The Rundown: Edition 21 – The Big Short, a $1tn paycheque, and vibe coding
Welcome to The Rundown, a snapshot of news, views and intel from the fast-growth tech and investment scene.
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Big Short investor bets $1.1bn against AI stocks
As fears of an AI bubble continue to grow, Michael Burry – the investor played by Christian Bale in the hit film – has made a $1.1bn bet against two of the biggest winners of the AI boom by shorting Nvidia and Palantir. Times
Tesla approves Musk’s potential $1tn dollar pay packet
Shareholders have voted to approve a remuneration package for Elon Musk, in a bid to keep him at Tesla. For the CEO to receive his full pay packet, Tesla’s market cap has to increase from $1.5tn to $8.5tn within 10 years. Forbes
Reeves set to unveil income tax rises in the Budget
The Chancellor has told the Office of Budget Responsibility that she plans to raise income tax in the Budget. The move is aimed at securing the public finances after a recent productivity downgrade fuelled fears of a bond market sell-off. Times
Google plans space data centres to meet AI demand
The tech giant has announced plans to put data centres in orbit, with trial equipment set to launch in early 2027. Experts believe that by the mid-2030s, the price of running a space data centre could be comparable to one on Earth. Guardian
UK announces quantum G7 partnership
The partnership between the G7 nations and Australia will see attempts to coordinate measurement particles and standards for quantum computing. The first term of the new agreement will be co-chaired by the UK and the US. UKTN
Government pledges £14m for quantum projects
The Quantum Sensing Mission Primer awards, funded by Innovate UK, have been launched to support projects investigating how quantum-powered sensor technology can be applied to sectors such as healthcare, transport and defence. UKTN
E-Bike scaleup Upway raises $60m Series C
Upway, which was founded in Paris in 2021 and has developed a platform for refurbished e-bikes, announced a new funding round led by A.P. Moller Holding, with investments from Galvanize, Ora Global, Korelya Capital, Sequoia Capital and Exor Ventures. Tech.EU
Portuguese VC Armilar raises over €120m for new fund
The Lisbon-based firm has announced the first close of its Fund IV, which will invest in disruptive technologies in Portugal, Spain, and the rest of Europe. Among the notable institutional investors to provide capital is the European Investment Fund. EU-Startups
Cambridge spinout secures £1.6m
Cambridge Photon Technology, which is developing photon-multiplier technology to make solar panels more efficient, has raised the new funds through a split of equity investment and a grant from Innovate UK, the government agency. The Engineer
Will minimum wage overtake graduate salaries?
With the minimum wage soon to rise again, Steve Rigby, Co-CEO at Rigby Group, says that while the increase would be a “social achievement”, it would mean the job market is rewarding “non-skilled labour over university-educated and indebted labour”. FT
London calling
Over the last 20 years, London has taken technologies largely developed in the US and applied them at scale, but Janet Coyle CBE, Managing Director of Grow London at London & Partners, believes the city is ready for “frontier” innovation. The Standard
The flourishing of academic entrepreneurs
The UK’s spinout system creates world-class companies. Here’s how, according to Andrew Williamson, Managing Partner of Cambridge Innovation Capital; Henry Lane Fox, CEO of Founders Factory and chairman of the Creator Fund; and Duncan Johnson, CEO of Northern Gritstone. MoneyWeek
The UK space sector can’t rest on its laurels
A new report, ‘The Space Economy: Act Now or Lose Out‘, has found that the UK requires a clearer strategic vision if the space industry is to succeed. Skyrora notes that the report makes it explicit that sovereign launch is “not a luxury”. The Register
“Concentrate investment where it will have the greatest impact”
Duncan Johnson, CEO of Northern Gritstone, believes the UK can’t afford to dilute its limited resources and suggests we focus on London, Oxford, Cambridge, and the North if we truly want to be competitive on the global stage. UKTN
European regulation and investment in edtech
Lisa Haycox, CEO of Explore Learning, views the continent’s approach to data protection and privacy compliance as a core value driver, which enables the company to “exceed customer expectations through transparency”. Tech Funding News
Vibe coding this, vibe coding that, but do you know what the phrase actually means? The AI term refers to users turning natural language into computer code – without people having to write the code themselves – and has been crowned the Collins Dictionary Word of the Year 2025 (even though it’s two words). It comes as no surprise that the phrase has leapt into the mainstream, primarily driven by Swedish unicorn Lovable, which is the fastest-growing software startup ever. Vibe coding (or AI-assisted coding) can help non-technical people turn their ideas into reality and create a free working product in around the same amount of time it takes to make a cup of tea. With so much doomerism around AI, it is worth remembering the many positives of what Nvidia’s Jensen Huang has called the “great equaliser”.
Across the pond, however, the “vibes” are somewhat mixed. Democratic socialist Zohran Mamdani was elected Mayor of NYC – making him the youngest person to hold the position since the 19th century – and the Democrats won elections in other states, such as New Jersey and Virginia. While your view on this will depend on what side of the political divide you stand on, there is a consensus of frustration amidst the longest US government shutdown in history, which has beaten the previous record set by President Trump during his first presidency. This is having ripple effects on transportation, the military, healthcare, child education, and food benefits, to name a few, which could cost the US economy around $15bn a week.
Back to The Rundown’s home turf and into our glad rags for Thursday’s Growth Investor Awards at the London Hilton on Park Lane. The UK’s technology investors – many of whom read The Rundown – were out in force, packing the ballroom and partying long into the night. Congratulations to all winners and nearly-winners – and to everyone who was just there for a fun night out.