gm.
midweek catch-up. five things that moved since monday.
the 5
1. moderna's cancer vaccine just passed a huge trial.
on wednesday, moderna and merck announced positive results from a phase 3 trial (the final human trial before FDA approval) of their new cancer vaccine. the vaccine is designed for patients with melanoma (the most dangerous form of skin cancer). the trial showed that patients who got the vaccine along with keytruda (merck's existing cancer immunotherapy) were significantly less likely to have their cancer come back after surgery, compared to patients who got just keytruda.
why it's a big deal: this is the first time an mRNA cancer vaccine has ever passed a phase 3 trial. it uses the same core technology as the mRNA COVID vaccines, just retooled to train the immune system to attack cancer cells instead of viruses. important nuance: this isn't a cure for cancer. it's a shot given after cancer surgery to reduce the odds of the cancer coming back. moderna's stock more than doubled on the news, going from about $63 to $154. it's one of the most anticipated biotech results in years.
2. beijing's holding a robot olympics this weekend.
starting saturday and running through next tuesday, beijing is hosting the 2nd world humanoid robot games at the same ice skating rink that hosted the 2022 olympics. over 2,000 humanoid robots from 16 countries will compete in 51 events.
what's on the schedule: humanoid robots running track, playing football, doing gymnastics, weightlifting, martial arts, and street dance. also scenario-based competitions where robots have to do factory work, hotel service, home tasks, emergency response, and retail. participants doubled from last year's inaugural games. this is china's real-world showcase for humanoid robotics right after the FCC banned chinese humanoid robots in the US last month.
3. etched just doubled to a $21 billion valuation in one month.
on tuesday, AI chip startup etched closed a $700 million series D at $21 billion, led by jane street (the wall street trading firm). etched was valued at $10.3 billion in july, and just $5 billion in december.
interesting twist: jane street didn't just invest, they became etched's first customer. they installed one of etched's chips (called "sohu," designed specifically for AI inference) directly in their own data center. other backers include sequoia, a16z, kleiner perkins, peter thiel, tiger, and blackstone. investors are pouring money into AI chip startups that could compete with nvidia's dominance, and etched has become the highest-profile bet.
4. openai just launched chatgpt for teens.
on tuesday, openai rolled out a teen-only version of chatgpt for users aged 13-17. it includes age verification, parental controls, a "study mode" for step-by-step tutoring, break reminders every so often, and much stronger guardrails on self-harm, violence, and eating disorders.
the timing is not a coincidence. meta is currently on trial in oakland over the same issue (how its apps affect teens), and that case is seeking up to $1.4 trillion in damages. openai is clearly trying to move ahead of regulators and lawsuits by baking in the exact protections meta is being sued for missing. this is what a company looks like when it wants to avoid being the next meta.
5. the treasury just doubled its debt buybacks.
on wednesday, treasury secretary scott bessent announced that the US government will double the amount of its own bonds it buys back each month. quick refresher on what this means: the treasury regularly buys back its own older bonds from investors on the open market (kind of like when a company buys back its own stock). this puts a floor under bond prices, which pushes long-term interest rates DOWN.
why it matters: the last 30-year treasury bond auction hit yields not seen since 2001. that's a big deal because long-term treasury rates drive mortgage rates, car loans, and corporate borrowing costs. when treasury yields go up, everything gets more expensive to finance. the treasury is stepping in to stabilize the market. it's not the fed printing money, but it does the same thing (supporting bond prices) through a different mechanism. yields dropped and stocks jumped on the announcement.
see you monday.
not financial advice. aggregated community trends and commentary.