It's a Recession. Europe Smashes. London Maxes.

Every week we dig into the news affecting European venture, startups and investing. This week, Trump may have speed-run a global recession. Europe is having a moment. Cursor might be toast. And Jensen Huang promises a chip that will "surprise the world."00:00 — The Oil Shock: Iran blocks the Strait of Hormuz, 20M barrels/day offline, IEA buffer lasts ~20 days. Dan calls it: we're in recession territory.01:37 — Europe's Energy Crisis 2.0: Gas storage down 40%, prices doubled, the post-2022 diversification strategy is broken.03:00 — Silver linings: UK nuclear push, EU Industrial Accelerator Act, sovereignty becoming investable.04:54 — Defence Tech & Drone Economics: Ukraine is the Silicon Valley of drone warfare. $20K Shahed drones are taking out $300M US radar bases.07:00 — The $3.6M Tomahawk problem: US firing missiles faster than it orders them. George Bush quote of the week involving a camel.08:38 — AI in warfare: school tragedy raises hard questions about AI-guided targeting and accountability gaps.11:08 — Poland rejects €44B EU defence loan for political reasons. Polish Iron Dome: €3.5B. US Golden Dome: $1T. "It's gold. It's Trump."13:03 — Europe's Big Week: AMI Labs raises $1B seed (Europe's first Instacorn), Revolut gets UK licence, Alan hits €800M ARR, #LondonMaxing trends.15:29 — World Models vs LLMs: LeCun thinks current AI is the wrong path to AGI. Mads agrees — you can't have general intelligence if you can't cross a room.25:19 — Cursor at $50B? 20x in a year, but it's a middleman. Claude Code killed the IDE. The Jasper parallel is not flattering.30:00 — AI & Chips: Meta building its own inference chips. Custom ASICs growing 3x faster than GPUs. Nvidia's moat showing cracks. GTC next week.33:30 — Atlassian & Oracle cutting jobs. AI as cover for a general RIF?34:18 — Deal of the Week: UForce (Ukrainian defence, UK-based), $1B valuation, $50M raise.34:53 — Week Ahead: Fed holds, rate cuts pushed to September, ECB meeting, 42% chance of a 2026 rate hike.36:00 — Hot Take: AI pendants and wearable mics — Dan's not buying it.🔥 BEST LINES"I don't know anybody who is a leading thinker on coding who writes their own code." "Computer science seems to be largely a solved problem." "Of course it's gold. It's Trump!”