.

00:00 — Meet Harry Destecroix Dan butchers the fund status (already closed, Dan), Harry sets out the SCVC thesis: generalist deep tech, breakthrough technologies from UK universities, everything from quantum to advanced therapeutics.

01:40 — EIF's €15B Fund of Funds: Salvation or Same Old? The EU's massive growth-stage vehicle promises to unlock €80B in scale-up funding. Will it diversify European VC or just keep writing cheques to the same crowd? Harry drops the bomb that the ECF still has a €5M max round size. Lomax reminds everyone that 0.02% of EU pension assets are in venture. And the House of Lords just torpedoed Mansion House. Lovely.

07:10 — Fund Size Is Strategy A €50M seed fund split 20 ways produces "horrible syndicated rounds." The US writes $10-20M seeds while Europe argues over whether £5M is too generous.

11:02 — Should Europe Just Own the Application Layer? Let America build foundation models, let China sell cheap tokens, let Europe double down on defence, sovereignty, and AI applications. Harry agrees but insists deep tech still needs deep pockets.

14:07 — Getting Governments Out of VC Lomax makes the case for private capital. Harry points out 5% allocation to high-risk assets is hardly betting the farm. Dan reveals his portfolio is "95% that way."

21:10 — Project Prometheus: Bezos Drops $100B on Physical AI Buy old-economy manufacturers, juice them with AI. Europe has 20% GDP in manufacturing vs 10% in the US — massive opportunity. Harry suggests maybe it's just a clever way around EU planning laws. The eternal question: buy incumbents or build from scratch?

28:21 — China's Token Economy: The New OPEC? China prices inference at 1/180th of OpenAI. Chinese models hold 4 of the top 5 spots on Open Router. NIST found them 12x more susceptible to hijacking attacks. Great for cash-strapped startups. Terrifying for enterprise CTOs.

34:19 — Cursor's Kimi Scandal Got hammered not for using Moonshot AI's Kimi K2.5, but for not being upfront about it. A cautionary tale in transparency.

36:14 — ARM Builds Its Own Chip After 36 Years ARM sacrifices its licensing model on the altar of AI inference. Meta is first customer. Dan asks if Intel still exists.

39:54 — Innovate UK Gets a Founder at the Helm Tom Adeyoola takes the reins of ~£1B annual budget. Harry (council member) is cautiously optimistic: stop spreading money thin, start tracking "deal flow," stop wasting founders' time. Can a founder survive the civil service?

48:12 — PREDICTIONS 🔮 Lomax: Hyperscaler revenue won't justify $602B capex. Amazon alone outspends the entire US energy sector. 🔮 Harry: Mag Seven fragmenting. Microsoft and Meta at 52-week lows. SpaceX/Anthropic/OpenAI IPOs could trigger rotation — unless Iran blows it up. 🔮 Dan: AI revenue reporting is smoke and mirrors. Anthropic's "$6B month" was run-rate maths. 79% of OpenAI customers also pay for Anthropic. Everyone's buying everything — and that stops.

56:19 — Deals of the Week 🏆 Lomax: Air Street Capital Fund III — $232M, solo GP. 🏆 Dan: Granola hits unicorn status. British. Brilliant. 🏆 Harry: Lace Lithography — Norwegian startup breaking below EUV limits. Harry explains optical physics without his PhD colleague. Brave.

Hosts Lomax Ward, Dan Bowyer and Harry Destecroix.

Guest: Dr. Harry Destecroix - founder, PhD chemist, sold Ziylo to Novo Nordisk for £800M, founder of SCVC, Innovate UK council member, and "super fabulous."

The AI Token Economy - Europe Finally Writes a Big Cheque - Cursor Caught Out