Invest in Progress is a podcast brought to you by the Scottish Mortgage Team. It offers a backstage pass to the conversations that occur between our managers and visionary leaders solving some of the world’s most complex problems. This podcast is for all UK investors, existing shareholders of Scottish Mortgage and professional investors in Australia, Germany, Switzerland, Belgium, The Netherlands, Luxembourg, Hong Kong and Singapore. The views expressed are those of the contributors and should not be considered as advice or a recommendation to buy, sell or hold a particular investment. The content of this podcast was accurate to the best of our knowledge at the time of publication. Scottish Mortgage Investment Trust PLC (Scottish Mortgage) is listed on the London Stock Exchange and is not authorised or regulated by the FCA. Hosted on Acast. See acast.com/privacy for more information. For further details please see our legal information at www.scottishmortgage.com
ASML prints the vanishingly small patterns that make leading-edge computer chips possible. NVIDIA, Amazon and Anthropic all rely on it to create their products and services. “Without EUV [extreme ultraviolet light technology]… you don’t have AI,” Fouquet tells Scottish Mortgage deputy manager Lawrence Burns in this podcast.
Background:
When Scottish Mortgage invested in ASML, it couldn’t be certain that the Dutch firm’s efforts to harness EUV light would succeed. The holding was effectively an informed bet that the company could pull off one of the “greatest technical endeavours” of the time, as Burns puts it.
To achieve this, the firm had to solve engineering challenges, such as generating plasma many times hotter than the sun’s surface tens of thousands of times a second, to create the special light. Then, it had to work out how to capture and control it with specialised multilayer mirrors. All this was done to print billions of transistors in spaces often as small as a fingernail.
Its achievement has pushed computing to new limits, not least enabling the training of AI models including Claude, ChatGPT, Gemini, Mistral and MiniMax.
“Whatever happens… ASML wins,” says Burns. “It’s an agnostic royalty on AI demand, and more broadly, compute demand.”
Timecodes:
00:00 Introduction
01:11 Christophe Fouquet interview begins
01:20 Printing transistors
02:58 Nanometre scale, g-force acceleration
05:09 Moore’s Law “on steroids”
08:25 A cyclical industry
10:48 An unknowable future
Glossary (in order of mention):
EUV (extreme ultraviolet): A type of lithography that uses extremely short-wavelength light to print the finest, most advanced chip features.
Lithography: The process of printing the pattern of a chip’s circuitry onto a silicon wafer using light.
Semiconductor: The material (usually silicon) at the heart of a computer chip. Also used as shorthand for the chip industry.
Transistor: A microscopic on/off switch. Packing more of them onto a chip is what increases computing power.
Compute: Computing capacity – the processing power needed to train and run AI models.
Logic chips and memory chips: The two main chip types – logic chips process information, memory chips store it.
Moore’s law: There are various definitions, but a common one is that the number of transistors on a chip roughly doubles every two years.
Transistor density: The number of transistors packed into a given area of a chip – the measure that Moore’s law tracks.
Wafer: The thin disc of silicon on which chips are patterned, layer by layer, before being cut into individual chips.
High NA: ASML’s next-generation EUV technology. NA stands for numerical aperture – a measure of how much light an optical system can gather and focus. High NA EUV gathers more than the original EUV system, allowing finer printing.
Reticle: The mask carrying the chip-pattern information that the lithography machine projects onto the wafer.
Inference: The stage where a trained AI model is actually used to answer queries or make predictions, as opposed to training it.
Cyclical (industry): An industry whose sales rise and fall in boom-and-bust cycles, rather than growing steadily.
Node: A generation of chip-manufacturing technology, loosely named for the size of its smallest features – smaller numbers mean denser, more advanced chips.
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ASML makes what many consider to be the most complex machines in the world. They print the vanishingly small patterns that make leading-edge computer chips possible. NVIDIA, Amazon and Anthropic all rely on it to create their products and services. “Without EUV [extreme ultraviolet light technology]… you don’t have AI”, the firm’s chief executive, Christophe Fouquet, tells Scottish Mortgage manager Lawrence Burns in this podcast.
Background:
When Scottish Mortgage invested in ASML, it couldn’t be certain that its efforts to harness EUV light would succeed. The holding was effectively an informed bet that the Dutch company could pull off one of the “greatest technical endeavours” of the time, as Burns puts it.
To achieve this, the firm had to solve engineering challenges, such as generating plasma many times hotter than the sun’s surface tens of thousands of times a second to create the special light. Then, it had to work out how to capture and control it with specialised multilayer mirrors. All this was done to print billions of transistors in spaces often as small as a fingernail.
ASML’s achievements have pushed computing to new limits, not least enabling the training of artificial intelligence models, including Claude, ChatGPT, Gemini, Mistral and MiniMax. As Fouquet discusses in the podcast, the company has recently launched a next-generation version of its EUV system to underpin further AI advances and other capabilities for years to come.
“Whatever happens… ASML wins,” says Burns. “It’s an agnostic royalty on AI demand, and more broadly, compute demand.”
Timecodes:
00:03 Coming up…
01:08 Introduction
02:53 Christophe Fouquet interview begins
03:21 Printing transistors
05:11 ASML’s origins
05:57 From a shack to EUV
10-MINUTE TAKE: Gopuff
Saison 4 · Épisode 3
vendredi 26 juin 2026 • Durée 11:00
A compressed version of Scottish Mortgage’s interview with the everyday item delivery service’s co-founder Yakir Gola.
‘Instant commerce’ company Gopuff delivers groceries and other everyday goods to shoppers’ homes in as little as 15 minutes after an online order. What’s more, it can price-match many products with the major supermarkets. Co-founder and co-chief executive Yakir Gola tells Scottish Mortgage why running its own warehouses and technology is critical to its growth.
Background:
Scottish Mortgage first invested in Gopuff in 2021.
The US-based company speedily delivers groceries, hot coffee and alcohol, among other items, to your door without charging premium prices. Unlike rivals that send gig workers to pick up goods from third-party stores, Gopuff runs its own warehouses.
In this podcast, Gola discusses how the business grew out of a dorm-room idea, Gopuff’s partnerships with Starbucks and what’s next on his to-do list.
Timecodes:
00:03 Introduction
01:05 Yakir Gola interview begins
01:13 “5,000 products delivered in as fast as 15 minutes”
01:50 A better way to get stuff delivered
03:40 Keeping control of its own warehouses
05:47 Fresh produce and everyday essentials
07:02 Partnering with Starbucks
08:24 Recalibrating after Covid
09:53 Taking the hassle out of shopping
Gopuff: Online Shopping's Express Aisle
Saison 4 · Épisode 3
lundi 22 juin 2026 • Durée 52:16
The instant commerce company Gopuff delivers groceries and other must-haves to shoppers' homes within minutes of an online order. Co-founder and co-chief executive Yakir Gola tells Scottish Mortgage manager Tom Slater how he developed the business from a dorm-room experiment into a service relied on by millions, and the changes he’s made to prepare for the next phase of growth.
Background:
Scottish Mortgage first invested in Gopuff in 2021.
The US-based company speedily delivers groceries, hot coffee and alcohol, among other items, without charging premium prices. Unlike rivals that send gig workers to pick up goods from third-party stores, Gopuff runs its own warehouses. Gola explains how that decision, taken in the firm’s early days, helps it deliver exactly what customers ordered and keeps its prices competitive with the major supermarkets.
In this interview, Gola discusses Gopuff’s partnerships with Amazon and Starbucks, why it has started offering free deliveries to US households receiving food stamps, and what’s next on his to-do list.
“Consumers are price-sensitive, so if [Gopuff] can match the prices they experience outside of the convenience category or get closer and closer to those price points, then that just brings more and more users to them,” says Tom Slater.
Timecodes:
00:03 Coming up…
00:48 Introduction
02:28 Yakir Gola interview begins
02:44 “5,000 products delivered in as fast as 15 minutes”
03:31 Making the family business millions of dollars
04:56 A better way to get stuff delivered
07:20 Capital from California
10:33 Keeping control of its own warehouses
10-MINUTE TAKE: Affirm
Saison 4 · Épisode 2
jeudi 4 juin 2026 • Durée 11:28
This is a compressed version of Scottish Mortgage’s interview with the buy-now, pay-later service’s chief executive and co-founder Max Levchin.
Affirm offers shoppers a transparent alternative to credit cards. It tells consumers upfront what monthly charge they face, promises no late fees or hidden charges, and in many cases offers a 0 percent interest rate. Levchin tells Scottish Mortgage Investment Trust manager Tom Slater what drove him to create the business and why it has an edge over rivals.
Background:
Scottish Mortgage first invested in Affirm in 2019, when it was still a private company.
Today, the listed business provides credit to millions of customers across the US, Canada and the UK when they make online and offline purchases. It now has its sights set on further expansion and is taking a greater share of business away from the incumbents in the credit card industry.
In this podcast, Levchin reveals how he came to build Affirm after his prior success at PayPal, Affirm’s appeal to merchants and consumers, and why its underwriting technology gives it an enduring advantage.
Timecodes:
00:02 Introduction
00:56 Max Levchin interview begins
01:03 A transparent alternative to credit cards
01:24 Lessons from PayPal
02:55 A painful credit card experience
05:50 How Affirm works
08:35 Underwriting data provides a ‘powerful moat’
Affirm: Why Shoppers are Walking Away from Credit Cards
Saison 4 · Épisode 2
jeudi 4 juin 2026 • Durée 58:23
Affirm’s buy now, pay later service offers shoppers a transparent alternative to credit cards. It tells consumers up-front what monthly charge they face, promises no late fees or hidden charges – and in many cases offers a zero percent interest rate. Co-founder and chief executive Max Levchin reveals how the business originated in his own “painful” experiences with credit cards, and how AI-powered shopping agents could supercharge its future.
Background:
Scottish Mortgage first invested in Affirm in 2019, when it was still a private company.
Today, the listed business provides credit to millions of customers across the US, Canada and the UK when they make online and offline purchases, and it has its sights set on further expansion and taking a greater share of business away from the incumbents in the credit card industry.
“No one loves thinking about money because it’s a drag, it’s complicated,” Levchin tells investment manager Tom Slater in this interview. “It doesn’t have to be this way. And we’ve proven that for our little niche, big as it is… we can alleviate the burden.”
In this podcast, the two discuss how Levchin came to build Affirm after his prior success at PayPal, the technology that underpins the company’s ability to tailor loans to each customer and purchase, why merchants are keen to cover the cost of zero percent credit from a third party, and how AI-powered shopping agents could impact the firm.
Timecodes:
00:03 Coming up…
00:48 Introduction
02:25 Max Levchin interview begins
02:51 A transparent alternative to credit cards
04:05 A threatened amputation
08:52 Lessons from PayPal
11:44 Returning to the world of fintech
10-MINUTE TAKE: Enveda
Saison 4 · Épisode 1
jeudi 4 juin 2026 • Durée 11:56
This is a compressed version of Scottish Mortgage’s interview with the biotech’s founder Viswa Colluru, for those of you wanting just the highlights.
The biotech company Enveda has developed a new approach to explore and ‘decode’ nature’s chemistry. Its goal is to discover molecules that could underpin a new generation of blockbuster drugs. In this podcast, the firm’s founder and chief executive, Viswa Colluru, explains why Enveda has the potential to become a trillion-dollar business, and Scottish Mortgage Investment Trust manager Tom Slater considers the risks and opportunities the portfolio company faces.
Background:
Scottish Mortgage first invested in Enveda in November 2024. The US-headquartered company uses a proprietary artificial intelligence (AI) large language model to discover and develop new medicines from natural sources. At the time of writing, it has a pipeline of 12 drug candidates in various stages of development that could form the basis of new therapies to treat dermatitis, obesity, inflammation and chronic pain. Enveda’s founder, Viswa Colluru, has reimagined the drug discovery process from first principles based on his insight that natural molecular compounds should have a better safety profile than engineered ones.
“Healthcare is the biggest industry in the world, and if you can increase the odds of success in drug discovery, there are so many unmet needs that its opportunity is effectively unbounded,” says Scottish Mortgage manager, Tom Slater.
Timecodes:
00:00 Introduction
01:00 Interview starts
01:10 “Things that work in the lab [often] don’t work in people”
02:30 A mission grounded in a family death
Enveda: Finding Hidden Medicines in Nature
Saison 4 · Épisode 1
jeudi 4 juin 2026 • Durée 53:33
The biotech company Enveda has developed a new approach to explore and ‘decode’ nature’s chemistry. Its goal is to discover molecules that could underpin a new generation of blockbuster drugs. In this podcast, the firm’s founder and chief executive, Viswa Colluru, explains how Enveda could become a trillion-dollar business, and Scottish Mortgage Investment Trust manager Tom Slater considers the risks and opportunities the company faces.
Background:
Scottish Mortgage first invested in Enveda in November 2024. The US-headquartered company uses a proprietary artificial intelligence (AI) large language model to discover and develop new medicines from natural sources. At the time of writing, it has a pipeline of 12 drug candidates in various stages of development that could form the basis of new therapies to treat dermatitis, obesity, inflammation and chronic pain. Enveda’s founder, Viswa Colluru, has reimagined the drug discovery process from first principles based on his insight that natural molecular compounds should have a better safety profile than engineered ones.“Healthcare is the biggest industry in the world, and if you can increase the odds of success in drug discovery, there are so many unmet needs that its opportunity is effectively unbounded,” says Scottish Mortgage manager, Tom Slater.
Timecodes:
00:03 Coming up…
00:50 Introduction
02:49 Viswa Colluru interview begins
03:08 “Things that work in the lab [often] don’t work in people”
04:35 A mission grounded in a family death
08:50 Invested life savings
11:24 Picking up from where evolution left off
15:16 Using AI to make sense of nature
21:32 A chemistry-first approach
25:16 Historic points of failure
Horizon Robotics: Driving the Autonomous Revolution
Saison 3 · Épisode 5
mardi 6 mai 2025 • Durée 43:30
How the founder of a Horizon Robotics plans to become the Microsoft for robots.
Join the Scottish Mortgage Team as we sit down with Dr. Kai Yu, founder of Horizon Robotics, a pioneer in autonomous driving technology. Discover how this ambitious company is transforming vehicles into "computers on wheels" and revolutionising the robotics industry.
Episode highlights:
Founder's Commitment to Machine Learning: Dr. Kai Yu, a leading AI scientist, has dedicated over 30 years to advancing machine learning. His passion for developing self-learning machines has been a driving force behind Horizon Robotics' innovative solutions.
Founding Mission of Horizon Robotics: Horizon Robotics aims to transform vehicles into "computers on wheels" by mastering both hardware and software development. Their AI chips and computing platforms are pivotal in achieving various levels of autonomous driving, making them a key player in the autonomous driving revolution.
Global Partnerships with OEMs: Horizon's "Journey Together" mantra has fostered strong relationships with automakers worldwide, including a significant $2bn investment from Volkswagen. These collaborations showcase Horizon's ability to build trust and embrace global partnerships.
Embracing Innovation: The competitive and crowded EV market in China serves as an ideal testing ground for Horizon's technology. With over 50% market share, Horizon has successfully taken on Western Advanced Driver Assistance System providers, proving their scalable solutions' effectiveness.
Vision for the Future: Horizon Robotics envisions becoming the "Microsoft for robots," applying their technology across various industries. This ambition highlights their potential to revolutionise not just autonomous driving but the entire robotics landscape.
Whether you're an investor, tech enthusiast, or simply curious about the future of technology, this episode offers valuable insights into a company poised to become a leader in the robotics industry.
Nubank: The Missionaries of Modern Banking
Saison 3 · Épisode 4
mardi 18 mars 2025 • Durée 01:08:00
How the co-founder of a Latin American challenger bank plans to transform the future of finance.
Join us for the latest episode of Invest in Progress, featuring David Vélez, co-founder and CEO of Nubank – the largest challenger outside China. Vélez shares with Lawrence Burns how he's revolutionising banking across Latin America and saving users tens of billions in the process.
Episode Highlights:
Breaking the Banking Monopoly: When five banks controlled Brazil's financial sector, making services expensive and inaccessible, Vélez spotted an opportunity to disrupt the status quo with simplified processes and reduced costs.
Unlikely Disruptor: Despite having no retail banking experience, technology background, or Portuguese language skills, Vélez envisioned a technology-driven banking transformation focused on consumer needs and digital-first solutions.
Economic Impact: Nubank has returned approximately $20 billion to customers – money that would have otherwise gone to traditional banks as fees – demonstrating their commitment to affordability and customer value.
Scale and Reach: Now serving over 114 million customers across Brazil, Colombia, and Mexico, Nubank has grown into the largest challenger bank outside China by delivering a seamless digital banking experience.
Customer Love: With one of the highest Net Promoter Scores worldwide, Nubank's customer-centric approach has built extraordinary brand loyalty rarely seen in financial services.
AI-Powered Future: Vélez discusses how AI integration could evolve banking from merely "having a bank in your pocket" to enjoying a personalised experience akin to having a banker in your pocket too.
Worldwide Ambitions: With a methodical approach to global expansion, Nubank aims to become the world's largest retail bank by addressing inefficiencies in banking models worldwide.
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