🕶️ $231M to dethrone Nvidia. No chip.

Morning, team. Quick midweek check-in. 🕶️

Euclyd just closed a $231 million Series A from Samsung. The Dutch chip startup is two years old, hasn't shipped a single unit, and won't deliver hardware until 2028. When a chip giant writes nine figures for something that doesn't exist, the Nvidia tax just became negotiable.

In today's newsletter, we'll get into:

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Yeah, forget that. New York City just handed a Brooklyn startup called it's electric the keys to wire up the curb, and the trick is almost embarrassingly simple: skip the grid trenching entirely and borrow juice from the building next door.

Here's the plot twist. The city goes from 88 chargers to roughly 700 in three years, all five boroughs. That's 600 more Level 2 units, 92 fast chargers, plus 180 more in municipal lots. No substation drama, no multi-year permitting purgatory. Block by block, plug by plug.

Why does this matter to you, capital-intensive founder sweating a regulatory maze? Because it's electric didn't just win a contract. They landed the city deal with an oversubscribed bridge round, $15M raised total, and a cap table that reads like a strategic hit list: Uber, Halogen Ventures, the Partnership Fund for New York City.

The less obvious ripple. If curbside power now flows from buildings, property owners become the new toll booths of electrification. Somebody has to build the software layer managing that energy and those utility relationships. (That somebody could be you.)

And the ticking clock? 2030. The Green Rides rule forces NYC's 80,000-plus rideshare drivers electric. This distributed model is about to get stress-tested in public. Every dense city on earth is watching to see if the shortcut holds.

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In case you've been living under a rock, Nvidia is the undisputed king of AI, the gaming-chip company that accidentally became the most valuable business on Earth. Its GPUs run basically every AI model on the planet. A near monopoly. Sounds untouchable, right?

Enter the plucky underdog. A Dutch startup called Euclyd, founded way back in… 2024. Yes, a two-year-old company just bagged a $231 million Series A, co-led by Samsung and Somerset Capital Partners. That's a monster round for hardware, and here's the kicker: they haven't shipped a thing yet.

So what's the pitch? Euclyd isn't building another GPU. It's designing a totally different chip-and-memory architecture built for inference, the actual running of AI models, not training them. The promise: slash energy costs and data-center bills. Physical racks rolling out by 2028, thousands of enterprise customers by 2030. Ambitious. Granted, also unproven at scale.

And they're not alone. Google, AWS, Meta, and OpenAI are all quietly building their own chips, hedging against the very monopoly they helped create. The message to founders: the GPU stranglehold has a crack, and everyone's rushing it.

So does Euclyd actually dethrone the king? Nobody knows. Silicon promises are cheap; working silicon in 2028 is not. But when Samsung writes a nine-figure check for a two-year-old with no product, the market thesis just shifted. Keep your inference pipelines flexible. This race is only starting.

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