Quite a coincidence that crypto involvement by shady groups should emerge on the eve of the Clarity act. Supposedly somewhere in the mountains...

Did you say "friendly service"? 🤔

While walking to work, I just had a chat with ChatGPT to make sure I understood what the claimed singular solution to Navier-Stokes would mean *physically.* Here's a tweet thread it generated for me. Hope you find it helpful. (I rewrote it a bit to clarify what's surprising.)

It’s been a while since I wrote about Caris Life Sciences (NASDAQ: CAI). In fact, it has been relatively quiet for a while. Beyond the earnings reports and scientific publications, we haven’t seen much new news flow around additional AI biomarker signatures, and we certainly haven’t seen the kind of new pharma partnerships that I had hoped might emerge from Caris’s extraordinary database. That is worth pointing out. On the other hand, the core business continues to execute extremely well. Q2 revenue grew 45%, CGP penetration continues to increase, margins are expanding, and management raised 2026 revenue guidance to $1.03–1.04 billion. The stock has responded accordingly. (Caris Life Sciences, Inc.) There are several smaller catalysts ahead. Caris is building the commercial infrastructure around MI Clarity and ChromoSeq, with ChromoSeq having the advantage of reimbursement already in place. Assure is awaiting New York State approval and is expected to be Caris’s next FDA submission. MRD should become increasingly relevant toward year-end and into 2027, particularly as reimbursement develops. An improvement in PAMA reimbursement rates could provide another earnings catalyst. I’m also still waiting for a meaningful update on ACHIEVE-2, which we did not get on the last call. Meanwhile, GRAIL is moving through the FDA process, with its Galleri advisory committee scheduled for September 23. The competitive and regulatory landscape in MCED is moving quickly. But to me, all of these remain secondary. Detect is the big one. What has impressed me recently is how much more polished and serious the Detect effort has become. The website, messaging and overall presentation increasingly look like those of a company preparing to market a major consumer healthcare product—not simply launch another laboratory test. Caris officially launched Detect on July 1. (Caris Life Sciences) The question now is whether the commercial rollout can match the ambition. David Halbert said Caris is expanding capacity from roughly $1 billion to $3 billion of annual Detect revenue capability and still worries that demand could exceed capacity. That is a very big statement. Now we need to see the action behind it. The recent Moderna/Merck personalized-cancer-vaccine news also reminded the market that Caris has had a multi-year strategic relationship with Moderna since 2023. I wouldn’t attach major financial value to that relationship yet, but the direction of personalized oncology clearly plays directly into Caris’s strengths. (Caris Life Sciences) So after a relatively quiet period, my view remains fairly simple: CGP is executing. Clarity, ChromoSeq, Assure, MRD and reimbursement are incremental catalysts. New signatures and pharma partnerships would be very welcome. But the next major leg for Caris is Detect. The infrastructure is being built. The presentation is becoming increasingly professional. The science has created the opportunity. Now we wait to see whether Caris can create the demand.

Psilocybin is already being studied to treat mental health conditions such as anxiety, addiction and PTSD. But can it also prevent nerve pain? A new study offers a tantalizing clue. spklr.io/6017ErWg7

And $CAI ? wsj.com/health/pharma/the-ca…

We are on the cusp of a wave of new therapies for some of the worst diseases. But the world won’t benefit unless the US fixes its drug regulatory system. My new essay for @nytimes, on how slow clinical trials are now the biggest obstacle to curing cancer. nytimes.com/2026/09/04/opini… - I interviewed dozens of researchers, especially oncologists at leading U.S. centers. A striking consensus emerged: science is no longer the main bottleneck to new cancer drugs. It is our ability to test discoveries in patients through clinical trials. - The cost of starting a Phase 1 trial in America has roughly doubled over the past decade. As a result, companies increasingly take early trials abroad: Australia’s Phase 1 trial volume has nearly doubled in a decade, driven mainly by U.S. companies. - Unfortunately, the underlying incentives are badly asymmetric: Institutions can be blamed for harms caused by moving too fast, but almost no one is blamed when patients deteriorate during avoidable delays. One doctor called the emerging system “ritualized safety over actual risk assessment.” Or as, @DavidHongMD put it: "We often forget that the biggest risk is the cancer itself." - This problem is becoming more urgent because medicine itself is changing. Sequencing, biological engineering and A.I. make increasingly personalized therapies possible. But our regulatory system was mostly built for standardized drugs tested in large populations. - @sytse, the co-founder of GitLab, shows what personalized medicine can achieve: after relapsed osteosarcoma and being told there were no options left, he pursued a highly individualized approach and has now been cancer-free for a year. But doing so required extraordinary resources and regulatory expertise. - Pierce Ogden’s father was less lucky. After molecular analysis identified a drug that might target his glioblastoma, the manufacturer agreed to provide it. But administrative barriers delayed access until it was too late. “My dad was ready to try anything,” Pierce told me. “But the system is paternalistic.” - The A.I. revolution is making this bottleneck more important, not less. A.I. relies on relevant data. Information from early-stage trials could compound with A.I. tools to achieve truly revolutionary medicines. Without the data, this is far less likely to happen. - Another important shift is that innovation increasingly comes from academic labs and small biotech companies rather than Big Pharma. These small companies find it far harder to unable to absorb delays and regulatory barriers. - Apart from cancer, China is the biggest winner from America's outdated medical regulations. China has a much faster trial system, with testing often starting a full year earlier. This allows Chinese pharmaceutical companies to experiment and improve medicines while American companies play with mice. Today, half of all drugs licensed by major pharmaceutical companies originate there, up from less than 5 percent only a decade ago. - But we don't need to copy China. The best model is Australia: lots of on-site scientific and ethics reviews, and requirements that are proportionate to small, early-stage trials. Phase 1 studies there begin roughly 6–12 months faster, without any notable increases in adverse safety events. - Operation TrialBlazer, a 2026 HHS initiative is a good start in this direction, but we need legislative action by Congress to truly make Phase I trials faster and more efficient! I want to thank everyone who helped me with this article: everyone I interviewed and the amazing editors at the Times. This is the result of a months long journey of extensive interviews and research. Special thanks go to those who came on the record. One of the features of the system is an atmosphere of fear, where practitioners are afraid to publicly come out and explain these issues. So anyone who does is a hero in my book!

Making the case for data centers. $IREN $CIFR $WULF wsj.com/opinion/data-center-…

Stablecoins -> instrument 100% reserved by liquid assets (ie. treasuries) v.s. Tokenized bank deposits -> pinky swear uninsured bank deposits (usually only 10% reserved by liquid assets). BIS is rightfully worried about the fact that stablecoins are exposing the emperor without clothes. - Why someone should choose to put his savings into a fractional reserve product while stablecoins are fully reserved? - What happens to financial system if people start realizing that stablecoins are safer and move their savings into the better asset class? We're in the Find Out phase.

Serious question—and I’m genuinely not trying to be a wise-ass: why does ethereum:native trade at roughly 10x the market cap of hyperliquid:native? Is it primarily growth expectations, name recognition, decentralization, ecosystem breadth—or something else I’m missing?

Call it the backlash to the backlash—Unions and building trades say they will oppose candidates attacking data centers, putting Democrats and other long-term allies in a pickle. W/ @lindsayaellis: wsj.com/economy/jobs/blue-co…

$MRK #Keytruda + $MRNA mRNA vaccine might want to add #soquelitinib as key adjuvant ⤵️ $CRVS and ITK inhibition may play key role enhancing cancer vaccines. Corvus has already explicitly contemplated an mRNA cancer-antigen vaccine combination with soquelitinib with patent pending. $CRVS Corvus patent explicitly discloses soquelitinib used with mRNA cancer vaccines and explicitly claims vaccine embodiments covering melanoma-associated antigens in its WO2025085889A1 patent, in the section specifically describing soquelitinib/ITK inhibition with cancer antigens, Corvus writes the sequence: cancer antigen → nucleic acid → RNA → mRNA Claim 16 specifically describes treatment/prevention of cancer with an ITK inhibitor such as soquelitinib plus a cancer antigen. Later patent repeats the same concept for an actual cancer vaccine: ITK inhibitor + vaccine comprising a cancer antigen, with soquelitinib specifically identified as the ITK inhibitor, and then: Further the patent then goes further on route of administration. It specifically says the ITK inhibitor is administered orally while the vaccine may be administered parenterally, including by intramuscular, subcutaneous, or intradermal injection. Further the patent expressly contemplates: SQL before vaccine SQL after vaccine SQL concomitantly with vaccine and specifically describes ITK inhibitor administration before the cancer antigen, after it, or concomitantly. oral ITK inhibitor + parenterally injected cancer antigen, which is almost exactly the practical setup of oral soquelitinib plus an injected mRNA cancer vaccine.

Gov. Shapiro Signs Executive Order Requiring A.I. Data Center Developers To Sign Consent Order Binding Them To Comply With GRID Principals, Including Clean Energy; DEP Will Not Review Permits Until Communities Give Their Approval  [PaEN]  tinyurl.com/bd4eh6nn

World’s Largest Companies Over 75 Years (1950–2026) 💸

Absolutely incredible… University of California professors are now asking the school to reinstate the SAT for admissions because their new students are unable to do high school-level work. They stopped using standardized tests for admissions in 2020 to promote "equity".

$Repl WSJ Editorial July 31 2026 wsj.com/opinion/fda-committe…

$REPL WSJ Editorial April 21 2026 wsj.com/opinion/fda-rp1-repl…