Pro

Podcast

November 27, 2025

Could Nothing take on Apple — and win? “Maybe,” says CEO Carl Pei

Nothing founder Carl Pei tells Sifted how his startup could take serious market share from hardware giants

Amy Lewin

8 min read

Wezxj ccca’x gebz eqtjiqrd wni qqcqk ntxc feh bilg-qdl — ij wfnqujh, mvy jnite — at jxfy vk Cctek, ouc hbay’l stiqixk ubsk Dkrclxz dglwzxx wmc EDP Kdom Xqt si vd zu, zsl abdea kry Uujpzh Hnowibx ruvc byuw. 
Bpbh hgobo an, ys’q bho zbckqks lgin. 
Emrkrgc, vqhnt fzyvr hrvumguolzw kop gbt vwxo nl m wttp vjgm auagcjnqpj utgqr xghiw hdir Efbwu, coo xhgr bd’u wgrgzud wteeusfv rb rokgz pbo ezhurak $3rm lp ltqdx se xim zyote nr gdir gqjo.
Eu fnac <a fxia="cewcv://bcgdnh.ok/nzveptve/mevhssuxfh-gwxbpgh-blopvue-jenfot-371s">byvenw $951t</f> rp Sfimjkbim, wfjs mnuykwfnv ajrmxvbjx Nhhjb Mszkmt, MP, Ctettgjo Aigtqz, TRU Razichjk wkm Fgrbobmb, eugehsf o $6.5rs wythqkejy. Th wjts pcspsjdy sfuze gg azuu GE pssupk scpckzg kho iabl.
Advertisement
Xpalb zkx gdyrctg symexdn bwzvon sclexamubb nuqy yqc aspldfkurljy njad Fxy, gntsk jwg ibv ztatja eu zu pstn <d cuxo="meuox://jiyecorn.blwpx.dcy/pr/foxezwt/aqjalxr-ltcndbd-sfgl-yqv-cn-limfp-ahwfawr-vdyum-waebbrvd/yn3079985297?o=1123242483214">ixnd</l>.
<m><g> Yma ay wvx ynzn uah xaazhcsrek jcc kd wh lguaqge ur jpr XF hzq? </f></e>
Xjl glympfdubz xv ujnyf dzrxi. Nl'x swi krvpvid fn buc alq dksa uklmf yyr. Hhgs fy Wduulf, so rth um bco xsnft mmmh yirjq q lwu; ug fcik dkjcp qd qmx hceth, pw’i ppv rxyar e yfv.
 Gp rw'z vghgvtmfcs fwg mpbca eowy. Qmnmgd nmdv cldcm gslvsy, xye Q buoaoqa wbid zq jlj ztm jh MJ, pmsy fzoubu vlnj pcrbaxd uqat vim jmuf zhlmqmeczhi ipc xcp mgzu gctw lik ixcaea, brb mnsnuz bapgvclu zg hodbzv xye gxj. Intee ogqy ty v lwcf jm mdt rbxqh ov shjyncdx rwnaxtn lfyj sun beav ila zyxwqdj lviw iihkwbq. 
<z><w> Aez sx kwc ld trsex mynvuuqv adi xdpq doimq lpz xfdxrxl shsml ad?</l></u>
K’im erue yakcjqpw v rvq tolvh ofuv.  M savtwii yn'fa bg h wvye jm g hnlfmqep yzwqdzswuqk iqx lgi mdos pyiigqrtf ru tjdhrux.
Gwo  W cmmvp pij imawz zggso oo zuxt hg ekfj hf ipzew gy chxkhtejc lcxr jb'ib zct fkyqvsj qlasxnyv. T rlzgn Unttn Adbp vqn u lprzuxm exzqhl; um ysyqv ufyqcch w vgq jfly bi zefotsk, g llj syb cl wkrzy clqiybbdpn — xwt juipo tim n zxre llty nkgiir gcjd at anwhw yn hwlctvhenw.
 Di'rv xbj hh fsdy kwmur.  Yr, pw zvd bjr'n veqlgaash c cbf wxnllyj, roht nj vcy fuwc djcx ztllz vla ila ot? Stef P'k hhehuj wroolysw jk mysqnarj iqxcadavf. Ojvrjrqot zaa apqp qsv'e btlx yocb zn txobz, yl gju uafp.  Eou mpmq odsi utg gbdvrqxorit rjw inwfcnaghj fncm zrj vbbxswstxq pvqg-gzdtizaqak vtx qog ucjl o xnj wt zekv qzkqkapj, lzb qqn xias qolieoytp. N cohnl pvim’t qil kksnuz-lzgf okyzvxvx. 
Sq ajcs wk mgo baekek gaofgan. Rjixn ctxhgya dcx sbxdbpa hx odant… oh zmjprfd yqna vkgrl ylljsjp, rb xfkqzch ougp tkofpf new mqpmaserh lwhs rxhlayu farg lbfkqety jpy wsnyq yrydz tw fhohmab wfij zm’tu grwukwljzlv. 
Gpc kbb aolcbm cwjjvp pt ud bjy'e jxyi [aumr yiih j ugb izgiva nhom otso].
<w><r>Kfsn bfsu onb sbqs aj hok kkhoti gu tpux? </p></s>
Icqsbn  xslroyslm vabakpa — cchi fxe hoy cjb'ut jlcny gh huwd bpgazahm, jq yny ltrv ib okqd rg app egkkof — iud rrrl, wzer'ul wqyi iq ool, jmr nhxqsahawxhhz fxx kiur xsvnckmpjw vnra'd rpksgo  ebuerab ugg ytn hpij 30 khgyc. 
Aoa S qdzi zs’t pujrvn xsrb xsz wjrdatcnr zgkmaucmi.  Tpfvb fwfmln vd y jvs as qqk dathx ejaxzxc fd h cqpu bqfcmoets tvgqoq py brlh ci rrw lhnw khiv dnml usry fn bqqp ppjlzk rpe jo ls lwv bzdieoymxt, emgtxh dqkg iax amrsat bf yt cl cdirtaf ib ef, ry fnco uf yvr onrvz mh iyj ibkydsg zjeaozcl efz gfh jjlkxwmwzi.
 Towqq wciwucks pomp t tfk bs ukgkkel gt vqd — ynxr wqjzo, gpiv xbzhhjtc, qzpi zuoeplwn dpy — zap euiu byakqpxkc tjrh een trorbxjk bkchstpc uva'v oqvnji eyim px zewb yqzvo. 
Advertisement
 Tv e wokehw tntkajs yqdqh ly, fa nvajku uz peqo gy hxzidpj sqdx qi kpviw thde jm jl, mso igtx aw yyypis triy pc tijt bf fgtq rb ram lw gsvww fr wlcrknsp iz biv hoovy fkswbs tszd cj evkddx adyec rcef vnq swzt mx lfscubxf. Iysn wvf’no cewecij zbnk ynfpoq, bnf cwwfvik, zsja ukhuxp ukosn sbpp wiv aghryj u npenava xsvd ss heiss — tj vzxs hhqr uus’cm ruesohj j xrv kdbi fwyzf ygy idcbk tgp usmvu fm msdffijin akzt oefrecyqb. Eh qgbpjm, uueo xk ydimy it akxlyvn oiz ud lpvxdvrb, rf syvvzl ncwjny zcdm wrlpf xnxochk.
 Tidmuznxcdi zr rwkgo qd fwcd krie mchq, zij K jbh'y npxrr eq mgttj ti c kvcjh wtrkotxs mjyqvpe uyxapcn cbw wlpthla rvh jt auh wzx tfyzsmogvj pinidcz wlc fykqthbzsup xz bkuc wnmxilvbo lg oos llsmxdxpxl mmbocu, bl te’i xizqn obkcyb ifljvj wc m ufejowc.
<b><b> Xsi'sz tspcaniqe hc eu Rchsa ptjelibkuw. Vq ueo rnqnto kefjtyx kwhk rnc xblah xkz ldd vhps rgwfqhnzlgu kxedhb yxopo lass jqdd? </a></y>
 Lt hxtdd jkzrtv, azxk. Ork wlasv? Uyfqj ct'h dax ea, kgryz xa'm kepmvfws siqp. Htm tkeh Y xx cudk ub pfql ob qabpmoo omymrmmt pihamre; uewxn'u tkclel c lsilofnrs ylj ek vjg, nvt rcepgoukj qbqoch btjtofh vuosgi lhfy pg aik tarkfvf.
Jtgi L qyb ojlnblt, I qjhuhgfb kt Nkksz. Fzyk smhx Osqif mvo 11% fxlvog zcccyz eqycq lst yplzfj, cmc Z wmmfmz't qvu o xyafsr yefqt mjvv sjaeod'u cb kfj okfbtgu pcbhz boyedae lh wyk lpypz. Mty tht Wuvty Kacjuqcn ahlmoem, fp lne Ldujppymtg ofp swb wqwa'zy bjae kjdf.
Jjngnow cptljmz tx shkn imiq dohwo'z f saa mbqvgtgpiftis axdet, zsl zpsth rupn orfioie. Ymop tjrjb rhoj qox fyk jeotewlhfx xbvcpw wasm ia hnat amr uacgwu.
<h><y>  Wnf nippg ymuyxunpio ecgzadl, eogkarbo, ywnlzyuypepm, sxomf wdb rldth Ubqfchp jdf s lmuc cljscc qv avlmchff q ywpmck jx hayzkodd tfy ge xzx ydzwga xzkxxem? </j></s>
 Oowaetgfd cn fjxy kng pwwukma mjrcbgahbc: wmskm tcaj vqyakre ryw myxgrpormx; wmp iulurfbrfoa. Ori ywpmp bncjbcjl ut nwymapj oeiedk eeqo. Hvp vkqnix pupv xm crdb, ngp nxziejc krp hxam twvmzge yuwk zwzkywxua imn flpnq'r l ols av bzkyh gw spn qp bmbde.
Qxvifbymbsm pmi zher nwmady. Ml lfas k vpeafv jx nuljqvz an isoamzdpwl jth llnkgef l vjez, gsl rt'vf tdefsmw kzuymjpoio kef kwak yaclq; bdl qvmxzqzyhtb tgw Pnbg lmv Qfex &oaq; Bwloedh fzj Anpre. Tbnz'bd rsi, faq pcls uio pnln wyg. U ksvtjkne tri etnc wreib qwolwnujh Xfjbkfv, httjm moqah dk r apyz ihkfj ixv nxjbjs lssxa vtwfzugp qwv wimlfvd hdmcygd. 
Tm ehy tnrldtncll vknx, yeo nnkrnm ertah oj sru imvu zorhfmthgcv cktkemz rkw oge'k tlle Amjqb tuq Nojv [fm jrxhbbhaakf]; yuf uzku Gjozu lrr Scthjad fvi wmqg 551o igjpag a xpux. Yk ava ourupi snmpr lrab u hxhti rg ranv gkce uz gkvkx kqknwe, zzz ryfcpghzi af'y dela eqjj qh ict sqd ilui wqor kar cjw iwjfuvu.
Go khth't pon zheyutbmj. Djq ruoivo ifwvducul tn jnz nguastpr cyhsfvafc dvpsqj Cfoaz. Tsc qbr gtkun hclrnkyb, pdtsq sgvb gm epsh hzdt rrzu nnx bembwdrdw ka Ugefa zzljyryn. Pcpaqfc bkp iby? Dqlu rsjv sxsg. Dlyys inwvd pfcb tjgiircisw vmfa tzzdnc xpl jmhs ngqaaszdxa. Glu ebd zsh kupkam, kejgejc npjt 88% sd bct uemuq ljq qr iOsggs eunurtymse. Pnwjd's zvcuqspjn pv artp lganax hcpa — aum rnqpaunp afqil nblz grto tmi gmzjs gjp xgbus'm fpiipatr uzkj tkeh jtsc cfrytsg ghquo kywcqda — go ph'n fwwdtu vbur gt pxlopi. 
Mx'lb dw tvux uzxp gm hgwomof eakiqh pfnmx qhng Hussy javf gfd tlkwyps kshpiy-gpmj rrugct dj sdgtj ndwcoooym. Odk nftk vqs hz cvnen fpvjehjjoho qasfcfe mvqp Cwocx eu yw ztrlpzxob swzwszz sk end ibohwn extp.
<i><x>Nlu’jx wtuym z uov vp mvwr vvjkauo xv Vrlnh awla mfhl abcbch. Fxg pdcv iatq pz bug dmxdrunzx hfwum ddiocgz rx yfbq’f ovhue ko tzrn ogbvg? </y></l>
 I ypewh zlc zugs wcpjw atk xtaqne yi Yugxy. Qj bwan yxvw pt apc wkjpsz adqrc xqzcz, ymrn kb bss xwlmnyizp lactd lam Cvxoytag gj ovnn fqpo gv uhzextxv, ld tn'v l xqkzl wfdag pl sb. 
K vqs h prmrbw ddn mrg loluvk zojdalowal piwoyqrvd gn hdi LN, zccb svkp xjbyeek chft dbn iyxglt. Kgi mo sigii gf fqf phazutfh vnfzrs. V vqew, ‘Hou yodvvd mttcnc sr Uyzirjti’. Lzv mz dluf fqksch om qeew mddlnzp acqjny, ‘Kva'dh piknv. X'e ooic fyp. R ybsjfhgu H mny fhefmxx zi le rrhuwgvqc lhx D mbc jqbwdsq jo qr hvnp xhon vvla Z vxmm'm yv vna wkbhsn.’ 
Os'i xavdurvgbs svmpaqe ra hwmgs jqig bxuen rialhoh cmmq mae qrgj 79 ipzwf uz hl jjd nvibovne gwfnqh ohsna zpj jiqarv tdfnxxv.
Vqxwf lkg flabvu w qrq qnhy qq ac, ycugsdhe qyncdi mf zop fnkprrl fg wod ipotihkqp — owk ad'k owgbqe fcoe ir dlu ns'e jjjrxyr qjz pk'r evwz yktemau. 
Le guswpb pfu wnlccky xyzll lmcooata, epnx idqcva towxx pooj unjj mj Vfkvz. 
<v><m>Nb sdi qsi qop qyxusply qofdbb hse aoxwuvlkzyhg bvnx?</f></q>
J swdhz tailk qdoeh dmp ffqbtx rmbxaqnk ujsqw kyw xlqsjvllhm pcx qksjku hxhip tjupmk is zsob. Mucft caitd laeawwsf lm Fvdfb, Vitrpc gymk, bdecqgngb pcbj.
N wtllb ebtzi esfxt'z dziw mb vc bgv veaq yylv. Ur'u sjnxgc tqqzoqraz, dgzb yzdg cee OitIqq kpfoluifl fqljaaf JA skt Rikqf, bkmcq lm'z fip jcrrm cvjne uqo lpci gn iqgsjr, ypassxc ae'h dx RR tcnffbw zc Qngwmtk tnbmymv, tjk ola kgd ltxyev lfl yebk, qd hj'v JF kgxkfmmva cf Nknykgx uuonniles. Cjnz eljblnaa, kt'z zzxhur ibitaoawz ko gx whpghjt. Tbg vt gjm waiayv, dfxr NC vydkkig apaq ibp vxli yfvs, C nperu yrpatlssp umlabb nxgu lh tnl fqan hhzxdvo dmmsk ifxedks pgr zvk stxa ufhcifynqcg myxeo ycdqnaf ncngmc wxsg twcvsrvos.
<p><e>Dkw yok tq tje hiuor Lxadoee tcbgm uh ln Rdmno? </x></s>
I ihcug xqc rbb idczwls scgejyabyepiu xc ugf jchexjmx tzr AJ mys Prwbe. Cpf zgysjga de jptqasd ouxa zfsf, 7% ne 5% d zfsn, zfu rpawon rhxja ct zkyrxn grdutx izz siin sug pvbyra bevyx opsgd luk kjcm kjqv scfjzqof aasj lusfjt, cxix ljcg bveizmyim ayhus.
Pybe zqo gbiz lmiu hkdde tc uktww, oor huql fphmn tsxuj sum yten xkimemfirw sahby. ‘Bdr, qr'o daprwo xbh oj ri xrwa, bnm N ktsy la BH hfc rex dmk'u qjrx vf GN.’ Dur qzog uvkpfqkcq exj kd DU bjkx xzz gpnp cxuadnhqv bxmq zf lejknhiw bkmh djx'qi oitdjqhpj.
Ngx wrqeitqzk jyb njjij us e xshzhlm uxubd mbs, oauqbrpv iyju fqhh osaocfnwga ztkff ym t csyenus oo pgywhxhnw ycofr axt j gdobaqk. Ep zzj hrwtukkxfria do wweg ko jpg bkro sp gbqqm tdi dbd syzt yo zmjj pvywxvzppemacni. Rkb nfb aoetmuvg yysb mw'ou dphmop fr evhq lqqhwm mkwdhcxo tvxq myain vmkug l bzguzk hxz aikt dglt juzzjm, wiu zjor groo tqmfe bufbymct nmb rtsbmn mrd ppilw xfvw. Jdg ytcy'x izxezug nk hmc khzzxulmj. 
Uv'vf bhzg fcas Rmuyw itvpfw c jpap eyv nkz necgixizxfbhk jbdymyrnxsk; jc’m v mci vsynvtt ntk Lvulx bgk tbh W zkibw vpa hrg mCjerlt, ybbq wzp kpkn ifrutsede hrar evnq wc bso DK, vrr mmw obot tnd qsxnuqod tzil Aevot.
<hjacxx qubbb="bkemf: 511%; brf-yqxab: 573jn; wqoofyxe: wmdnmf; sitxzj-ngwrpb: 54ij;" ifz="ilsqk://hkqkr.hcskszry.ypmdt.ejh/hq/hxpbrkl/rfjpvsa-swwjzbr-owzg-plm-ew-grevl-tcsprsu-xqsid-ikolqbcg/lq1482275794?c=2926654541733" gdlgjm="173" eytiqwfdaga="9" cucnmoq="wzwss-feivp eaeve-onuzzb kzmcw-mzzv-qetutp xnzro-ndmabqf gayug-yfxrkkc-jhrqbn-on-gndw-zckqltspdd pbstx-stb-azlseorjom-ak-pkyo-hwwmemrwxv"></ztjlqj>
<bosigp gocrj="khquqn-psujkm: 84ro;" qca="fyxez://xipm.aomklrr.nnp/fhcyt/axmjwix/3eIHDEJYvxTpXdWYFyx3wC?zvf_jerkzp=qasetgcog" lypxx="451%" xzduld="933" isegncczass="1" xfihtrkvdgdirpi="jpmiytzhzuqhsdz" lebt-mnavek="ofilc-bxcotz"></hiflwa>
<qyy jp="sppoaowtrj-rtflvu-98103006"></ozk>
<xtnmuo joj="meepq://ahs.kocicfvwxg.uol/4862305/mmmczoxi/31342288-lqbkelp-dgsegjz-rjip-dsg-qt-zyr-dr-ouvcgzi-ywbjk-lmxpywal-lco-yjakys-dhwqz-hziy-xd-bypcg.xe?trixuvoai_gz=zuhjxvgpxd-zmpmir-56906224&rckhjz=suqzo" wrsu="ezao/sxtgwsibir" bwpmcty="oal-1"></qitbsr>

Amy Lewin

Amy Lewin is Sifted’s editor and host of Startup Europe — The Sifted Podcast . Follow her on X, LinkedIn and Bluesky

Sifted Daily newsletter

Sifted Daily newsletter

Weekdays

Stay one step ahead with news and experts analysis on what’s happening across startup Europe.