Continental Breakfast

Continental Breakfast

etn Newsletter | September 18, 2026

What a time to be live. The main thing happening today is King Charles urging AI chiefs to stop tech going rogue. Live from 12–3 BST. Here's your Order of Play.

13:00 - Gustav Bang, Co-Founder & CEO at Complir

13:15 - David Ordonez, Senior Associate at NATO Innovation Fund

13:45 - Andrew Kang, Co-Founder & CEO at RoboStrategy

14:00 - Ben Pouladian, Founder & CEO at BEP Holdings

What’s Happening Today

Yesterday, King Charles gathered some of the biggest names in AI at Dumfries House in Scotland, including Nvidia's Jensen Huang, Google DeepMind's Demis Hassabis and senior figures from OpenAI and Anthropic. The UK's AI minister and an adviser to the Vatican were also there. King Charles told the group that people are "anxiously seeking your reassurance that we will not lose control of our destiny," and tasked the group with building consensus to ensure "the future of mankind is protected."

Nothing binding came out of the meeting. The aim was to set a direction and give Britain a bigger role in a debate increasingly dominated by the US and China. With the UK taking the G20 presidency next year, it is trying to position itself as an honest broker between the two.

The problem is that countries outside the US and China have little say over what happens next. Anthropic's Mythos 5.1 was recently released without being made available for pretesting by Britain's AI Security Institute, or any other safety agency outside the US. Nick Bostrom, the philosopher whose work helped shape early AI safety thinking, warned that countries could be “cut off from access to the most advanced AI” and left “geopolitically completely vulnerable to whoever has the most super intelligence.”

The mood outside was less diplomatic. On a beach below the airport where the executives landed, campaigners had scrawled a message in the sand: “AI? EH NAW.”

We're getting into all of it on today's show at 12 BST.

Daily Op-Ed

Yesterday the FT reported that Nic Storonsky is planning a dual-listing for Revolut in New York and London. I’ve had a few people message me that this was big news for the UK. Of course a dual-listing for the UK is great news, but worth giving more context on what that means and why. Firstly, a dual listing just means the same company's shares trade on two exchanges at once. There's one company, one set of shareholders, one share price (arbitrage keeps the New York and London prices in line) and the shares simply have two places to be bought and sold. On Nic’s sentiment about the UK, it almost certainly doesn’t mean he’s changed his mind. He’s said for a few years that London "can't compete" and that he didn't see the point of listing there. Listing in the US is commercially far better of course. More buyers, more liquidity, more competition for the shares and so a way better price. There are a few practical reasons to list in London too - mainly aligning incentives. Revolut is a UK-headquartered bank that waited years for its banking licence because the regulator had concerns about its controls. Ministers have been openly lobbying it to list in London. Throwing London a listing is a nice way to align incentives and keep the government (and the FCA) onside. The European brand and a large proportion of its customer base is also a pretty big factor. Enough UK funds and retail investors would want to hold it to make it commercially sound decision for Revolut. Finally, a London line lets them buy without dealing with USD currency friction. At a $115bn valuation it would be one of the biggest companies in the market, bigger than Barclays or BP. London wants it for that reason and Revolut can extract goodwill for offering it. The main thing I’ll be watching going forward is whether the London listing ends up being important enough to qualify for the FTSE 100 - the UK wants this of course. We’ll see, but as Nic has said before a listing won’t happen until at least 2028, so see you in a few years! - Luke

etn. Insight

James Cadwallader, co-founder and CEO of Profound, came on the show and discussed how companies will have to adapt as AI agents become more common online.

The shift is already here. “Cloudflare reported that bot traffic exceeded human traffic on the internet for the first time ever.” When you ask ChatGPT, Grok or Gemini a question, “they’re going to send an agent on my behalf to different websites.” That puts pressure on marketers, who may need to create “10x or 100x more marketing over the next five years” to avoid their business “falling into the background.” The alternative is to hire “10x or 100x more humans,” or use agents to create more content.

Watch the full clip below.

We’ll be covering

King Charles III Urges AI Chiefs to Stop Tech Going Rogue

Mistral’s Dark Web Code Leak Claims

OpenAI Breached by Researchers Using Anthropic Models

Revolut Planning Dual Listing in London and New York