November 11, 2026
(ASML, TOELF, NVDA, AMD) NDAA: 65% Chance Congress Adopts Three Semiconductor Export Control Measures
We now assign 65% odds the MATCH Act, Chip Security Act, and the AI OVERWATCH Act all become law before Christmas, potentially imposing significant new restrictions on semiconductor equipment and advanced AI chip exports to…
November 9, 2026
[UNH, CI, CVS, ELV, HUM] Healthcare Conglomerates: Democratic Sweep Heightens Breakup Risk but Doesn’t Fully Remove Hurdles
The prospects for federal legislation forcing health insurers and pharmacy benefit managers (PBMs) [UNH, CI, CVS, ELV, HUM] to divest their pharmacies or healthcare providers have increased following Democrats’ sweeping midterm victories. While we expected…
November 9, 2026
Capitol Policy Weekly: Congress Returns, Permitting Reform, Chip Export Controls, the NDAA and the Lame Duck
The House and Senate return to Washington this week, with members still digesting the ramifications of last Tuesday’s Democratic blowout in the midterm elections. President Trump’s decision to replace Susie Wiles with Stephen Miller as…
November 6, 2026
(AMZN, COST, KR, DAL, UAL, JBLU, UBER, LYFT, DASH, CART, WMT, TGT) Surveillance Pricing in the Crosshairs
One issue that has flown under the radar screen but that we expect congressional Democrats to further scrutinize next year is surveillance pricing, also known as personalized pricing. We expect legislation such as Sen. Ruben…
November 5, 2026
[PNTG, BTSG, AVAH, ADUS, UNH, HUM] Home Health: CY27 Final Rule Preserves Stable Rates, Offers Limited Additional Relief
Home health (HH) agencies [PNTG, BTSG, AVAH, ADUS, UNH, HUM, AccentCare, Elara, Compassus] received a largely expected favorable outcome in CMS’s final CY27 Medicare HH payment rule. This reinforces our view that the industry has…
November 5, 2026
(CHTR, CMCSA, T, VZ, TMUS) Could Democrats Revive the Affordability Connectivity Program (ACP) Through the Highway Bill?
With Democrats having retaken the House and the Senate, we believe they are likely to attempt to revive the Affordable Connectivity Program (ACP), which would benefit Charter Communications (CHTR), Comcast (CMCSA), AT&T (T), Verizon (VZ),…
November 5, 2026
GKOS: Rate Rules Signaling iDose Pressures?
CMS finalized its CY27 facility rates for Glaukos (GKOS) – and other ophthalmology services – largely as proposed, but two associated dynamics strike us as noteworthy for investors: iDose Combo Volumes: Agency hospital outpatient department…
November 5, 2026
[HCA, THC, CYH, ARDT, SGRY, RDNT, LMRI, OPCH] Final OPPS: Modest 340B Relief but For-Profits Still Benefit Even with Imaging Site Neutrality
CMS’s final CY27 Medicare hospital outpatient prospective payment system (OPPS) rule disproportionately favorable for for-profit hospital outpatient departments (HOPDs) [HCA, THC, CYH, ARDT, UHS] while nonprofit and government-owned hospitals with substantial 340B drug exposure face…
November 4, 2026
(MSFT, AMZN, GOOGL, META, ORCL, CRWV, EQIX, DLR, NVDA, AMD) Why the Political Backlash Against Data Centers Won’t End with the Midterms
We believe investors expecting the political controversy surrounding AI and data centers to subside following the midterm elections are likely to be disappointed. Opposition to data centers has become a bipartisan political issue, and we…
November 4, 2026
What the Democrat Blue Wave Means for the Markets: Our First Thoughts
As we go to press, Democrats appear on track to gain at least 35 House seats, giving likely incoming Speaker Hakeem Jeffries (D-NY) considerable room to maneuver and limiting the leverage of the roughly seven…