AI is usually framed as a growth story. Less discussed: what happens to the credit built on yesterday’s assumptions. Private markets don’t mark to market. They mark to maturity. That gap may matter more than people think. Free post on potential second and third order effects.

In light of Rare Disease Week, it’s time for a primer on one of the most devastating diseases on the planet. $QURE $WVE $NVS $RHBBY

Big day for the FDA right before the State of the Union address