Legendary investor Peter Lynch built a reputation for routinely beating the market while overseeing Fidelity Magellan Fund in the 1980s. Decades later, he has some advice for the next generation of investors.
The artificial intelligence boom has dominated the market for the past three years, but Lynch, who averaged a 29.2% annual return in his 13 years at the helm of Magellan until 1990, has been happy to watch from the sidelines.
“I have zero AI stocks,” Lynch said on “The Compound and Friends” podcast with investor Josh Brown . “I literally couldn’t pronounce Nvidia until about eight months ago.”
Lynch, who famously claimed that at one time 1 out of every 100 Americans had a stake in Fidelity Magellan, on the podcast addressed his career, the lessons he’s learned along the way and, yes, today’s craze for everything tied to artificial intelligence. Here are five of the biggest takeaways:
Sitting out AI
Megacap tech stocks have skyrocketed since the introduction of ChatGPT in late 2022, leading many on Wall Street to question if the AI trade is reminiscent of the dot-com bubble in the late 1990s. Asked if investors have chased the AI trade too far, Lynch said he had “no idea.”
Lynch said he doesn’t understand technology enough to have an informed opinion on the market’s optimism toward AI.
“I’m the lowest tech guy ever,” he said. “I can’t do anything with computers. I just have yellow pads.”
Lynch declined to discuss his current portfolio or the stocks he likes at the moment, citing rules from Fidelity.
Why you don’t ‘play the market’
Lynch has long advocated that investors have a deep understanding of the companies they invest in. It’s a core tenet of his book “One Up on Wall Street.”
“I have this expression: ‘Know what you own,”’ Lynch said. “If you don’t understand what you own, you’re toast.”
Lynch said people will spend hours researching flights to ensure they get the best price. But when it comes to investing, he said “they’ll put $10,000 in some crazy stock they heard on the bus.”
He described the phrase “play the market” as “awful” and “dangerous.” Instead, Lynch said people should buy good companies and have an awareness of what they do.
Lynch said that the average variation in a typical New York Stock Exchange security in any given year is 100%, so investors need to know what to do when big moves happen.
Entering after the first inning
While the conventional wisdom is to buy stocks before they take off, Lynch cautioned against scorning all investment ideas just because a security has already rallied.
“Sometimes, you don’t have to be in the first inning,” Lynch said.
As an example, Lynch pointed to McDonald’s, which he was told long ago had already seen rapid domestic growth. The hamburger chain went on to see strong growth when it expanded internationally.
“People said ‘McDonald’s is done,’” Lynch said. “They just simply didn’t think it through.”
Investment advantages today
Today’s investors have “cushions” that didn’t exist before the Great Depression and the New Deal, according to Lynch.
Lynch named unemployment insurance, Social Security benefits and the creation of the Securities and Exchange Commission helping everyday people over time. He also highlighted the active role of the Federal Reserve in recent decades.
Investors today benefit from “so many things that are better,” Lynch said, noting more market and economic “buffers” than existed in the past.
Lynch said investors have frequently braced for an economic collapse on the order of the 1930s. But none of the market tests since then, even the Global Financial Crisis in 2008-2009, have had the same downward intensity.
“We had many opportunities to have a ‘big one,’” Lynch said. “We’ve had some probably bad presidents, some bad congresses, we’ve had bad economists, and we’ve made it through.”
Future of work
Lynch reassured workers who wonder if they will lose their jobs to AI.
In the early 1980s,about one million people worked for AT&T alone at a time when the entire labor force stood at about 100 million. Even as the telecom sector has grown, Lynch said the leading companies today employ about 400,000 workers.
Today, the U.S. workforce itself has swelled past 160 million jobs. Americans can probably count on expansion in some sectors to help offset elimination tied to technological advances or automation in others.
Lynch’s comments come as executives at companies ranging from Walmart to Accenture have warned that artificial intelligence will drastically reshape their workforces.
“It’s a great country. We’re creative,” Lynch said. “America creates, China duplicates, and Europe legislates.”
(Follow Josh Brown’s take on the best stocks in the market right now, including his investment outlook and where he sees opportunities next.)
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As the 2025 ESMO Congress in Berlin continues to inch closer, the excitement ahead of the meeting’s first sessions on October 17 continues to build. Late-breaking abstracts (LBAs) are again set to potentially impact clinical practice, and evolving thematic tracks will highlight the newest strategies for delivering precision, durability, and equity in gynecologic and gastrointestinal (GI) cancer management.
To tap into the perspectives of clinicians across settings, we are launching our latest round of community polls focused on the key abstracts, data, and topics in the gynecologic cancer and GI oncology spaces that will be shared during this year’s ESMO Congress. We invite medical, academic, and community oncologists to vote in four short polls—2 for gynecologic cancer and 2 for GI cancer. Voting is open now on X and LinkedIn through Thursday, October 9.
What Are the Top Abstracts to Watch in Gynecologic Cancer at the 2025 ESMO Congress?
The gynecologic oncology track at ESMO 2025 is poised to feature major updates across ovarian, endometrial, and cervical cancers. With novel combinations and maintenance strategies under study, this year’s abstracts may help redefine standards of care across multiple tumor types.
Poll 1 – Which gynecologic cancer abstract are you most anticipating at ESMO 2025?
Vote Now: X | LinkedIn
LBA40: WES-derived Aneuploidy score (W-AS) identifies MMRd patients with reduced benefit from immunotherapy in endometrial cancer. Multi-omic analysis of the phase III AtTEnd/ENGOT-EN7 trial
LBA44: Durvalumab + paclitaxel/carboplatin + bevacizumab followed by durvalumab, bevacizumab + olaparib maintenance in patients with newly diagnosed non-tBRCA-mutated advanced ovarian cancer: final overall survival from DUO-O/ENGOT-ov46/GOG-3025
LBA45: ROSELLA (GOG3073, ENGOTov72, APGOT-OV10): relacorilant + nab-paclitaxel in the subgroup of patients with platinum-resistant ovarian cancer (PROC) previously exposed to a PARP inhibitor
LBA38: Phase 3 study of camrelizumab plus famitinib versus platinum-based chemotherapy as first-line therapy for recurrent or metastatic cervical cancer
Poll 2 – Which gynecologic cancer subtype are you more interested in learning more about during ESMO 2025?
Vote Now: X | LinkedIn
Ovarian Cancer
Endometrial Cancer
Cervical Cancer
How Will GI Oncology Be Spotlighted at the 2025 ESMO Congress?
The GI oncology program remains one of the most comprehensive and fast-evolving areas at ESMO, spanning breakthroughs in colorectal, gastric, hepatobiliary, and pancreatic cancers.
Poll 3 – Which GI cancer abstracts are you most anticipating at ESMO 2025?
Vote Now: X | LinkedIn
LBA81: Final overall survival (OS) and the association of pathological outcomes with event-free survival (EFS) in MATTERHORN: A randomised, phase III study of durvalumab (D) plus 5-fluorouracil, leucovorin, oxaliplatin and docetaxel (FLOT) in resectable gastric / gastroesophageal junction (G / GEJ) adenocarcinoma
LBA79: Lenvatinib plus Pembrolizumab and Chemotherapy vs Pembrolizumab and Chemotherapy in Untreated Metastatic Esophageal Squamous Cell Carcinoma: The Randomized Phase 3 LEAP-014 Study
LBA33: Circulating Tumor (ct) DNA-Guided Anti-EGFR Rechallenge Strategy in Metastatic Colorectal Cancer (mCRC): Final results of the phase II randomized CITRIC trial
LBA32: Panitumumab retreatment followed by regorafenib versus the reverse sequence in chemorefractory metastatic colorectal cancer patients with RAS and BRAF wild-type circulating tumor DNA (ctDNA): Final results of the randomized PARERE trial by GONO
Poll 4 –Which GI cancer subtype is driving the most interest ahead of ESMO 2025?
Vote Now: X | LinkedIn
Gastric/GEJ
Pancreatic
CRC
HCC
Join the Conversation
These polls are designed to give the oncology community a voice in highlighting the most relevant and practice-shaping updates in gynecologic and GI cancer ahead of ESMO 2025. By voting, you’ll help reflect the priorities of clinicians across academic centers, community hospitals, and private practice settings.
The polls are now live on X and LinkedIn, and voting will remain open until Thursday, October 9. Join the discussion, share with colleagues, and check back at the end of the week to see which abstracts and themes your peers are most excited about.
(Bloomberg) — A rally in chipmakers sent stocks to all-time highs as Advanced Micro Devices Inc.’s deal with OpenAI added fuel to the artificial-intelligence frenzy that’s powered the bull market. Bonds fell. The dollar rose.
The renewed advance in equities drove the S&P 500 up for a seventh straight day – the longest winning run since May. AMD soared about 25%. While fellow chipmaker Nvidia Corp. dropped, a key gauge of semiconductors jumped 4%. Tesla Inc. led gains in megacaps as a series of social-media posts teased the unveiling of a product.
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Monday’s deal is the latest big-budget data center agreement this year. It follows last month’s announcement that Nvidia was planning to invest as much as $100 billion in OpenAI amid booming demand for tools like ChatGPT and the computing power needed to make them run.
“Semiconductors are on fire,” said Louis Navellier at Navellier & Associates. “The AI narrative continues to gain momentum.”
With animal spirits surrounding the AI phenomenon getting yet another boost, Matt Maley at Miller Tabak notes it’s no surprise that issues like the US government shutdown are being mostly ignored by traders.
The S&P 500 hovered near 6,750. President Donald Trump said 25% duties on medium- and heavy-duty trucks would begin Nov. 1, the latest expansion of his tariff regime aimed at protecting domestic industries.
Long-term Treasuries underperformed, joining a similar trend through much of Europe and Asia amid fiscal concerns. Gold neared $4,000-an-ounce. Bitcoin also hit a record. Oil gained as OPEC+ raised production by a modest amount.
For almost as long as the AI boom has been in full swing, there have been warnings of a speculative bubble that could rival the dot-com craze of the late 1990s that ended in a spectacular crash and a wave of bankruptcies.
There was some fear that an AI bubble had already popped in late January, when China’s DeepSeek upended the market with the release of a competitive AI model. But Silicon Valley remained largely undeterred. In the months that followed, tech companies redoubled their AI spending plans, and investors resumed cheering on these bets.
“When the tech bubble in the stock market inflated during 1999, we don’t recall as much chatter about a bubble as we are hearing today. From a contrarian perspective, it is comforting that there is a bubble in bubble fears,” said veteran Wall Street strategist Ed Yardeni.
The founder of Yardeni Research noted that the Google search index for “AI bubble” rose to 100 on Oct. 2 from zero in mid-September.
“We are counting on another better-than-expected earnings reporting season for Q3 over the next few weeks to support the stock market’s rally to record highs,” Yardeni said. “In addition, we expect that the AI and cloud companies won’t disappoint either.”
“Today’s lofty tech sector valuations differ in nature with the ‘irrational exuberance’ of the tech bubble of the 1990s and 2000s: capital expenditures have been funded out of free cash flows underpinned by high profitability,” said Naomi Fink at Amova Asset Management.
US companies are set to enjoy a better-than-expected earnings season as a robust economy and a solid outlook for AI have left estimates looking too low, according to Goldman Sachs Group Inc. strategists led by David Kostin.
They also expect the so-called Magnificent Seven group of technology heavyweights to beat expectations.
Morgan Stanley’s Michael Wilson is also among the more bullish forecasters on US earnings. The strategist said a potential return in inflation next year is poised to boost pricing power and corporate profits.
Solid earnings growth and extreme valuations are calling for further broadening of the global equity rally, Citigroup strategists led by Beata Manthey said.
“We’re in a self-fulfilling rally — earnings are strong and getting stronger, investors are shrugging off a lack of data, and even a government shutdown can’t shake their confidence,” said Mark Hackett at Nationwide. “And with half of the past decade’s returns typically coming in Q4, the main story right now is momentum.”
Bespoke Investment Group strategists noted that US investors will observe two notable milestones in coming days — Wednesday marks six months since the S&P 500’s hit this year’s lows, and Sunday is the three-year anniversary of the current bull market.
The gauge’s rolling six-month change crossed above 30% for the first time since Oct. 2, 2020, Bespoke said in a note that analyzed the 12 days since 1953 when that happened for the first time in at least a year.
“In terms of forward market performance following the 12 days, the S&P has definitely shown some weakness in the very near term, but going out three months to one year, returns are slightly better than normal,” the strategists said.
A multi-month winning streak in US stocks is poised to continue based on an equity indicator from Barclays Plc that correctly predicted September’s rally in the face of concern over seasonal weakness.
The Barclays Equity Timing Indicator, which analyzes 19 inputs like market internals, positioning and economic data to find inflection points in the market, implies an 82% chance that the S&P 500 will advance in the next two months, with an average gain of 4% during that time, based on data going back to 2015.
“Another round of above-consensus results and positive takeaways around a resilient consumer could give investors a confidence boost heading into year-end amidst government uncertainty and a shaky labor market,” said Bret Kenwell at eToro.
Deutsche Bank’s Parag Thatte wrote that aggregate equity positioning remains overweight but not stretched, although there are growing pockets of momentum chasing in large caps.
“We remain optimistic heading into the fourth quarter, particularly with macro tailwinds that are expected to lift the stock market. However, there are subtle signs of diverging momentum as we enter October that warrant vigilance, particularly with over-extended stocks that have risen substantially in recent weeks,” said Craig Johnson at Piper Sandler.
A brief consolidation or shallow pullback would be welcomed to set up better risk-reward opportunities, he said.
“As of now, the stock market is shrugging off the government shutdown, and is more focused on earnings optimism and the prospect of additional Federal Reserve rate cuts,” said Robert Edwards at Edwards Asset Management.
Corporate Highlights:
OpenAI is making it easier for ChatGPT users to connect with third-party apps within the chatbot to carry out tasks, the company’s latest bid to turn its flagship product into a key gateway for digital service Micron Technology Inc. climbed as Morgan Stanley upgraded the shares to overweight from equal-weight saying the chipmaker is headed for multiple quarters of double-digit price increases. Apple Inc. faces an investigation in France over the use of voice recordings made with its assistant Siri. The US Supreme Court declined a chance to open social media companies to lawsuits over content recommended by their algorithms, turning away an appeal that accused Meta Platforms Inc.’s Facebook of radicalizing a man who killed nine South Carolina churchgoers Boeing Co. is guiding suppliers that 737 Max output could reach a 42-jet monthly tempo as soon as this month, according to people familiar with its plans, highlighting growing optimism at the planemaker as it works to win approval for the move from US regulators. Fifth Third Bancorp agreed to buy Comerica Inc. for about $10.9 billion in stock, the largest US bank deal this year and a sign that the logjam blocking big mergers in the industry may have broken under the Trump administration’s deregulation efforts. Verizon Communications Inc. named Dan Schulman chief executive officer, replacing Hans Vestberg effective immediately. The US Supreme Court turned away an appeal by ticketing giant Live Nation Entertainment Inc. in a consumer antitrust suit, dealing a blow to the company’s effort to manage its antitrust woes by channeling cases into arbitration. Paramount Skydance Corp. officially announced that it’s acquiring the online news site the Free Press and putting founder Bari Weiss in the role of editor-in-chief of CBS News, a move likely to stir controversy inside and outside of the news organization. Tata Capital Ltd. started taking orders on Monday for an initial public offering that may raise as much as 155 billion rupees ($1.7 billion), India’s biggest listing this year, and putting the country’s hot IPO market on course for a record month. Nvidia Corp.’s major server production partner Hon Hai Precision Industry Co. reported 11% growth in quarterly sales, signaling healthy demand for the chips and servers needed to develop artificial intelligence. “AI-related equity baskets are up by double digits this year, with the rally expanding beyond the Magnificent Seven into other parts of tech like memory chips and storage shares. That raises the stakes for these companies to deliver on results to keep justifying these gains and sparks concern about how long the momentum can last.”
— Tatiana Darie, Macro Strategist, Markets Live. For the full analysis, click here.
Some of the main moves in markets:
Stocks
The S&P 500 rose 0.5% as of 2 p.m. New York time The Nasdaq 100 rose 1% The Dow Jones Industrial Average was little changed The MSCI World Index rose 0.4% Bloomberg Magnificent 7 Total Return Index rose 1.1% The Russell 2000 Index rose 0.9% Philadelphia Stock Exchange Semiconductor Index rose 4% AMD rose 26% Nvidia fell 1% Currencies
The Bloomberg Dollar Spot Index rose 0.3% The euro fell 0.3% to $1.1710 The British pound was little changed at $1.3484 The Japanese yen fell 1.9% to 150.21 per dollar Cryptocurrencies
Bitcoin rose 2.1% to $125,369 Ether rose 4.4% to $4,698.48 Bonds
The yield on 10-year Treasuries advanced four basis points to 4.16% Germany’s 10-year yield advanced two basis points to 2.72% Britain’s 10-year yield advanced five basis points to 4.74% The yield on 2-year Treasuries advanced two basis points to 3.59% The yield on 30-year Treasuries advanced four basis points to 4.75% Commodities
Data from the DENALI study (NCT03847896) show that both albuterol (Ventolin HFA; GSK) and budesonide (Pulmicort Flexhaler; AstraZeneca Pharmaceuticals LP) contribute to the lung function benefits of the albuterol-budesonide (Airsupra; AstraZeneca) combination in patients with mild-to-moderate asthma, meeting the FDA’s combination rule. The treatment was well-tolerated at regular, high daily doses for 12 weeks.1
Albuterol-budesonide is a first-in-class short-acting beta-agonist/inhaled corticosteroid rescue treatment approved by the FDA for the treatment or prevention of asthma-related symptoms and to prevent sudden severe breathing problems (eg, asthma attacks or exacerbations) in patients ages 18 years and older. The decision was based on outcomes from the phase 3 MANDALA (NCT03769090) and DENALI trials, where the fixed-dose combination comprised of albuterol and budesonide led to meaningful improvements in lung function.2,3
Researchers conducted DENALI, a phase 3, randomized, double-blind, multicenter trial to fulfill the requirements of the FDA combination rule (21 CFR 300.50), which requires evidence that each component of a combination product contributes to its efficacy. They posed the hypothesis that each of the monocomponents in the combination individually contributes to lung function efficacy in patients with mild-to-moderate asthma.4
DENALI took place across 126 sites in the United States, Europe, and South America between March 2019 and July 2021. The trial enrolled 1,001 patients ages 12 and older with mild-to-moderate asthma who were randomized 1:1:1:1:1 to 4-times-daily albuterol-budesonide 180/160 μg or 180/80 μg, albuterol 180 μg, budesonide 160 μg, or placebo for 12 weeks. The trial consisted of 3 parts: a 2- to 4-week run-in period, a 12-week randomized treatment period, and a 2-week safety follow-up.4
Over the 12-week treatment period, patients receiving albuterol-budesonide 180/160 μg experienced a significantly greater improvement in lung function, measured by change from baseline in FEV₁ AUC₀–₆h, compared with those receiving budesonide 160 μg alone (least-squares mean [LSM] difference, 80.7 mL; 95% CI, 28.4–132.9; P = .003).4
At week 12, trough FEV₁—a measure of sustained lung function between doses—was also higher in patients treated with albuterol-budesonide 180/160 μg and 180/80 μg compared with those receiving albuterol 180 μg alone (LSM differences of 132.8 mL [95% CI, 63.6–201.9] and 120.8 mL [95% CI, 51.5–190.1], respectively; both P < .001).4
On day 1, the time to onset and duration of bronchodilation with albuterol-budesonide were comparable to albuterol alone, indicating that the combination maintains the rapid relief expected from albuterol.4
The researchers reported a favorable safety profile. Adverse effects (AEs) were reported by 31% to 35% of patients across the treatment groups, the most common being nasopharyngitis and headache. Thirteen patients experienced serious AEs, with one considered treatment related (an asthma exacerbation in the albuterol-budesonide 180/80 μg group). There were no deaths in the trial and less than 2% of patients discontinued treatment due to AEs.4
Local AEs typically associated with inhaled corticosteroid use occurred in 2% of patients receiving budesonide-containing treatments. These events included dysphonia (reported in 2.0%, 0.5%, and 1.0% of patients in the albuterol-budesonide 180/160 μg, albuterol-budesonide 180/80 μg, and budesonide groups, respectively), oral candidiasis (0.5%, 0.5%, and 0%), and oropharyngeal candidiasis (1.0%, 0%, and 0%, respectively).4
“The DENALI trial met both dual-primary end points, demonstrating the contribution of both monocomponents to the lung function efficacy of albuterol-budesonide pMDI,” the authors wrote. “In addition, albuterol-budesonide demonstrated a similar rapid time to onset and duration of bronchodilation on day 1 to that of albuterol.”
REFERENCES
1. A study to assess the efficacy and safety of budesonide/albuterol metered dose inhaler (BDA MDI/PT027) used 4 times daily in adults and children 4 years of age or older with asthma (DENALI). Updated April 13, 2023. Accessed October 6, 2025. https://www.clinicaltrials.gov/study/NCT03847896
2. McGovern G. Albuterol/budesonide label updated to include clinically meaningful evidence from BATURA study. Pharmacy Times. October 1, 2025. Accessed October 6, 2025. https://www.pharmacytimes.com/view/albuterol-budesonide-label-updated-to-include-clinically-meaningful-evidence-from-batura-study
3. A study to assess the efficacy and safety of budesonide/albuterol metered-dose inhaler (BDA MDI/PT027) in adults and children 4 years of age or older with asthma (MANDALA). Updated September 28, 2022. Accessed October 6, 2025. https://clinicaltrials.gov/study/NCT03769090
4. Chipps B, Israel E, Beasley R, et al. Albuterol-Budesonide Pressurized Metered Dose Inhaler in Patients With Mild-to-Moderate Asthma. CHEST. March 29, 2023. doi: 10.1016/j.chest.2023.03.035
The director of the Center of Secure Artificial Intelligence for Healthcare at UTHealth Houston reviews computer slides in his office on June 5, 2024. (Kirk Sides/Houston Chronicle via Getty Images)
As the abilities of artificial intelligence (AI) tools advance rapidly, a growing share of Americans say they are using the technology in their jobs.
Today, 21% of U.S. workers say at least some of their work is done with AI, according to a Pew Research Center survey conducted in September. That share is up from 16% roughly a year ago.
Most American workers (65%) still say they don’t use AI much or at all in their job.
About this research
This Pew Research Center analysis looks at AI usage among U.S. workers.
Why did we do this?
Pew Research Center conducts high-quality research to inform the public, journalists and decision-makers. This analysis builds on a larger body of research on Americans’ work life and workers’ views and experience with AI.
Learn more about Pew Research Center and read our research on work and artificial intelligence.
How did we do this?
The analysis comes from a larger survey of a nationally representative sample of 8,750 U.S. adults conducted Sept. 2-8, 2025, using Pew Research Center’s American Trends Panel. This analysis included 5,010 U.S. workers who are employed part time or full time and who have only one job or have more than one but consider one of them to be their primary job.
Here are the questions used for this analysis, the topline and the survey methodology.
The small share of those who say all or most of their work is done with AI is unchanged from 2024 (2%). But the share who say some of their work is done with AI increased from 14% to 19%.
Meanwhile, the share of workers who say they have not heard or read about AI use in the workplace decreased from 17% to 12%.
Workers younger than 50 and workers with a bachelor’s degree or more education are among the most likely to use AI in their job. In fact, the increase in workplace AI usage over the past year is mostly driven by the latter group.
The share of workers with at least a bachelor’s degree who say at least some of their work is done with AI increased from 20% to 28%. This compares with a smaller (but statistically significant) increase from 13% to 16% among workers with some college or less education.
Among workers who don’t currently use AI at work (including those who haven’t heard of workplace AI use), 36% say that at least some of their work can be done with AI. This share is up from 31% in 2024.
Another 46% of these non-AI users say not much or none of their work can be done with AI, similar to the 45% who said this last year.
Related: How Americans View AI and Its Impact on People and Society
Note: Here are the questions used for this analysis, the topline and the survey methodology.
Inhalers are the frontline treatment for asthma and COPD, but they come with a steep environmental cost, according to a new UCLA Health study – the largest to date quantifying inhaler-related emissions in the United States.
Researchers found that inhalers have generated over 2 million metric tons of carbon emissions annually over the past decade, equivalent to the emissions of roughly 530,000 gas-powered cars on the road each year.
The study, published in JAMA, analyzed emissions from the three types of inhalers approved for asthma or COPD from 2014 to 2024. It found that metered-dose inhalers were the most harmful to the environment, accounting for 98 percent of emissions over the ten-year period. Metered-dose inhalers contain hydrofluoroalkane (HFA) propellants, which are potent greenhouse gases that were widely used in products such as aerosol sprays. The other types of inhalers, which include dry inhalers and soft powder mist inhalers, are less harmful to the environment as they deliver medication to the lungs without the need for propellants.
Inhalers add to the growing carbon footprint of the US healthcare system, putting many patients with chronic respiratory disease at risk. On the upside, there is tremendous opportunity to make changes that protect both patients and the planet by utilizing lower-emission alternatives.”
Dr. William Feldman, pulmonologist and health services researcher at the David Geffen School of Medicine at UCLA, and study’s lead author
Researchers conducted the study using a comprehensive U.S. database capturing inhaler prescriptions at the National Drug Code (NDC) level. Emissions were then estimated using validated academic studies and analyzed by drug type, device type, propellant type, therapeutic class, branded status, manufacturer, payer, and pharmacy benefit manager.
Researchers plan to expand their research to examine inhaler-related emissions in specific patient populations, such as the Medicaid population. They will also compare clinical outcomes between of lower- and higher-emission inhalers in the same therapeutic class and explore pricing and patenting strategies that pharmaceutical companies may use as they roll out lower-emission inhaler technologies.
“A key first step to driving change is understanding the true scale of the problem,” Feldman said. “From there, we can identify what’s fueling these emissions and develop targeted strategies to reduce them-benefiting both patients and the environment.”
Source:
University of California – Los Angeles Health Sciences
Journal reference:
Feldman, W. B., et al. (2025). Inhaler-Related Greenhouse Gas Emissions in the US. JAMA. doi.org/10.1001/jama.2025.16524
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
Do public-market investors have the inside scoop on private credit? That’s one interpretation of the mysterious underperformance of some listed purveyors of the hottest kind of lending. Shares in Blue Owl Capital, for example, have fallen 30 per cent so far this year, leading co-founder Doug Ostrover to ask conference attendees last month: “What am I missing?”
Certainly, the growth in earnings and assets under management suggests these companies’ stock should be faring better. Blue Owl, worth $25bn, trades at roughly 20 times forward earnings, not much given its profit is expected to grow about 20 per cent a year for the next three years, according to LSEG estimates. Ares, Blackstone, Apollo and KKR all trade at roughly 30 times forward earnings, but are significantly below where they started 2025.
One justification for fund managers’ nerves is the fact that Blue Owl, which manages almost $300bn, and its peers are engaged in something that is still quite new. Private loans to companies — the product that has partly replaced the leveraged loans and junk bonds that used to fund big private equity acquisitions — have only recently started to be doled out on a huge scale. When markets grow rapidly, there’s always a risk that underwriting standards might slip.
That fear may also explain the valuation of one of Blue Owl’s listed affiliates, Blue Owl Capital Corporation. This is a so-called business development company, which raises funds from public markets and then makes loans that the broader group underwrites for a fee. Shares in the BDC at present trade at a 15 per cent discount to their net asset value.
The failures of indebted, hitherto-unregarded companies such as First Brands and Tricolor have focused investors’ minds on potential signs of strain in credit market. One potential concern is the rate at which companies start paying interest not in cash, but in other IOUs, a feature known as payment in kind. In 2024, more than one-fifth of BDC interest income came in PIKs, according to Fitch Ratings.
Direct lenders such as Blue Owl say they are prepared for market stress. Even when companies get into trouble, their recorded loss rates are often minimal, owing to high levels of collateral or other structural protections that ensure they get paid back ahead of others.
It may simply be that investors aren’t giving Ostrover the benefit of the doubt because, in relative terms, he is the new kid on the block. Blue Owl was built from scratch over the past decade and has a wide range of private-market activities beyond edgy corporate lending.
Nonetheless, public-market investors are clearly uneasy. While credit markets are typically where early signs of trouble emerge, stockholders might be the ones holding the lantern for their fixed-income brethren.
Turner & Townsend and Hitachi Plant Services Win Major Project for Cellares’ first Asian cell therapy facility
Turner & Townsend and Hitachi Plant Services Co., Ltd. have been awarded the construction project for Cellares Japan’s new cell therapy manufacturing facility, its first in Asia. The facility, named Cellares Smart Factory – Asia, will be located within Mitsui Link Lab Kashiwanoha 2 and is scheduled to break ground in November 2025, with operations expected to begin in 2027.
Turner & Townsend will bring its expertise in construction and project management, while Hitachi Plant Services will contribute its advanced facility engineering and extensive experience. Together, they will build the infrastructure to support the operation of Cellares’ proprietary automated systems, Cell Shuttle and Cell Q, which streamline both the manufacturing and quality control of cell therapy products.
The facility will serve as a hub for developing and producing CAR-T cell therapies, a cutting-edge cancer treatment.
Cellares is a biotech company specializing in the commercial-scale production of next-generation cancer therapies, including CAR-T treatments, often referred to as “living drugs” of the 21st century.
The Cellares Smart Factory, Asia will leverage automation to increase the number of personalized doses produced for patients by tenfold, while cutting operational costs and cleanroom space requirements in half.
More than 30 Cell Shuttle units will be installed, enabling the facility to provide life-saving treatments to up to 75,000 patients annually.
Project Overview
Project Name: Cellares Smart Factory – Asia
Location: 6-6-1 and surrounding lots, Kashiwanoha, Kashiwa City, Chiba Prefecture
Facility Size: Approx. 16,000 square meters of total floor space; 4 stories above ground
Timeline: Construction begins November 2025, with operations scheduled to start in 2027
Key Facility Features:
Cell therapy manufacturing area
Quality control area
Supply management area
Administrative area
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Kajiura Hisanao, Managing Director, Japan at Turner & Townsend, said:
“As the first facility of its kind in Asia, the Cellares Smart Factory will enable life-saving treatments and we’re proud to play a role in making that difference.”
Our experience of working across major life sciences projects and programmes equips us with an in-depth understanding of this fast-paced sector’s unique requirements.
“We’re excited to collaborate closely with Cellares and Hitachi Plant Services, contributing our technology, expertise and data to support the successful delivery of this transformative project.”
The HIF-2α inhibitor casdatifan demonstrated positive efficacy in the treatment of patients with late-line metastatic clear cell renal cell carcinoma across all monotherapy cohorts in the phase 1/1b ARC-20 trial (NCT05536141), according to a press release from the developer, Arcus Biosciences.1
There were 4 monotherapy cohorts included in the trial (n = 121). Cohort 1: patients received 50 mg of casdatifan twice daily; cohort 2: patients received 50 mg once daily; cohort 3: patients received 100 mg via tablet once daily; and cohort 4: patients received 150 mg once daily.
As of the data cut-off of August 15, 2025, disease control, defined as either a partial response or stable disease, had been achieved by 81% of patients; 74% of patients with confirmed responses (n = 28/38) across all 4 cohorts remained on treatment.
With a median follow-up of 15.2 months in the pooled analysis of patients across all 4 cohorts, the median progression-free survival (PFS) was 12.2 months (95% CI, 9.4-20.6); the 12- and 18-month PFS rates were 50% (95% CI, 41%-59%) and 43% (95% CI, 33%-53%), respectively.
The confirmed overall response rate (ORR) was 31% (95% CI, 23%-40%). Complete responses (CRs) were observed in 1%, partial responses (PRs) in 31%, stable disease in 50%, and progressive disease in 19%. The ORR, including responses pending confirmation, was 33%, as 2 responses are pending confirmation in the 100 mg cohort. The disease control rate (DCR) was 81% (95% CI, 63%-88%). The median time to response was 2.8 months.
Additionally, in the 100 mg via tablet once daily cohort (n = 31), which was determined to be the phase 3 dose, the median follow-up was 12.4 months. The median PFS was not estimable (NE; 95% CI, 5.7-NE), with 12- and 18-month PFS rates of 60% (95% CI, 40%-75%) and NE, respectively.
The confirmed ORR was 35% (95% CI, 19%-55%), with CRs achieved by 0%, PRs achieved by 35%, stable disease achieved by 48%, and progressive disease observed in 16%.The ORR, including responses pending confirmation, was 42%, as 2 patients had unconfirmed responses. The DCR was 84% (95% CI, 66%-95%), and the median time to response was 2.6 months.
“In the 100 mg tablet cohort, our phase 3 dose and formulation, casdatifan showed a 35% confirmed ORR, with two additional responses pending confirmation, and [median] PFS had not been reached, even with a median follow-up of 1 year,” Richard Markus, MD, PhD, chief medical officer at Arcus Biosciences, said in the press release.1 “Even when we analyzed pooled data for the 121 patients treated with casdatifan monotherapy, casdatifan showed a confirmed ORR of 31% and a median PFS of 12.2 months, which is meaningfully longer than published data from studies with the only marketed HIF-2a inhibitor and for [tyrosine kinase inhibitors] alone in a similar patient population and setting.”
ARC-20 evaluated the safety, tolerability, and pharmacokinetic profile of casdatifan monotherapy and combination therapies in patients with clear cell renal cell carcinoma (RCC) and other solid tumors.
In the pooled analysis, 55% of patients had received at least 3 prior therapies, and 29% had received at least 4 prior lines of therapy; 71% of patients had an International Metastatic Renal Cell Carcinoma Database Consortium risk factor of intermediate or poor.
Eligible patients had at least 1 measurable lesion per RECIST and an ECOG performance status of 1 or less; in the dose escalation phase, patients had any pathologically confirmed solid tumor type where no other treatment options were available and a creatinine clearance of at least 40 mL/min.2
Exclusion criteria included use of any live vaccines against infectious diseases within 4 weeks of treatment initiation, history of trauma or major surgery within 28 days of initiation, and known psychiatric or substance abuse disorders that may interfere with cooperation with the trial requirements; in all expansion cohorts, prior treatment with any HIF-2α inhibitor was not permitted.
The primary end points of the trial were the number of patients with dose-limiting toxicities and adverse events (AEs). Secondary end points included the ORR per RECIST v1.1, the plasma concentration of casdatifan, the area under the plasma concentration time curve of casdatifan, and the maximum observed plasma concentration of casdatifan.
Regarding safety, in the pooled analysis (n = 127), any serious treatment-emergent AEs (TEAEs) were experienced by 31% of patients. Grade 3 or higher TEAEs related to casdatifan were anemia (41%) and hypoxia (11%). Treatment discontinuation occurred in 9% of patients, of which 1% and 3% were caused by anemia and hypoxia, respectively.
In the phase 3 dose cohort (n = 32), any serious TEAEs occurred in 31% of patients. Grade 3 or higher casdatifan-related TEAEs were anemia (25%) and hypoxia (9%); TEAEs led to treatment discontinuation in 9%, of which 0% and 3% were caused by anemia and hypoxia.
Previously, results from ARC-20, which showed that combining casdatifan with cabozantinib (Cabometyx) achieved meaningful clinical activity in patients with clear cell RCC, were shared at the 2025 Kidney Cancer Research Summit.3
References
Arcus Biosciences presents new data for its HIF-2a inhibitor casdatifan and discloses first inflammation programs at investor event. News release. Arcus Biosciences. October 6, 2025. Accessed October 6, 2025. https://tinyurl.com/y9ftysac
A phase 1 study of AB521 monotherapy and combination therapies in renal cell carcinoma and other solid tumors (ARC-20). ClincialTrials.gov. Updated September 29, 2025. Accessed October 6, 2025. https://tinyurl.com/mr3shb2r
Choueiri TK, Ornstein M, Barata P, et al. Combination casdatifan plus cabozantinib in previously treated patients with clear cell renal cell carcinoma: results from an expansion cohort of ARC-20 (NCT05536141). Presented at the 2025 Kidney Cancer Research Summit; July 17-18, 2025; Boston, MA.
Speech by Christine Lagarde, President of the ECB, at the Hearing of the Committee on Economic and Monetary Affairs of the European Parliament
Strasbourg, 6 October 2025
It is a pleasure to be with you again for our regular dialogue.
In recent months we have faced a period of heightened uncertainty. Yet, despite these challenges, the euro area economy has held up well.
This resilience is no coincidence. It reflects, in no small part, the strength of two achievements we sometimes take for granted: our Single Market and our single currency, the euro.
As a foundation for stability and a powerful symbol of European unity, both at home and abroad, the euro is one of Europe’s greatest assets.
But in today’s geoeconomic world, the likelihood of larger and more diverse economic shocks is expected to remain a constant feature of our environment. This prompts an important question: in this new global landscape, what role should the euro play on the world stage?
I will focus specifically on this question in my remarks today. However, let me first provide an overview of our assessment of the euro area economy and our monetary policy stance.
The outlook for the euro area
Over the first half of the year the economy grew by 0.7% in cumulative terms, thanks to resilient domestic demand. Stronger growth in the first quarter partly reflected frontloading of global trade ahead of expected tariff increases. Growth was lower in the second quarter as this effect reversed.
Sluggish export performance, driven by higher tariffs, a stronger euro and increased global competition, is expected to hold growth back for the remainder of the year. However, the effect these headwinds have on growth should fade next year. At the same time, survey indicators suggest that services continue to grow, signalling some positive underlying momentum in the economy.
Despite softening labour demand, the labour market remains a source of strength and is expected to support consumer spending. Consumer spending and investment should both benefit from our past interest rate cuts feeding through to financing conditions. Investment should also be underpinned by substantial government spending on infrastructure and defence.
As a result, ECB staff expect the economy to grow by 1.2% in 2025, by 1.0% in 2026 and by 1.3% in 2027.
Risks to economic growth have become more balanced as the likelihood of major tariff-related downside risks materialising has fallen, owing to the new trade deal. At the same time, risks remain that renewed trade tensions could further dampen exports, investment and consumption. By contrast, higher than expected defence and infrastructure spending and productivity-enhancing reforms would add to growth. Geopolitical tensions remain a major source of uncertainty.
Inflation remains close to our 2% target. According to Eurostat’s flash estimate, it edged up to 2.2% in September, from 2.0% in the previous three months, mainly due to higher energy inflation. Core inflation – excluding energy and food – remained at 2.3%. Indicators of underlying inflation remain consistent with our 2% medium-term target. Real wages have caught up with levels seen before the inflation surge. Nominal wage growth was 3.9% in the second quarter, down from 4.0% in the previous quarter and 4.8% in the second quarter of last year. Forward-looking indicators, including the ECB’s wage tracker, suggest that wage growth will moderate further and contribute to easing domestic price pressures.
The ECB staff projections see headline inflation averaging 2.1% in 2025, 1.7% in 2026 and 1.9% in 2027. Inflation excluding energy and food is expected to fall from 2.4% in 2025 to 1.9% in 2026 and 1.8% in 2027, owing to the stronger euro and declining labour cost pressures. Notably, the outlook for euro area inflation remains more uncertain than usual, with a still volatile global trade policy environment responsible for both upside and downside risks. At the same time, as new information has come in, the range of risks on both sides has narrowed.
The ECB’s monetary policy stance
With inflation currently at around 2% and expected to remain at around that level over the projection horizon, we can say that the disinflationary process is over. At its most recent meeting, the Governing Council therefore decided to keep its key interest rates unchanged.
We are determined to ensure that inflation stabilises at our 2% target in the medium term. We will continue to determine the appropriate monetary policy stance by following a data-dependent and meeting-by-meeting approach. In particular, we will base our interest rate decisions on our assessment of the inflation outlook and the risks surrounding it, in light of the incoming economic and financial data, as well as the dynamics of underlying inflation and the strength of monetary policy transmission. Therefore, we are not pre-committing to a particular rate path.
The international role of the euro
Let me now turn to the international role of the euro, your chosen topic for today’s hearing.
The international standing of currencies evolves slowly. For decades, the US dollar has been the dominant global currency, while the euro has firmly established itself as the second most used currency worldwide. This is evident in our latest report on the international role of the euro.[1]
However, the world is in transition. Geopolitical shifts and heightened policy uncertainty remind us that no currency’s global position is guaranteed. In this changing landscape, there is a unique opportunity to create conditions to strengthen the euro’s role on the global stage.
International currencies can appreciate in times of global stress as they attract safe haven inflows. Yet, there is no mechanical relationship between the global status of a currency and its exchange rate.
At the same time, raising the euro’s global standing would bring tangible benefits. For instance, greater use of the euro in trade invoicing would reduce transaction costs for exporters and shield prices in the euro area from exchange rate volatility. Moreover, increased foreign demand for euro-denominated assets would lower borrowing costs for households, businesses and governments – in the context of the United States, this is often referred to as the “exorbitant privilege”.[2]
We will not realise the full benefits of a stronger international role of the euro unless we adopt the right policies. To seize the benefits while avoiding the risks, Europe must do its homework and strengthen its foundations.[3]
First, from an economic standpoint, we need to create the conditions for sustainable growth and investment. Completing the Single Market remains essential to unlocking Europe’s full potential. At the same time, we must integrate and deepen our capital markets, taking concrete steps towards completing the savings and investments union, for which an ambitious timetable is critical. We look forward to the European Commission’s forthcoming initiatives in this regard, notably the Single Market roadmap and the proposal for strengthening capital market supervision. Moreover, additional steps like joint financing of public goods – such as defence – would help establish a safe and liquid pool of EU public debt. One year on from the publication of Mario Draghi’s report on the future of European competitiveness, the time has come to put words into action.
Second, on an institutional level, we must safeguard investors’ trust in the institutions and policies that underpin our currency, including by upholding the rule of law and defending central bank independence.
Third, from a geopolitical perspective, we must maintain our commitment to open trade and strike new agreements with global partners. At the same time, Europe must invest in its security to navigate an increasingly uncertain world.
These responsibilities rest, first and foremost, with governments and legislators. The ECB’s role is to safeguard price stability, ensure financial stability and improve the financial and payments infrastructure that supports the euro. We are committed to continue supporting an environment in which the euro can thrive.
For example, by extending swap and repo lines to key partners, we safeguard against euro liquidity shortages abroad disrupting the smooth transmission of our monetary policy – which in turn encourages those partners to transact more in euro. Moreover, our work on settling transactions in central bank money using distributed ledger technology supports the development of Europe’s digital capital markets, while aiming to enhance wholesale payment systems.[4] Likewise, we are working on a digital euro and pursuing initiatives to enhance cross-border payments in euro, which could potentially facilitate international cross-border transactions in the future.
Conclusion
Let me conclude.
The euro was born out of a vision of a stronger and more united Europe. Today, that vision must adapt to meet the challenges posed by profound geopolitical shifts and to seize the opportunities offered by digital transformation.
The euro can be more than the currency of a continent and a symbol of unity – it can become a global anchor of trust. But vision alone is not enough. Europe needs bold reforms to turn this vision into reality. Now is no longer the time to just discuss reforms; now is the time to implement them.
Together, let us move forward with determination to deliver the Europe our citizens deserve and to strengthen the euro for the future.
