Tommy 🇪🇺🇺🇦🇬🇱

Why? 🇪🇺🇺🇸 So disappointed 😞 www.nytimes.com/2026/10/27/c...

💊 #pharma 🇨🇭 $NOVN Novartis Q3: sales +4% as #Kisqali +37%, #Kesimpta +21% and #Cosentyx +9% outweighed #Entresto, −38% on US generics. Core operating income +11%, with its full-year guidance raised; reported −59% on a del-desiran impairment. midgardfinance.com/companies/NOVN.SW/

💻 #semiconductors #EDA 🇺🇸 $CDNS Cadence's chip-design IP has about doubled since 2024: IP +24% in Q3, revenue +22% incl. Hexagon, record $8.2bn backlog, non-GAAP EPS outlook $8.40. 🇺🇸 $SNPS Synopsys: IP +11% in its quarter to July, software jump from Ansys. midgardfinance.com/companies/CDNS/

🔐 #industrials 🇸🇪 $ASSA ASSA ABLOY: record Q3, EBIT margin excl. one-offs 17.4% (16.8%) on 4% organic growth. Americas led: organic +6%, margin 19.6% (18.5%). Asia Pacific the drag: organic −1% on weak Greater China, margin 9.8% (10.2%). EPS +14%. midgardfinance.com/companies/ASSA-B.ST/

🤖 #AI 🇺🇸 $ANT Anthropic's IPO filing: Q2 revenue $11.6bn, from $0.8bn a year ago, and a $974m GAAP operating profit, after Q1's $1.7bn loss. Compute cost fell from 177% of revenue to 48%. Q2's $66bn net loss is mostly convertible notes revalued as its valuation rose. midgardfinance.com/ai/

The investigation into the Italy-Albania migration deal wins 2026 Daphne Caruana Galizia Prize for Journalism. Congratulations to journalists Giacomo Zandonini & Maite Vermeulen. The EU stands with them in defending press freedom and protecting journalists across Europe.

✈️ #aerospace 🇫🇷 $SAF Safran: Q3 revenue €9,003m, +14.7%. 🔧 Propulsion flat on Q2 at €4,628m; spare parts growth slowed to +17% in USD, from +29% in Q1. 🛡️ Missile seekers and optronics lifted Equipment & Defense +15.7% organic. 💺 Interiors +5.8% organic. midgardfinance.com/companies/SAF.PA/

🔩 #industrials 🇸🇪 $LIFCO Lifco: Q3 EBITA +10.7% to SEK 1,708m, organic sales only +1.6%. 🏭 Systems Solutions (contract manufacturing, infrastructure products) added 145m of the 165m. ⚠️ A customer worth ~5% of sales plans to buy outside Europe from 2027. midgardfinance.com/companies/LIFCO-B.ST/

📈 #bonds #France 🇫🇷 France's 10-year government bond yield rose to 5.01% on 21 October, its highest since 2002. Over 🇩🇪 Germany, France pays 159bp and 🇮🇹 Italy 117bp. France has never paid this much more than Italy since the euro began. midgardfinance.com/eu-yield-curve/

“.. a net loss of more than $80 billion in the first half of this year .. That compares to a net loss of $13 billion during the same period a year earlier.” @wsj.com www.wsj.com/tech/ai/anth...

GLP-1s associated with reduced need for acute psychiatric care for people with schizophrenia and type 2 diabetes, study of US data suggests. Find out more in @thelancetpsych.bsky.social: spkl.io/633257X6fJ

☁️ #cloud #AI Google Cloud 🇺🇸 $GOOGL earned a 36% operating margin in Q2 2026, up from 3% in Q3 2023. AWS 🇺🇸 $AMZN earned 39%, Microsoft's Intelligent Cloud 🇺🇸 $MSFT 41%. Google Cloud's revenue grew 82%, and Q2 was the first quarter with sales of TPU systems. midgardfinance.com/research/cloud/

Large Cap US stocks are back on top after Small Caps led the way for the majority of 2026. The S&P 500 now sits ~1.5% ahead of the Russell 2000 in YTD returns. $SPY $IWM

‘This slowdown has been unusually stubborn. We’ve recorded two straight months of virtually no growth in token spend. The main driver is price declines at the frontier, in addition to efficiency and quality improvements for models across intelligence levels.‘ econlab.substack.com/p/ai-index-o...

🏠 #housing 🇭🇺 House prices in Hungary are up 290% since 2015, before inflation, the steepest rise in the EU. In 🇵🇹 Portugal they are up 201%. 🇫🇷 France is up 26% and 🇮🇹 Italy 21%. In 🇫🇮 Finland a home costs less than in 2015. midgardfinance.com/eu-housing/

Over the past five years, we’ve published 90 peer-reviewed research papers with 90,000+ citations on how we’re using our machine learning models to understand and address disease globally. Today, we’re sharing key updates on that research.🧵

‘TickerTrends’ latest ARR tracking places Anthropic at $76.8B in annualized revenue run-rate, a month-over-month increase of 1.8%.‘ blog.tickertrends.io/p/openai-and...

Zealand, Roche's obesity drug helps patients lose up to 9.2% weight in mid-stage trial reut.rs/4hN1xq7

📊 #pharma 🇩🇰 Novo Nordisk's semaglutide loses US exclusivity in December 2031. 🇺🇸 Eli Lilly's Mounjaro holds until June 2039. 7.5 years apart, on the two molecules the whole obesity market runs on. midgardfinance.com/obesity/ $NOVO $LLY

💉 #obesity #EASD2026 🇺🇸 $LLY #retatrutide took off 18.8% in type 2 diabetes, the most of six drugs. 🇩🇪 Boehringer's #survodutide, from 🇩🇰 $ZEAL: 9.8%, and 26% stopped for side effects. All randomised patients. All of EASD in one post: midgardfinance.com/blog/2026/10/04/easd-2026-roundup/

So far, A.I.'s losers are routine office jobs like data entry keyers and customer service reps. Its winners are data scientists and the trades building the data centers like construction laborers and electricians. My @nytopinion.nytimes.com Chart: www.nytimes.com/2026/10/02/o...

Regeneron weight-loss drug halves muscle loss in combination with Novo's semaglutide in trial reut.rs/4rOukiM

In a phase 3, double-blind, placebo-controlled trial involving adults with obesity and type 2 diabetes, the investigational glucagon receptor–GLP-1 receptor dual agonist survodutide led to significant weight reduction. Full SYNCHRONIZE-2 trial results: https://nej.md/4yrHEMu #EASD2026

💉 #pharma #EASD2026 Weight loss in type 2 diabetes, top doses, all randomised: 🇺🇸 $LLY retatrutide -18.8%, tirzepatide -14.7%; 🇩🇰 $NOVO CagriSema -13.7%, semaglutide 7.2 mg -13.2%; oral orforglipron -9.6%. Separate trials, 68-80 wk. No EloraTZP: on-drug data only. midgardfinance.com/diabetes/

💉 #pharma #EASD2026 🇺🇸 $LLY adds amylin to tirzepatide in obesity with type 2 diabetes: -23.3% weight and -2.9 points of HbA1c at 48 weeks, vs -14.8% and -2.4 on tirzepatide alone. Stopped treatment: 11-27% on the combos, 17% on placebo, 3% on tirzepatide alone.

New—Petrelintide, a human amylin analogue for the treatment of obesity (ZUPREME 1): a randomised, double-blind, placebo-controlled, phase 2 trial thelancet.com/journals/lan... #obesity #EASD2026 #MedSky #EndoSky

💉 #obesity #EASD2026 🇺🇸 Lilly's #retatrutide 12 mg, 80 weeks, two Phase 3 trials published this week: Without diabetes (TRIUMPH-1, NEJM): -28.3% With type 2 diabetes (TRIUMPH-2, Lancet): -20.8% Same drug, same dose. Type 2 diabetes costs about a quarter of the weight loss. $LLY

Novo says Ozempic shows lower risk of cardiovascular events compared to Lilly's Mounjaro reut.rs/4e6pBmH

In the phase 3 TRIUMPH-1 trial involving patients with obesity, retatrutide, a triple hormone receptor agonist, resulted in substantial weight reduction and a decrease in knee osteoarthritis pain and obstructive sleep apnea events. Full trial results: https://nej.md/4ycgSHz

China's Hengrui inks up to $2.6 billion deal with Novo Nordisk for obesity drug reut.rs/4yoZ8cm

📊 #obesity 🇺🇸🇩🇰 Retatrutide 12 mg: 63% of patients lost a fifth of their body weight. Tirzepatide 15 mg: 63%. Semaglutide 2.4mg: 35%. Orforglipron: 20%. The average hides that. $LLY $NOVO

In 2005, Seth Klarman wrote a short paper about the painful decision to hold cash. Great read.

💊 #pharma #MCP Our obesity and incretin trial data is now an MCP server. Ask Claude Code, get estimand-tagged answers with a citation. Free. Why it matters: the same trial reports two weight-loss numbers, up to 3.6pp apart. Twelve do. mcp.midgardfinance.com $LLY 🇺🇸 $NOVO 🇩🇰

As Novo works to turn itself around, some analysts say Lilly has advantages that could help it maintain its position at the top of the obesity drug market.

Understanding why some people see no benefits from potent anti-obesity medications could lead to new therapies and personalized weight-loss regimens go.nature.com/3TnTlEE

💉 #diabetes 🇺🇸 Eli Lilly's #Onswik won FDA approval on Wednesday, the second once-weekly insulin in the US after 🇩🇰 Novo Nordisk's Awiqli in March. It lands in the flat half of Novo: insulin has sat near EUR 1.7bn a quarter since 2020, while the incretins beside it went 5.5x. $LLY $NOVO

WSJ: The AI build-out is on track to become the biggest economic bet in US history, dwarfing the investments made to fund other huge US infrastructure projects — such as the railroads, the highway system and the plumbing for the internet.” (via Jefferies)

‘AI has gotten cheaper more quickly than any other transformative technology in history.’ epoch.ai/publications...

💉 #obesity 🇩🇰 Novo Nordisk's #CagriSema beat 🇺🇸 Eli Lilly's tirzepatide in REIMAGINE 5: 12.4% against 9.1% weight loss at 60 weeks in type 2 diabetes. At 1.0/1.0 mg, against tirzepatide's lowest 5 mg. The three head-to-heads fought at top dose all went to Lilly. $NOVO $LLY

Novo says CagriSema shows greater weight loss than Lilly rival in diabetes patients reut.rs/4xEWwWz

How fast is the world building up solar power? The International Renewable Energy Agency (IRENA) is an intergovernmental organization with 172 countries and the European Union.

🏭 #pharma Novo Nordisk's capex has rolled over: DKK84.1bn on a trailing twelve months, down from DKK90.1bn. Buybacks turned at the same time, DKK2.8bn to DKK5.9bn. Dividends flat at DKK52.0bn. midgardfinance.com/companies/NOVO-B.CO/ 🇩🇰 $NOVO

📊 #software #stocks 🇺🇸 Adobe $ADBE trades at 10.6x free cash flow, down from 59x in 2020. In June it hit 7.8x, below its 2011 low of 10.1x. Cash per share is up 6x since 2016. midgardfinance.com/companies/ADBE/

Oracle earnings 🍿 my takeaways: Oracle NOPAT for the quarter is around 6.2bn with CapEx at 28.5bn leading to negative FCF of just ~22bn in a single quarter. CapEx increased to 28.5bn from 8.5bn a year ago.

The average price of electricity per Kilowatt-hour in the United States.

From the November 2022 launch of ChatGPT through May 2025, job postings for software developers fell by 57%. Since that trough, postings have increased by 22% even in the face of agentic coding adoption. That is a hopeful sign for other potentially AI-disrupted workers.

RAMP: “.. the latest threat to the AI trade. AI companies' revenues are heavily dependent on a small set of customers. 80% of OpenAI and Anthropic's enterprise revenues come from 1% of their customers, and it's not getting better.” @ramp.com ramp.com/data/ai-index