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Eben Upton, founder and chief executive of Raspberry Pi, joins the Big Boss Interview to discuss artificial intelligence, British manufacturing, semiconductors and why he believes there is a growing tendency to overestimate what AI tools can currently do. AI tools are 鈥済enuinely incredible鈥�, Upton says, and he uses them regularly himself. But he warns against assuming they remove the need for human judgment, engineering skill or technical understanding.

His concern is that the current enthusiasm around AI risks creating the impression that deep technical understanding is becoming less important, when in reality the opposite may be true. Raspberry Pi itself was originally created to reverse collapsing computer science applications at Cambridge University by giving children affordable programmable computers that could encourage them to 鈥渁ccidentally slide into engineering鈥�.

Upton鈥檚 message to young people is simple: 鈥渄o more maths鈥�. Despite advances in AI, he argues the world will need more engineers, not fewer, and describes engineering as 鈥渢he most incredible job鈥� where 鈥渢hey pay you money to mess about鈥�. He also reflects on the persistence required to build successful companies, revealing that during Raspberry Pi鈥檚 early years he repeatedly drifted towards other ideas before family members 鈥� particularly his wife and co-founder 鈥� pushed him back towards the business that would ultimately become one of Britain鈥檚 biggest technology success stories.

The interview also explores the future of British manufacturing and industrial policy. Upton argues that high energy prices are now the single biggest threat to manufacturing in the UK. Raspberry Pi designs its computers in Cambridge, builds them in Bridgend, South Wales, and carries out plastics moulding in Dudley 鈥� operations that rely heavily on automated production and energy-intensive manufacturing.

Britain, he warns, risks 鈥渜uietly electing to move manufacturing and heavy industry out of your country鈥� without properly accounting for the embedded carbon emissions in imported goods. The deeper issue, in his view, is political. Upton describes Britain as suffering from a 鈥渄istributed failure of will鈥� 鈥� an inability to sustain long-term decisions across successive governments. He points to decades of indecision over Heathrow鈥檚 third runway and repeated delays to nuclear power projects as examples of a country that struggles to commit to major infrastructure over time, despite possessing world-class engineering and industrial capability.

The conversation also examines Raspberry Pi鈥檚 decision to list on the London Stock Exchange rather than in New York. The company floated in June 2024 at a valuation of 拢542 million and has since grown to more than 拢1.3 billion. Upton reveals he initially expected to favour a US listing, but meetings with American investors changed his mind. They argued the perceived valuation premium in New York was largely a 鈥渃ohort effect鈥� and warned that a business of Raspberry Pi鈥檚 size risked disappearing into the 鈥渘oise floor鈥� of the US market.

Geopolitics also looms large over the semiconductor industry. Raspberry Pi鈥檚 chips are manufactured by TSMC in Taiwan, and Upton acknowledges the strategic risk posed by tensions around the island. However, he argues the United States cannot realistically allow access to Taiwanese semiconductor manufacturing to disappear, because advanced chipmaking now underpins not only the global economy but the AI revolution itself.

Presenter: Fliss Hannah
Producer: Olie D'Albertanson
Editor: Henry Jones

02:10 What is Raspberry Pi?
03:25 The decline in computer science students
04:56 AI and overestimating these tools
06:26 Startup intensity and pacing yourself
08:08 Listing on the London Stock Exchange
09:21 Luck and serendipity in business
10:23 UK optimism and industrial strength
12:32 Energy costs and manufacturing
15:03 UK infrastructure and political will
18:59 The IPO journey and the multiples gap myth
26:14 Industrial & embedded growth
30:00 Taiwan, TSMC, and geopolitical risk
32:38 Agentic AI and the reality vs the hype
36:57 Advice for young people and the case for maths

Presenter: Felicity Hannah
Producer: Olie D'Albertanson
Editor: Henry Jones

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