In today's big story, we're looking at pharma companies' surging stocks and threatening tech darlings thanks to their weight-loss drugs.
And it comes despite only 1% of US adults taking weight-loss drugs, according to Bank of America , which predicts that number could rise to 15% by 2035.
Weight-loss drugs are also cutting more than just fat.
For Wall Street, meanwhile, the equation is much simpler: Getting more people on weight-loss drugs boosts the economy.
The trend, which will be powered by cash-rich mega-cap tech companies, is thanks to strong earnings growth, the bank said.
Persons:
—, Joe Biden, Donald Trump —, Trump, Zhan, Eli Lilly, Tesla, Hannah Latham, Octavio Jones, Christian Rodriguez, Laura MacPherson, Jenny Chang, Rodriguez, they're, Goldman Sachs, Biden, Barry Sternlicht, Fernando Gutierrez, It's, Elon Musk, TikTok, Pete Ryan, RJ Scaringe, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, George Glover
Organizations:
Service, pharma, Business, Tesla, Microsoft, JPMorgan, Pfizer, Novo Nordisk, Bank of America, Nvidia, Companies, Fed, Infrastructure Investment, Alpha, Commission, Elon, EV, Nike, Congress, White, Meta, SXSW
Locations:
China, US, New York, London