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We continue to believe that efforts to prevent states and localities from enforcing AI-specific laws or regulations for up to 10 years is unlikely to become federal law for at least the duration of President…

Both the House and Senate will very likely be in session this week, with the government shutdown seemingly on the verge of ending later this week. In addition, President Trump has reiterated his desire to…

President Trump’s Truth Social posts over the weekend, along with that of other Republicans, suggest an existential threat for Obamacare insurers [OSCR, CNC, ELV, MOH, UNH] and potentially other commercial health insurers [CI, CVS] while…

As outlined by the Trump administration, we view yesterday’s obesity drug pricing deal with NVO and LLY as a modest near-term positive (potentially better for LLY), with the $245 / mo. price point for Medicare…

With Nvidia (NVDA) exports to China once again making headlines, we see roughly a 40–50% probability that the company will be permitted to export China-specific versions of its Blackwell chips as early as next year. …

Listening to recent earnings calls held by various Medicare Advantage (MA) insurers and value-based care providers [HUM, ALHC, AGL, UNH, CVS, ELV] leaves us with the following thoughts on the MA regulatory policy environment for…

Following reports yesterday [here, here] that the White House may announce an agreement with LLY and NVO as early as tomorrow to make obesity products available for $149 / month, “in return for coverage” under…

We continue to give ~60% odds that the Trump administration sees a partial loss in the International Emergency Economic Powers Act (IEEPA) case, which will be argued before the Supreme Court (SCOTUS) tomorrow. However, as…

Consistent with our expectations, we view MDXG and CTEC.LN as most exposed to CMS’s finalized Physician Fee Schedule (PFS) policy to reduce skin substitute payments from current Average Sales Price (ASP) / invoice levels to…

CMS’s final CY26 Medicare Physician Fee Schedule (PFS), released late Friday, offered a split-screen picture for physicians, largely depending on whether they provide care in the office / freestanding center (positive) or in a facility…