Upside is a weekly podcast looking behind the headlines to see what's going to affect European venture, start-ups and investing.

Hosted by Dan and Mads from Superseed, and this week our special guest is Neil Shah from the London Stock Exchange.

A man, his pants, and an ice cube. Dan melts on air. Neil gets called an "artificial Indian" for failing British weather. The London Stock Exchange's tech chief joins to share how the tide is turning.

02:00 — Mini market update: AI infra gets a kicking

SpaceX limps from 225 to 150, now flogging a $25bn bond and moonlighting as an NVIDIA reseller. Shiller PE knocking on dot-com's door. Nothing to see here.

05:56 — Micron: the canary, the coal mine, the lie detector

Mads explains why a memory maker tells you everything. Revenue up 346%, 85% "sassy" margins, sold out for the year, customers throwing deposits at them. Also: this is why your iPhone got 20% pricier.

10:06 — Can the UK unlock capital? (Spoiler: pensions)

A history lesson. UK pension AUM in equities: 53% in 1997, ~2.8% now. Neil tours Mansion House, PISCES, AIM reform, and 19 train stations of brand recognition. One silver bullet: pensions. Also a confession about a tragic cash ISA.

21:34 — Euro Defence attracts billions

KNDS, Stark, the EIC discovering it's allowed to do defence now the paperwork matches. Mads connects the dots from air-con bans to North Sea oil to virtue-signalling our industry offshore. Buckle up.

30:39 — The AI invoice is due. Who's paying?

Qualcomm crashes the chip party, 300 US data-centre moratoriums, enterprises haggling their bills down. Neil reveals the LSEG runs on Copilot (he's coping) and covets your Granola.

37:16 — Sovereign AI: let a thousand flowers bloom

Italy's Domyn gets anointed Europe's frontier champion. Mads thinks picking winners is "wasted money" and we should copy the Chinese: be a customer, not a VC.

41:47 — Anthropic, Mythos & the Fable blackout

fable5up.com says "no." Refresh: still no. Coming 8 July: government ID and facial scans for your fix. Backup plan: send the next PM to Washington with a letter from the King.

43:13 — Predictions

Dan: SpaceX halves to 120. Neil: please, god, no - it'll ruin his IPO pipeline.

44:01 — Deal of the Week

British Business Bank backs ten first-time UK VCs. Dan talks his own book, shamelessly.

45:07 — Week ahead

Bending Spoons IPOs (AOL and Evernote's retirement home), SpaceX joins the Nasdaq 100, EIC defence equity, and Microsoft threatens to rip Claude Code from its devs by Monday. Pour one out.