Welcome back to another episode of Upside where Dan Bowyer, Mads Jensen of SuperSeed, and Lomax Ward of Outsized Ventures go behind the headlines shaping European tech, capital, and power.This week felt less like a market update and more like a structural reset.Nvidia posts another blowout quarter — and the market barely reacts.Ukraine, four years into war, is quietly becoming Europe’s most important defence innovation engine.Anthropic adjusts its safety posture as AI labs collide with geopolitics and procurement reality.And beneath it all, questions around margins, sovereignty, and capital allocation are getting sharper.This isn’t just a tech cycle.It feels like a systems cycle.This is Upside, where optimism is earned, not assumed.What’s covered:03:30 Nvidia earnings: perfection priced in?09:40 Ukraine four years on: from aid recipient to defence capability supplier17:30 Europe’s defence spend: real budgets or slow procurement?23:30 AI safety becomes conditional: competitive pressure meets ethics31:00 Distillation at scale: China, IP leakage, and national security35:00 SaaSpocalypse vs SaaS redemption: systems of record vs systems of action40:30 OpenAI & Anthropic margins: the hidden constraint under the hype46:00 Chips & quantum: Europe’s deep tech wedge — if scale capital shows up54:30 Abundant intelligence: what breaks if intelligence gets cheap?#euvc #VC #VentureCapital #Investing #TheEuropeanVC #Podcast #Tech #Startup