With: Nicholas Nelson (Archangel) • Dan • Lomax • MadsTL;DW• Defence-first wins on capability and returns; primes are partners and channels.• Helsing: buys platforms/revenue for access; layers AI—different from Anduril’s buy-TRL-tech + scale model.• Beyond drones: biggest gap/opportunity is tactical EW.• Procurement: more fast lanes (SOF, pilots); primes getting easier to work with.• AI: real profits exist (esp. NVIDIA), but value chain is fragile; expect a correction, not a collapse. Picking winners more important than timing.Content with Time Codes02:40 — Why defence-firstBeats dual-use on outcomes and returns; lifelong focus.04:32 — DefinitionsCustomer = MoDs + primes; aim: lethality/readiness and societal resilience. Beware “defence-washing”.06:37 — What’s hotAvoid herd to drones only; counter-UAS, EW, human performance, deception, survivability.08:23 — Helsing buys GrobNeo-prime play: new co buys legacy manufacturing for platform access.10:42 — The two Defence M&A playbooksAnduril: buys mid-TRL tech (Area-I, Dive LD/Ghost Shark, Adranos) → scales via brand/distribution.Helsing: buys finished products/revenue (Mittelstand) → immediate customers; then add AI.14:25 — Prime status & capitalDistribution + capital to AI-enable platforms.17:47 — Roll-up vs buildNarrative “build”; execution “roll-up + build”.19:47 — Drones & ‘drone wall’Layered answer: blunt with drones, hold with conventional forces.21:49 — The big one: Electronic Warfare (EW)NATO underinvested; tactical EW is the unmet need; legacy kit is ’80s/’90s.24:54 — Startup wedgePut EW at the edge (drones/aircraft/fixed) → near-term wins.26:33 — Baltic realismHistory, 2007–09 Estonia cyber, current incursions; likely Kaliningrad corridor.28:19 — Founder mistakesTech ≠ win by itself; experience + gov engagement matters; US analogue: top funds have IC/SOF DNA.30:43 — Are there really only a “Few buyers?”Many real buyers inside a MoD/DoD (services, sub-units, innovation orgs).36:23 — Sovereignty & US primesUS strategics will buy abroad; Europe balancing autonomy with jobs/exits.41:07 — Starlink vs IRIS²Starlink’s lead + cadence; IRIS² slower—watch timelines vs evolving threats.47:18 — AI bubble?Warnings vs fundamentals; self-funded capex; real profits.49:37 — NVIDIA ramp$4.4B (2023) → $73B this year; growth tempers multiples.51:48 — AI Circular money & marginsCursor → Anthropic → hyperscalers → NVIDIA; only NVIDIA mints big margins; margin pressure coming (new semis, China, SLMs).53:12 — Picking beats timingDot-com lesson: Cisco losses vs Amazon wins.54:19 — Capacity vs efficiencyCapex likely useful long-run, but open source squeezes costs.55:52 — Platform riskFrontier labs moving up-stack; vertical AI + trust + data = moat.58:58 — Base caseLikely correction (30–50%) at some point; timing is unknowable (not investment advice).