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Portugal is once again at the center of a heated political debate — and if you hold a Golden Visa, are pursuing naturalization, or are advising clients who are, you need to pay close attention.

Even broad U.S. equity exposure is more concentrated than many realize. By late 2025, the 10 largest companies represented almost 40% of the S&P 500, and big tech alone accounted for roughly 36% of the index. That is a big concentration in a small number of companies, and a meaningful share of that valuation is tied to continued enthusiasm around AI.

For over a decade, SaaS was the undisputed king of venture capital. Predictable revenues, scalable distribution, and clean metrics made subscription software the safest growth story in tech. Then came AI – and with it, a structural break that many founders and investors are still underestimating.

As global data volumes continue to grow, traditional storage technologies are approaching their limits. Data centers consume massive amounts of energy, storage media degrade over time, and long-term archival remains expensive and fragile. An unexpected alternative is slowly gaining traction: DNA-based data storage. 

European deep-tech deserves patient capital because it sits at the intersection of strategic necessity, scientific excellence, and long-cycle value creation—and those dynamics simply don’t fit the tempo of “fast” capital.