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The day in 6 cards

Labs lease chips, bots brew drugs, Fed waits, China chills, Norway frets. Oddballs win. Tap a card to see it full size, or a headline for the whole story.

  1. Explainer: great investors need luck and an odd temperament, as the $5.5bn 1992 bet on the pound shows.01Lucky, odd and rich
  2. Explainer: Norway's $2.3tn fund is reviewing its ethics rules; dropping four US tech giants would have cut returns by about a quarter.02Too big to blacklist?
  3. Explainer: Claude drafted about 35,000 antibody designs in a month, cut Enveda's review time by 89%, and helped a muscular dystrophy candidate reach mouse results in under 18 months.03Claude goes to the drug lab
  4. Explainer, "Buy compute for years. Sell it by the token.": in Ramaswamy's example a 30% revenue miss shrinks a $50 spread to $5; Anthropic's compute cost fell from 201% to 55% of sales, as cited in his thread.04Rent chips long, sell short
  5. Explainer: the Fed held rates; two officials wanted a hike and futures price about an 85% chance of a December rise.05The Fed pauses, for now
  6. Explainer: China's retail inflation was 0.9% in September 2026; housing is about 70% of household assets and exports rose 14.6%.06China's cold price puzzle

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