If you thought the ethical bankruptcy of the first two seasons was bad, Industry season 3 episode 3, titled "It," basically tells you to hold its beer. This is where the veneer of "prestige finance" finally cracks wide open. We aren't just looking at spreadsheets or Bloomberg terminals anymore. We’re watching a slow-motion car crash involving ethical decay, personal ruin, and the total collapse of Robert Spearing’s sanity.
Honestly? It’s brutal.
The episode focuses heavily on the Lumi IPO, which has been the ticking time bomb of the season. Sir Henry Muck, played with a sort of greasy, aristocratic charm by Kit Harington, is the face of this "green" energy revolution. But by the time Industry season 3 episode 3 rolls around, it's clear Lumi is less of a revolution and more of a dumpster fire. This isn't just a TV show being dramatic. It's a reflection of the "fake it til you make it" culture that has plagued the real-world tech sector for the last decade. Think Elizabeth Holmes or the WeWork fallout.
The Lumi Meltdown and the Death of "Green" Tech
The core of Industry season 3 episode 3 is the disastrous Lumi IPO. Everything that could go wrong does. The stock doesn't just dip; it craters. It’s a bloodbath on the trading floor. Eric Tao, who is increasingly becoming the most terrifying person in the room, is trying to manage the fallout while essentially gaslighting his own team.
The realism here is what makes it sting.
When you see the screens turning red, you’re seeing the reality of high-frequency trading where billions can vanish in the time it takes to blink. The writers clearly did their homework on how a failed IPO actually feels. It’s not just numbers. It’s the sound of the room changing. It’s the way the air gets sucked out of Pierpoint. Robert is the one left holding the bag because, of course he is. He’s the eternal "useful idiot" of the firm. He’s the one who genuinely believed in Lumi’s mission—or at least, he wanted to believe in it to justify his own existence.
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Robert’s Breaking Point
Robert’s journey in Industry season 3 episode 3 is heartbreaking. He’s always been the moral compass of the show, which is a bit like being the smartest person in a room full of toddlers. It doesn’t actually help you.
The episode takes him on a trip with Henry Muck that feels more like a descent into hell than a business trip. There’s a specific scene involving a "wellness retreat" or a hunting trip that highlights the massive class divide. Robert is a working-class guy who has clawed his way into a world that will never truly accept him. Henry Muck views him as a tool. A toy. A shield. When the IPO fails, Henry doesn't take the hit. He has the safety net of his family name and his billions. Robert just has his anxiety and a Pierpoint fleece.
The psychological toll on Robert is heavy. He’s grieving his mother, he’s grieving his sense of self, and he’s realizing that the people he works for would step over his dead body to save a basis point on a trade. It’s a masterclass in performance from Harry Lawtey.
Yasmin’s Paparazzi Nightmare
While Robert is falling apart, Yasmin is dealing with a different kind of hell. Her father, Charles Hanani, has basically become a global pariah after disappearing with millions of dollars. Yasmin is being hunted by the press.
Industry season 3 episode 3 does a fantastic job of showing the claustrophobia of being "famous for being a victim." She can’t walk down the street without being harassed. She’s broke, but she’s wearing designer clothes because that’s the only armor she has. Harper, meanwhile, is watching from the sidelines, plotting her return. The dynamic between Yasmin and Harper has shifted from friendship to something much more transactional and dangerous.
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Harper Stern’s Shadow Game
Harper isn't even at Pierpoint anymore, but her presence in Industry season 3 episode 3 is everywhere. She’s working at FutureDawn, a small ESG fund that feels like a garage operation compared to the glass towers of Pierpoint. But Harper is a shark. She doesn’t need a tower; she just needs a phone and a lack of a conscience.
She’s shorting Lumi. She’s betting against her former friends.
It’s cold. It’s calculated. It’s exactly what makes Harper the most compelling protagonist-slash-antagonist on television right now. She understands that the "green" narrative of Lumi is a lie. While everyone else is trying to save the IPO out of some sense of loyalty or fear, Harper is the only one looking at the math. She knows it’s going to zero. And she’s going to get rich off the wreckage.
Why This Episode Matters for the Series
This isn't just filler. Industry season 3 episode 3 is a pivot point. In the first two seasons, the stakes felt personal—who’s sleeping with whom, who’s getting the bonus. Now, the stakes are systemic. We’re talking about the collapse of major financial institutions and the way the government interacts with private equity.
The show is leaning into the "Prestige" era of its life.
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It’s darker, the cinematography is more oppressive, and the stakes feel genuinely life-altering. When Eric says "I am Pierpoint," it’s not a boast. It’s a confession. He has given up his humanity to become an avatar for a corporation that doesn't love him back. The episode forces us to ask: what is the cost of staying in the game?
For Robert, the cost is his soul. For Yasmin, it’s her safety. For Harper, it’s any remaining shred of empathy she had.
Actionable Takeaways for Viewers
If you're watching Industry season 3 episode 3 to understand the real world of finance, here are a few things to keep in mind:
- Watch the background characters. The traders who aren't the main cast often provide the most realistic look at how a floor reacts to a crash. The noise levels and the sudden silences are intentional.
- Pay attention to the ESG terminology. The show is subtly critiquing how "Environmental, Social, and Governance" metrics are often manipulated by companies like Lumi to hide bad fundamentals.
- Look at the power dynamics. Notice how Henry Muck speaks to the Pierpoint staff. It’s a lesson in how old money treats "new" talent.
- Track the "Short" positions. Understanding why Harper is shorting the stock helps you see the broader chess game she's playing against Eric.
To get the most out of this season, you should re-watch the scenes between Eric and Bill Adler. The tension there isn't just about Lumi; it's about the future of the firm itself. Keep a close eye on the "London" vs. "New York" power struggle that is brewing in the background. That's where the real war is going to be fought in the coming episodes.