The UK (and any aspiring global power) needs: 1. Sovereign foundational models (by nurturing home-grown AI winners) 2. Sovereign data centres 3. Energy independence Without all 3 we are an empty vassal state at the whims of the US / China in the future. Unlike many other countries the UK has the ability to achieve all 3… Progress is a choice.

Call me grumpy or jaded but I really only want to work with founders where what they are working on is their life mission.

The US government, citing national security authorities, has issued an export control directive to suspend all access to Fable 5 and Mythos 5 by any foreign national, whether inside or outside the United States, including foreign national Anthropic employees. The net effect of this order is that we must abruptly disable Fable 5 and Mythos 5 for all our customers to ensure compliance. Access to all other Claude models is not affected. We apologize for this disruption to our customers. We believe this is a misunderstanding and are working to restore access as soon as possible. Read our full statement: anthropic.com/news/fable-myt…

I made a handy diagram to understand the situation

SpaceX minted 4,400 millionaires and 10s of billionaires in their IPO yesterday. These are cafeteria workers, welders, leaders or engineers, amongst a large variety of roles. Anthropic and OpenAI will also create thousands of new millionaires in the next 3-6 months. Add all of the startups offering secondaries and we are witnessing the quickest and largest wealth creation period in history. VCs, founders and normal people getting well-earned big paydays - this is THE moment to be building‼️ In Spain there is saying: "you only become rich either stealing or being corrupt". Startups are showing a different path. Let's gooo!

Today feels like a good day to reshare this clip of Ariane Aerospace’s CEO calling SpaceX’s reusability plans “a dream”

The US government, citing national security authorities, has issued an export control directive to suspend all access to Fable 5 and Mythos 5 by any foreign national, whether inside or outside the United States, including foreign national Anthropic employees. The net effect of this order is that we must abruptly disable Fable 5 and Mythos 5 for all our customers to ensure compliance. Access to all other Claude models is not affected. We apologize for this disruption to our customers. We believe this is a misunderstanding and are working to restore access as soon as possible. Read our full statement: anthropic.com/news/fable-myt…

If the SpaceX IPO "breaks" and it trades below offer price day one, here's how it happens: 1. They struggle to oversubscribe the retail IPO allocation. 30% of $75b is $23b, which based on 26m US retail investing households, is almost $1k *average* per retail investor. There may simply not be enough interested retail liquidity to heavily oversubscribe that. 2. So all retail investors are filled with their entire or near-entire order amounts. This both means retail investors have less overspill demand to buy post-IPO (e.g. w Figma many investors were filled less than 10% of their orders), and being undersubscribed also sends a negative signal to retail. 3. So price drops immediately at trading. Since retail demand was filled in the IPO subscription, there is no further retail buy support post-IPO. Some participating investors get cold feet and sell down, crystallising a loss. This then puts it in the "broken IPO" category and the selling continues below the IPO price. This is basically exactly what happened with Robinhood. Retail IPO involvement is risky. Prediction markets have this scenario at <13%, but this seems underpriced to me...

Astonishing Telegraph story.

Lume in NYC

How Elon Builds Trillion-Dollar Companies The First $1.75 Trillion IPO Inside @elonmusk's Playbook: SpaceX, xAI, Neuralink & Trillion-Dollar Ambition Shaun Maguire, Sequoia Why SpaceX may be the greatest company, largest IPO & wealth creation event of all time, why Shaun believes Elon is still massively underrated despite his global impact. “I'm very privileged to be a major investor in the company, and I'm just gonna start with the caveat that I take that as a huge responsibility.” @shaunmmaguire We dive into SpaceX’s IPO, Starlink’s explosive growth, data centers in space, direct-to-cell from orbit, xAI, & the unique way Elon builds long-term potential energy before unleashing scale. Shaun also explains why SpaceX could become the biggest wealth creation event in history, how liquidity will reshape the tech ecosystem, & why Elon’s approach to power, infrastructure, speed gives him an unmatched edge. This is a BTS look inside Elon’s operating system — from one of the most technically fluent investors in Silicon Valley. 𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒 (00:00) Shaun Maguire, Partner at @sequoia Capital (01:10) SpaceX Upcoming IPO & data centers in space (05:00) The math behind space-based data centers (07:05) Breaking down Starlink from first principles (12:10) Economics of Starlink vs legacy telecom (14:41) Starlink self-driving cars and the future of mobility (16:29) Starship, direct-to-cell, and the next decade roadmap (19:38) SpaceX investment size and returns so far (20:25) Why is Elon still underrated? (21:33) How SpaceX went from contrarian to consensus (25:39) Why does Elon keep a tight investor circle? (27:06) Why does the market still underestimate xAI? (29:47) AI capex, liquidity cycles, and why spending is rational (32:11) Staying private vs going public: what makes more sense (35:47) Mission-driven cultures vs post-liquidity slowdown (37:53) Preparing founders psychologically for liquidity events (40:33) Why this may be the healthiest wealth creation cycle

Emerging Fund managers: Institutional LP managers have very little skin in the game. They optimise for not getting fired. Instead of worrying: ‘what will future institutional LPs think if we break our ownership target to get into an amazing company’ Think: ‘What will real LPs think if I have missed a generational company because I wanted to meet ownership targets set by NPCs looking to optimise for median returns because they don’t want to get fired’.

This week, @Keir_Starmer, @RachelReevesMP, @leicesterliz and I have announced a major next step for the UK’s AI trajectory 🇬🇧🚀 *𝐑𝐞𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥𝐢𝐬𝐢𝐧𝐠 𝐰𝐢𝐭𝐡 𝐀𝐈 𝐜𝐡𝐢𝐩𝐬* A bumper £1bn UK AI Hardware Plan ✅ £750m for a national AI supercomputer, buying British AI chips ✅ A major AMD commitment to UK AI compute startup research (thank you, @LisaSu) ✅ £45m in AI chip skills funding, inc a ramp up of over 500 brand new AI chip PhDs  ✅ @BritishBBank backing a brand new early-stage UK hardware fund with £150m, @Playground_VC, led by ex-Intel CEO @PGelsinger ✅ Expanded Scaling Inference Lab, so UK compute startups can get rapid validation *𝐌𝐚𝐜𝐡𝐢𝐧𝐞𝐬 𝐭𝐡𝐚𝐭 𝐬𝐞𝐫𝐯𝐞 𝐮𝐬* 👉🏽 𝑃𝑟𝑜-𝑊𝑜𝑟𝑘𝑒𝑟 𝐴𝐼 𝐴𝑑𝑜𝑝𝑡𝑖𝑜𝑛 𝑃𝑟𝑖𝑧𝑒: Nobel winner @baselinescene will chair a prize that rewards examples of pro-worker adoption 👉🏽 𝐵𝑒𝑠𝑡 𝐷𝑒𝑠𝑖𝑔𝑛𝑒𝑑 𝐷𝑎𝑡𝑎 𝐶𝑒𝑛𝑡𝑟𝑒 𝑃𝑟𝑖𝑧𝑒: @RIBA and @SciTechgovuk will collaborate to reward beautiful and well-designed datacentres 👉🏽 𝐴𝐼 𝐸𝑐𝑜𝑛𝑜𝑚𝑖𝑐𝑠 𝐼𝑛𝑠𝑡𝑖𝑡𝑢𝑡𝑒 𝑙𝑎𝑢𝑛𝑐ℎ: Nobel winner @baselinescene to chair brand new institute, so British workers are first to be supported robustly through AI’s economic impact, with data from 20 large companies 👉🏽 𝐴𝐼 𝐴𝑠𝑠𝑢𝑟𝑎𝑛𝑐𝑒 𝐶𝑜𝑛𝑠𝑜𝑟𝑡𝑖𝑢𝑚: @SciTechgovuk and @bcs will develop robust guidance to grow the UK AI assurance sector 👉🏽 𝑂𝑝𝑒𝑛 𝑆𝑜𝑢𝑟𝑐𝑒 𝑇𝑎𝑙𝑒𝑛𝑡 𝑀𝑎𝑔𝑛𝑒𝑡: OS builder fund, to give 160k GPU hours to winners of OS hackathon; OS mentoring scheme to plug OS talent into govt builders; OS Dev Board, bringing 10 young OS developers into Govt AI strategy process *𝐑𝐨𝐜𝐤𝐞𝐭 𝐛𝐨𝐨𝐬𝐭𝐞𝐫 𝐟𝐨𝐫 𝐀𝐈 𝐣𝐨𝐛𝐬* 🤝 Skills Boost update: 1.7m courses delivered 🤝 Tech First Update: 100k young people backed already, 900 scholarss, 2k people on track for sustained AI roles 🤝 AI Early Careers Jobs Alliance: employers trade unions young people govt fundamentally redesigning paths into jobs 🤝 North East Jobs Pilot: AI Growth Zone will support young people not in education, employment, training to get agentic AI jobs, backed by @Accenture, @Microsoft, @sageuk 🤝 Tech First North West Pilot: 5 areas to pilot support for young people at risk of leaving school after GCSEs, getting them onto free AI bootcamps *𝐀𝐝𝐨𝐩𝐭𝐢𝐨𝐧 𝐭𝐡𝐚𝐭 𝐦𝐨𝐯𝐞𝐬 𝐭𝐡𝐞 𝐧𝐞𝐞𝐝𝐥𝐞 𝐨𝐧 𝐁𝐫𝐢𝐭𝐢𝐬𝐡 𝐏𝐋𝐂 𝐩𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐯𝐢𝐭𝐲* ⛰️ AI Sector Champion Plans: Major plans to drive adoption, with £200m to back first set of ideas ⛰️ AI Growth Lab: an advisory lab launched to give adopters clear, practical info on regulation ⛰️ Major robotics adoption regulatory innovation initiative ⛰️ Spärck update: expanded £1m scholarship, 50 more PhDs put into AI placements to drive adoption *𝐍𝐨𝐭 𝐣𝐮𝐬𝐭 𝐭𝐡𝐞𝐨𝐫𝐲; 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐚𝐧𝐝 𝐣𝐨𝐛𝐬 𝐭𝐨𝐝𝐚𝐲, 𝐭𝐨𝐨* ➡️ £2bn from @AMD in UK AI infra ➡️ @nebiusai investing £1.7bn with three major @nvidia deployments ➡️ Major new MoU with @Cisco to support Barnsley use AI in aid of local public servants and to help local NHS ➡️ Major new MoU with @ElevenLabs to support access for those with visual impairments and to secure AI ➡️ Major new MoU with @synthesiaIO to ramp up AI skills and spread opportunity ➡️ @OQC_Tech raising £260m, backed by largest @BritishBBank investment to date ➡️ @reflection_a expanding into UK, hiring 100 employees within 12 months, and 1,000 within 3 years (welcome @MishaLaskin) ➡️ @Replit announcing UK office opening ➡️ @amazon announcing £1bn investment in Midlands, creating 2,800 jobs ➡️ @Arkdatacentres investing £807m to expand existing campus ➡️ @n8n_io investing in further 200 AI jobs over next 3 years, thanks @JanOberhauser ➡️ @ErosUniverse_, leading Bollywood distributor, investing £265m and backing 3,000 jobs in AI and creative sectors ➡️ @ARLQ_AI investing £45m for UK R&D ➡️ @CocoRobotics announcing UK debut with major Deliveroo partnership ➡️ Midlands Mindforge go live to invest in Midlands firms

“more than 50:50 chance” of a major UK debt crisis before the end of this decade. This is very very serious. If Burnham gets in, he will be under tremendous pressure from backbenchers to go further than Starmer. More taxation, borrowing and spending. Whether it is the economy or the Boriswave. Makerfield could drastically shift the direction of the country. Vote @reformparty_uk