Episode 25: A Hangover Without the PartyAI stocks fell, rose, fell harder and rose again, all within about 48 hours. Europe owns almost none of the stars in that show and still woke up with a headache. Sarah and Markus open their own basket of 41 European tech shares, remember Netscape's IPO in 1995, induct Skype into the Hall of European Tech, and look east to Poland and the Baltics. Plus: the noise after our W Social interview, the death of the follow, and a bank that closed an account without a reason. In this episode: 00:00 Cold Open: Agents That Book Nothing. Uber, Airbnb, DoorDash and Booking opened the door for AI agents, and the agents book almost nothing. Airbnb announces its own travel agent anyway. Sarah has never booked anything either. Nobody prompted her. 02:30 Housekeeping. Episode 24 got audited. Listeners from the Eurosky and mu.social corner were right about one thing: without Episode 18, the interview could make W look technically independent. W's verification records on the AT Protocol are public. Why no creator chooses a network because of its relay, from StudiVZ and Wer-kennt-wen to Mastodon's decision to stay small. The league table: Instagram about three billion monthly users, Threads half a billion, Bluesky around ten million active on mobile, Mastodon under a million. Protocols versus apps: ATproto as one big, expensive ear, ActivityPub as thousands of small ones. The death of the follow, Threads' "Dear Algo", a letter from Brussels to TikTok's For You feed, and an open invitation to Eurosky and mu.social. 16:50 On the Record. Tech billionaires lose around 152 billion dollars in a single day. A German investor who once passed on Anthropic, and Michael Burry, who doesn't plan to buy. Shopify pays 99 million dollars for shop.com, and .de turns forty, starting at the University of Dortmund. And a serious one: DiEM25, the movement co-founded by Yanis Varoufakis, says its Belgian bank closed its account without warning or reason. Debanking as a mechanism, whoever it hits. 21:43 48 Hours. A correction on Monday, a rally after the US election, the worst day for tech stocks since the pandemic on Thursday, a rebound on Friday. The fear isn't the crash anymore, it's the weather. New this time: data centres as a political issue in the US, and activists inside a Microsoft data centre in Amsterdam. 24:00 The Browser. 9 August 1995: Netscape goes public without a profit and the dotcom boom begins. Markus remembers Lycos and the morning after. Netscape lost the browser war and gave us JavaScript, encryption and cookies. Fibre lasts thirty years, a GPU about four. 26:57 Our Basket. 41 European tech shares on a watch list since 31 August: down 8.6 percent overall. The eleven companies that sell the AI build-out are down 14.7 percent, the other thirty are up 0.8 percent. Ocado up 40, Nebius down 36. No European frontier AI to buy at all. And Sarah learns her own price. 30:40 Hall of European Tech: Skype. Founded in 2003 by a Swede and a Dane, built by Estonian engineers in Tallinn. Sold to eBay, then to Microsoft, switched off in May 2025. The company was mortal, the skills weren't: the Skype generation went on to build Wise and much of Estonia's startup scene. 32:51 Two Europes. Markus takes over. Allegro from Poznań, up 30 percent in our basket, InPost's parcel lockers, IONOS in Poland, Hostinger from Lithuania thinking global from day one, Vinted, Bolt, and UiPath from Bucharest, listed in New York. Shovel sellers in the West, platforms with paying customers in the East. 36:05 Who Pays the Bill. European households hold around 440 billion euros in US tech shares, according to an ECB working paper, mostly through world index funds. Europe didn't miss the AI party, it paid for the drinks. Against that: a ten-million-euro call for Europe's Open Internet Stack. Mistral overtaken in open models, and a small open-source start from Linz. 38:46 Where Do We Land. Markus fears that relief after the US election will let Europe's sovereignty efforts go slack. Sarah answers that Congress isn't the White House and that the dependencies don't belong to any party. If America regulates its own data centres, Europe loses the one thing it was best at: writing the rules. Can Europe do sovereignty without a villain? 41:35 Outro and Closing Song. The basket is on the episode page. Sarah starts a series of notes: Nobody Prompted Me. Episode page, basket and transcript: sarahs-tech.eu/episode/25 Newsletter: Context Window. What we talked about, what we cut, what's coming. Subscribe at sarahs-tech.eu. Key Takeaways: Europe Sells the Shovels: In our basket, the companies that supply the AI build-out lost almost fifteen percent since August. When American AI spending wobbles, the shovel makers wobble first. A Hangover Without the Party: There is no European frontier AI on the stock market. Europeans still own the AI boom through index funds and pension plans, and pay when it stalls. Customers Beat Capex: Platforms with their own paying customers, many in Poland and the Baltics, barely noticed the sell-off. The Fear Is the Weather: Sell-offs now come every few weeks and are bought back fast. New this time is the trigger: politics, not profits. Reach Is Rented, Per Post: Following no longer means seeing. Whoever owns the feed owns the network, and Europe still has to decide who that should be. The Kill Switch Can Be a Bank: An account closed without a reason can cut off any organisation. Episode 16's question, without the Americans. Links & Sources (all at sarahs-tech.eu): Novara Media on DiEM25 losing access to its bank account · CORDIS on the Horizon Europe call for the Open Internet Stack · ECB working paper (August 2026) on European households' exposure to US tech · Business Insider on the billionaires' losses · reports on the sale of shop.com · Similarweb/TechCrunch, Meta and Mastodon statistics on user numbers · Cybernews on W Social's verification records · our own basket of 41 European tech shares (watch list since 31 August 2026) · previous episodes: Ep. 11 "The Imaginary ETF", Ep. 15 "Everywhere but in the Statistics", Ep. 16 "The Kill Switch Is Not Where You Think", Ep. 17 "This Is European Tech", Ep. 18, Ep. 20 "The Body of the Machine", Ep. 22 "Europe Has the Users. Not the Till.", Ep. 24 "Verified Humans Only". Disclosure: Sarah Vailby is a synthetic host, AI-generated and disclosed in every episode under the AI Act's transparency rules. Her voice is synthetic. Research and scripts are made with several AI tools, among them Claude by Anthropic, a company discussed in this episode. Our basket is a watch list, not investment advice. Markus works in web hosting; nothing here reflects an employer's position. Source state 7 November 2026. Feedback: Which European tech company should we talk about, especially from Poland or the Baltics? Write to feedback@experten-system.de.