Good morning, you're tuned in to Markets Desk.
Legend Biotech surged forty-two percent Tuesday after the company released positive preliminary phase one data for its lymphoma therapy LB twenty-five-oh-one. The treatment targets B-cell non-Hodgkin lymphoma, and early results were strong enough to move the stock dramatically in a single session — the kind of clinical read-out that reshapes a biotech's entire valuation narrative overnight.
Shifting to tech, Microsoft unveiled Majorana two, its next-generation topological quantum chip, with the company setting its sights on a scalable quantum computer by twenty-twenty-nine. The chip was developed with assistance from Microsoft's own agentic AI system, Microsoft Discovery, which signals the company is now using AI to accelerate the very hardware that could eventually surpass it.
That lands squarely alongside comments from Perplexity CEO Aravind Srinivas, who told CNBC the metric that will ultimately decide the AI race is value delivered per watt per user. It's an efficiency argument — not raw capability, not capital raised — and it reframes the competitive question away from model benchmarks toward something closer to unit economics at massive scale.
That's the tape. Markets Desk, signing off the floor.
