Why there's new hope for European tech

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• 00:10

  Hello and welcome to Editor's Picks.

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  Ethan Wu here.

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  I'm one of the hosts of Money Talks, our business and finance podcast.

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  You're about to hear an article from the latest edition of The Economist.

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  Thanks for listening.

• 00:32

  The decor at Lovable's office in Stockholm suits the startup's cosy name, Lovable,

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  which specialises in vibe coding, prompting an artificial intelligence system to make software,

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  has a shoes-off policy.

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  The smell of Swedish coffee pervades the air.

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  Heart-shaped cushions bearing the firm's logo rest atop comfy sofas.

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  Yet Lovable is less soft and cuddly than nimble and competitive.

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  It is small but growing fast.

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  In January, its annualised recurring revenue hit $300 million, up from $1 million 14 months earlier.

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  Anton Osika, a co-founder,

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  argues that building a world-beating AI company in Europe is now possible.

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  The mindset change is happening, he says.

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  Europe has long been a laggard in creating tech giants.

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  Today Europe, i.e.

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  the European Union, Britain and Norway,

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  is home to just six of the world's 100 most valuable tech companies.

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