Welcome to this month's episode of Nothing Ventured! Join Aarish as we explore the most revealing developments in the world of venture capital and AI investment for September 2025. In this episode, we dive deep into NVIDIA's staggering £2 billion commitment to UK startups and what it really means for the future of AI. We discuss the implications of NVIDIA's investment strategy, including its recent $100 billion deal with OpenAI, and how it signals a shift towards vertical integration in the tech industry. We also analyse the controversial funding round of Mistral AI, which raised €2 billion at a €12 billion valuation, and why its open-source business model may be fundamentally flawed. As we shift our focus to biotech, we highlight the stealth boom in the sector, featuring Treeline Biosciences and other companies that are quietly outperforming AI in terms of risk-adjusted returns. Finally, we examine the changing landscape of global venture capital, with the UK and Europe emerging as competitive hubs against the backdrop of Silicon Valley's stagnation. Key Insights: 1. Hardware companies are becoming venture capitalists due to market saturation. 2. Open-source AI business models face significant challenges at scale. 3. Biotech is delivering better risk-adjusted returns than AI. 4. Foundation model funding is approaching unsustainability. 5. Geographic arbitrage is becoming the next competitive advantage in venture capital. What does October hold for the venture capital landscape? Tune in to find out! Don't forget to like, subscribe, and hit the notification bell for more insights on the future of venture capital!