Welcome back to another episode of Upside at the EUVC Podcast, where Dan Bowyer, Mads Jensen of SuperSeed, and Lomax unpack the forces shaping European venture capital.

This week: Can Europe build a “VC Alliance” like the US and India? Why pensions remain the missing piece of Europe’s capital markets. Gold, bonds, and macro risk: what really matters for startups. Google’s antitrust reprieve, the UK’s “middling AI power,” and how Europe should play catch-up. Plus: Xi Jinping’s military parade, why manufacturing supremacy is destiny, and quantum’s hot streak in Europe.

Here’s what’s covered:

• 00:01 Europe’s VC Alliance? Lessons from the US–India deeptech pact

• 00:06 Europe’s Capital Gap: pensions, late-stage funding, and IPO droughts

• 00:09 Macro Forces: gold, bonds, deficits, and what founders should care about

• 00:24 Google’s Antitrust Ruling: no breakup, just data-sharing

• 00:29 The UK’s Middling AI Power: Eisenberg supercomputer & Europe as a “power user”

• 00:34 Tesla, humanoid robots, and China’s military parade

• 00:41 Europe’s Defense & Industrial Base: what’s at stake

• 00:44 Deal of the Week: Quantum computing’s billion-dollar moment

• 00:46 Looking Ahead: All-In Summit, new funds, and Lisbon reflections