This week, Andreas Munk Holm sits down with Jack Leeney, co-founder of 7GC, the transatlantic growth fund bridging Silicon Valley and Europe and a backer of AI giants like Anthropic, alongside European rising stars Poolside and Fluidstack.

From IPOs at Morgan Stanley to running Telefónica’s US venture arm and now operating a dual-continental fund, Jack shares how 7GC reads the AI supercycle, why infrastructure and platforms win first, and what Europe must fix to unlock the next wave of venture liquidity.

🎧 Here’s what’s covered:

• 02:00 7GC’s transatlantic model: investing where liquidity lives

• 05:00 AI’s stack order: infra → platforms → horizontal → vertical

• 10:40 Hype vs. compute cycles: why this time is different

• 11:30 OpenAI vs. Anthropic vs. Mistral: the new map of winners

• 17:40 Llama, open source, and Meta’s defensive play

• 19:00 European AI bets: Poolside, Fluidstack, and dual-market strategies

• 22:40 The EU AI Act: noise, nuance, and why customers still decide

• 26:30 IPOs are back: US windows, European silence

• 33:00 Liquidity, secondaries, and when 7GC hands stock to LPs

• 37:40 Europe’s missing link: scaled M&A

• 43:00 What policymakers and corporates must do next