Welcome to Markets Desk, your midday read on what's moving markets and money.
Novo Nordisk is back in the headlines after a bruising capital markets day left investors cold on the Danish pharma giant's pipeline. The company struck back fast, inking a licensing deal worth over one billion dollars with a Swedish partner, sending that firm's shares sharply higher and signaling Novo is still hunting for growth beyond its blockbuster weight loss franchise.
Shifting to the AI trade, Michael Burry has placed notable short positions against Nvidia, but analysts are pushing back hard on his thesis, calling the underlying logic thin. Meanwhile a new study from Product dot ai found that major large language models struggled badly when tasked with online shopping, delivering wrong prices and missing current product models, a reminder that AI capability still has meaningful gaps in real-world consumer applications.
And David Rubenstein, the Carlyle Group co-founder, is out with a new book and talking candidly about paying one point seven billion dollars for the Baltimore Orioles. He's also warning investors not to panic-sell during downturns, calling it one of the costliest mistakes anyone in markets can make, a lesson as relevant today as ever.
That's the tape. Markets Desk, signing off the floor.
