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…

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…

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…

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…

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…

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),…

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…

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…

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…

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…

Recent federal nursing home policy developments underscore divergent approaches by the Trump administration and congressional Democrats to staffing, quality and industry oversight. Collectively, we see greater political and oversight risk than meaningful federal legislative risk…

In our final note ahead of tomorrow’s midterm elections, we believe it is essentially a fait accompli that Democrats will retake the House. We expect Democrats to pick up 15 to 20 seats, giving them…

We view today’s federal court ruling broadening medical frailty exemptions from the Medicaid expansion work and community engagement requirements as incrementally favorable for Medicaid insurers [CNC, MOH, ELV] and acute care and behavioral hospitals [HCA,…

Utah’s decision yesterday to file criminal charges against Kalshi and its founders marks the latest escalation in the battle over prediction markets and could help accelerate a likely U.S. Supreme Court review of the dispute….

At first glance, CMS’s final CY27 Medicare end-stage renal disease (ESRD) payment rule, released late Wednesday, seems more favorable than expected for dialysis centers [DVA, FRE.DE, private Innovative Renal and American Renal]. CMS projected a…