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July 15, 2026

From Abyss To Asteroid Belt: The New Resource Rush That Might Actually Deserve Your Risk Budget -( $TMC )

Wall Street is quietly opening a new frontier: a modern-day resource rush that stretches from the abyssal plains of the Pacific to the rubble piles of the asteroid belt—and, for investors, the real story is that both are starting to look less like science fiction and more like the next chapter of capital formation.

The New Resource Rush: From Abyss To Asteroids

It began, improbably enough, with a giant vacuum cleaner and a shoebox-sized spacecraft. In October 2022, The Metals Company (TMC) sent a four‑kilometer riser pipe down into the Clarion‑Clipperton Zone, a remote swath of the Pacific that quietly holds an estimated 21 billion tons of polymetallic nodules—rocks rich in nickel, cobalt and copper, the metals underwriting the EV and battery boom. On the other side of the risk curve, AstroForge strapped its tiny Odin spacecraft onto a Falcon 9 and aimed it at a suspected metallic asteroid, chasing platinum‑group metals in concentrations that could make South African ore grades look quaint. One test succeeded, one went silent and drifted off into the void—but for investors, both sent the same signal: the race to mine the last untouched places has begun, and the capex has finally caught up with the ambition.

Deep Sea: The Vacuum-Cleaner Trade

The deep‑sea story has all the makings of a classic Wall Street narrative: a forgotten 1970s technology, a regulatory bottleneck and a commodity backdrop that suddenly makes dusty feasibility studies look very interesting. Polymetallic nodules in the Clarion‑Clipperton Zone contain enough cobalt that total reserves are estimated at more than three times known terrestrial deposits, alongside meaningful nickel and copper content that tilts neatly into the EV, grid and storage build‑out. The process is almost audaciously simple: TMC’s collector vehicle scrapes nodules and the top few centimeters of sediment, separates most of the silt on the seabed, then air‑lifts the payload through a 4‑kilometer pipe to a surface vessel where the remaining sediment is returned mid‑water and the nodules head for refining. Economically, internal project analysis points to returns on the order of 28%, roughly in line with offshore oil and gas—a benchmark that makes deep‑sea mining look less like an exotic experiment and more like another line item in a resource allocator’s model. That’s one reason economists like Ian Lange note that, for a capital stack already comfortable with rigs and FPSOs, a nodule riser system is more evolutionary than revolutionary. The catch, of course, is that the abyss is not empty. Pre‑trial sampling in the Clarion‑Clipperton Zone catalogued 788 species of macrofauna living in the sediment, and follow‑up work after TMC’s 2022 test recorded a 37% drop in macrofaunal biodiversity in the mined area. A separate site disturbed in 1979 still shows essentially unrecovered damage more than four decades later, underscoring that in the deep sea, ecological half‑lives are measured in generations, not quarters. Yet deep‑sea advocates point out what isn’t there: no displaced villages, no tailings dams above communities, no immediate human footprint. As Saleem Ali notes, the direct social impacts that haunt terrestrial mining—from forced resettlement to catastrophic tailings failures—are absent four kilometers below the waves. It’s the rare project where the environmental risk is high, but the social license question is strangely quiet.

Deep Space: Platinum In Zero Gravity

If the deep sea is a story of pragmatic engineering, deep space is unabashedly aspirational. It’s also where the math gets interesting enough to keep serious money awake at night. Metallic, or M‑type, asteroids are essentially exposed planetary cores—nickel‑iron bodies that, in theory, host platinum‑group metals in concentrations 10 to 50 times higher than the richest terrestrial ore. Today, global platinum production relies heavily on South African mines where ore yields just 2–6 grams of platinum per ton, at a carbon cost approaching 40,000 kilograms of CO₂ per kilogram of platinum produced. Modelled asteroid mining scenarios, by contrast, suggest that CO₂ intensity could fall to roughly 150 kilograms per kilogram of platinum, with most of that footprint coming from launch emissions. For a planet that is trying to decarbonize while simultaneously ramping up demand for fuel cells, catalysts and advanced electronics, that is not just a marginal gain; it is a potential restructuring of the cost curve. AstroForge’s thesis is straightforward: use magnetic feet to anchor to nickel‑iron asteroids, apply laser‑based techniques to melt the surface, refine on‑site to strip out iron and nickel, and return only the concentrated platinum‑group metals to Earth. The Odin mission’s loss is a reminder that the operational path is anything but linear. NASA’s OSIRIS‑REx found Bennu to be essentially a self‑gravitating rubble pile that swallowed its sampling arm far more deeply than expected, illustrating the challenge of landing and operating on small bodies with minimal gravity and highly variable composition. NASA’s Psyche mission, currently en route to an M‑type asteroid, aims to provide the kind of imaging and compositional data that could de‑risk target selection and help mature business plans that, today, still rely on educated guesswork. Perhaps the most investor‑friendly sound bite came from AstroForge’s CEO, Matt Gialich: “I can pollute the sh** out of an asteroid. Nobody cares.” Crude? Certainly. But in a world where ESG screens dominate capital flows, the idea of shifting extraction externalities to lifeless rocks in a belt of 10 million bodies has a certain dark, pragmatic charm.

Law, Licenses And The New Commons

As is often the case, the bottleneck is not physics but paperwork. The deep‑sea floor beyond national jurisdiction is governed by the International Seabed Authority (ISA), operating under a regime that designates seabed resources as the “common heritage of humankind” and mandates “equitable” distribution of benefits, including to landlocked states. The ISA has yet to finalize the mining code that would formally open commercial operations, and mounting environmental concerns have prompted more than 40 countries to call for a pause while scientific understanding catches up. Faced with regulatory drift, the U.S.—not a member of the ISA—implemented its own licensing system for seabed mining in January, creating a parallel pathway that TMC believes could yield a permit as early as 2027. For investors, that split hints at jurisdictional arbitrage and the possibility that legal frameworks for seabed extraction may fragment along familiar lines of national interest and regulatory philosophy. Outer space, interestingly, sits on a similar philosophical foundation. The 1967 Outer Space Treaty bars sovereign claims on celestial bodies but permits resource use “for all mankind,” language that rhymes with the ISA’s heritage doctrine. In practice, the vacuum is being filled by domestic legislation: the U.S., Luxembourg and the United Arab Emirates have all passed laws granting private entities rights over resources they extract in space. The result is a new kind of commons where resources are universal, but licenses are local. For capital markets, that means diligence will increasingly include not just ore grades and capex schedules, but treaty interpretations and the relative enforceability of, say, a Luxembourg mining title versus an ISA contract.

Recycling: The Unsexy Benchmark

There is, inconveniently, a third resource frontier: the junk drawer. One study estimates that unrecycled e‑waste contains a comparable amount of cobalt and nickel—and substantially more copper—than the deep‑sea nodules that are driving the current excitement. In a sense, the planet has already mined the metals; they’re just sitting in retired smartphones, obsolete servers and forgotten EV packs, waiting for an economics and policy framework that makes systematic recovery compelling. For investors, recycling is less cinematic than rockets and remote‑operated collectors. It is also nearer‑term, lower‑risk and supported by existing supply chains. In that light, deep sea and deep space may not be competitors to recycling so much as the outer tranches of a resource stack: the places we go only after we have made serious inroads into the metals we’ve already extracted once.

Capital Flows: Who Gets Funded First?

The portfolio question is not whether humanity will eventually tap these frontiers; it is when, and under which capital structures. Deep‑sea mining’s appeal lies in its familiarity. The engineering is an extension of offshore oil and gas; the returns look comparable; the timelines are measured in years, not decades. TMC and similar players can show working hardware, historical test campaigns and a path—however contested—through regulatory review. For risk‑tolerant infrastructure and resource funds, this is starting to look like a speculative but tangible line of exposure, particularly if EV adoption and grid build‑out keep pressure on nickel and cobalt markets. Asteroid mining, by contrast, remains at the venture frontier. The upside is enormous: a single M‑type asteroid could theoretically cover centuries of platinum demand, flattening price volatility and changing geopolitical dependencies. The downside is equally stark: missions can fail, payloads can be lost, and current legal frameworks, while improving, are still more precedent than practice. Investors stepping into AstroForge‑style ventures are buying a real option on a resource base that is almost limitless—but also almost totally unproven. For now, the path of least resistance is clear. We are likely to see deep‑sea projects reach commercial status first, with TMC and peers testing both the regulatory waters and public tolerance for seabed disturbance. Asteroid mining is more likely to ride alongside the broader space economy—piggybacking on launch cost deflation, in‑space manufacturing advances and the data stream from NASA missions like Psyche—before it becomes a mainstream allocation in resource portfolios. In the meantime, recycling quietly improves its economics, and the “forgotten metals” in retired devices grow more valuable with every incremental EV sale and battery deployment.

Investor Magnetism: How To Play The Frontier

For investors, this emerging landscape offers several potential angles:

  • Exposure to deep‑sea operators like The Metals Company (TMC), which are building the first generation of commercial seabed mining systems and operating at the intersection of resource scarcity, technology and regulation.
  • Venture or private‑market positions in space‑resource start‑ups such as AstroForge, where the thesis is less about near‑term revenue and more about securing an early stake in a potential future reshaping of the platinum‑group metals supply chain..
  • Allocations to companies in advanced recycling and e‑waste processing, which stand to benefit even if deep‑sea and deep‑space operations stall or proceed more slowly than enthusiasts hope.
  • Participation in enabling infrastructure—launch providers, robotics, sensing and autonomous systems—that will be necessary whether extraction happens four kilometers below sea level or hundreds of millions of kilometers away.

Wall Street has seen resource booms before—from Klondike gold to shale and rare earths. The difference this time is not that the frontier moved; it’s that it split, simultaneously, up and down. Investors now have to decide where they are most comfortable putting their capital: into a vacuum cleaner that crawls across the ocean floor, into a magnet‑footed robot gambling on rubble piles in microgravity, or into the decidedly unromantic business of turning yesterday’s gadgets into tomorrow’s gigafactory feedstock. Which risk frontier are you most interested in capturing first: the near‑term economics of deep‑sea mining stocks like TMC, or the longer‑dated optionality of ventures such as AstroForge in the asteroid belt?

Learn More Now

The Sources

  1. International Seabed Authority – Deep Seabed Mining
    https://www.isa.org.jm
  2. The Metals Company (TMC) – Corporate Overview And Nodule Resource Information
    https://metals.co
  3. United Nations – United Nations Convention on the Law of the Sea (UNCLOS)
    https://www.un.org/depts/los
  4. United Nations – International Seabed Authority Mining Code Materials
    https://www.isa.org.jm/mining-code
  5. NASA – OSIRIS‑REx Mission To Asteroid Bennu
    https://www.nasa.gov/osiris-rex
  6. NASA – Psyche Mission To A Metallic Asteroid
    https://psyche.asu.edu
  7. AstroForge – Asteroid Mining Mission And Odin Spacecraft
    https://www.astroforge.io
  8. U.S. Department Of State – Outer Space Treaty Of 1967
    https://www.state.gov/outer-space-treaty
  9. Academic And Policy Research On Deep‑Sea Biodiversity And Mining Impacts (Example Repository)
    https://www.sciencedirect.com/search?qs=deep%20sea%20mining%20biodiversity
  10. E‑Waste And Metal Content Studies (General Search Hub)
    https://scholar.google.com/scholar?q=e-waste+metal+content+cobalt+nickel+copper

July 15, 2026

Fusion’s Big Bet: Inside the $22 Billion “Artificial Sun” That Wants To Rewrite the Energy Playbook

Wall Street has seen its share of big bets, but few are as audacious—or as delightfully bureaucratic—as ITER, the sprawling fusion experiment rising in the south of France. This public‑sector “artificial sun” carries a price tag north of €22 billion, a construction schedule stretched by years of delays, and a governance model that looks suspiciously like the United Nations tried to build a power plant. The pitch is disarmingly simple: if the sun can run on fusion for billions of years, surely humanity can borrow the playbook for a few megawatts. The execution is anything but simple. ITER aims to confine plasma at roughly 150 million degrees Celsius—about ten times hotter than the core of the real sun—while superconducting magnets a few meters away are chilled to just above absolute zero. That’s not a physics experiment so much as an ongoing dare to thermodynamics.

Magnets, Plasma, And A Very Nervous Heat Shield

At the heart of ITER sits a tokamak, a doughnut‑shaped vacuum vessel designed to corral plasma, the “fourth state of matter” that behaves like an unruly hedge fund: everyone’s charged, nobody respects boundaries, and the whole thing must be contained with strong fields before it blows up the model. The containment comes from what is set to become the world’s largest central solenoid magnet—a five‑story structure weighing around 1,000 tons—surrounded by D‑shaped and circular magnets sourced from the U.S., Italy, Japan, Russia, China, and Europe. Each component must align with millimetric precision, because the plasma particles are less forgiving than bond traders on a bad CPI print. The magnets run at cryogenic temperatures, the plasma at “please don’t drop anything, the machine won’t work” levels, separated only by a thin heat shield that already forced engineers to rip out and refabricate about 20 kilometers of piping after leaks were found in testing.

Burning Plasma: The Holy Grail (No Dividend Yet)

The scientific and economic prize is a “burning plasma”—a self‑heated fusion state where the reaction feeds itself, like a well‑chosen compounder in your portfolio. Getting there requires heating a mix of deuterium and tritium, isotopes of hydrogen with one and two neutrons, to fusion conditions inside the tokamak. The reaction produces helium and a swarm of high‑energy neutrons that don’t care about magnets and slam into the reactor walls, demanding materials that can shrug off constant nuclear abuse with the stoicism of a long‑only manager in a bear market. Deuterium is abundant in seawater; tritium is decidedly not. ITER therefore plans to embed lithium‑based materials in special shield blocks inside the tokamak wall, “breeding” tritium in situ as the neutrons fly. If this works at scale, future reactors could manufacture their own fuel, transforming tritium from a supply‑chain headache into an on‑site production line. Think of it as vertical integration, but for neutrons.

Governance: NATO Meets Nuclear Physics

Financial investors are familiar with syndicates and clubs; ITER is the mega‑project version. More than 30 countries participate, with Europe covering roughly 45% of the value and partners such as the U.S., China, Russia, India, Japan, and South Korea contributing about 9% each in the form of components rather than cash. Decision‑making is consensus‑driven, modeled on frameworks used by the Antarctic Treaty, the World Trade Organization, and NATO. The result is a de facto global supply chain for cutting‑edge fusion hardware—and an object lesson in how many cooks can occupy one kitchen before someone suggests ordering takeout. Setbacks, including quality issues that triggered the costly rework of that heat shield piping, have added years to the timeline and roughly €5 billion to the budget. The project’s leaders frame this as normal for first‑of‑its‑kind engineering, a talking point that plays better in technical briefings than in budget hearings.

Open‑Source Energy: ITER As The World’s Fusion GitHub

ITER won’t be plugging directly into the grid; it is deliberately a research tokamak, a bridge between lab‑scale experiments and commercial machines. That makes it less like a utility and more like a global R&D platform whose most valuable output will be data, design lessons, and software. The team is already building predictive models for plasma behavior and releasing them as open‑source tools so that private fusion firms can adopt and adapt them. They are also drafting an ITER Engineering Handbook that explicitly catalogs mistakes and what was learned from them—a corporate culture that would be unthinkable in certain corners of Silicon Valley but is essential when you’re co‑developing an energy technology that needs to work for decades, not quarters. All member countries get access to the scientific results, and non‑members can receive access if the existing members approve. For investors, that means the knowledge base underpinning next‑generation fusion companies is being socialized rather than locked in one corporate vault.

Timelines, Setbacks, And The Investor Narrative

The updated schedule now targets first plasma in 2034, a date that has slid as engineering surprises and quality issues surfaced. In the cynical shorthand of markets, fusion has long been “a decade away” for roughly seven decades. Walking through ITER’s tokamak hall and control room—still under construction but architected for high‑density operations—suggests we may finally be living in the last decade when that joke is still funny. Compare ITER’s world to the rapidly growing ecosystem of private fusion startups, many backed by sophisticated venture and strategic capital and racing to demonstrate net‑energy gains on tighter timelines with smaller devices. ITER’s leaders acknowledge that private players might beat their facility to certain milestones, but they point out that every puzzle ITER solves—materials, magnets, breeding blankets, control software—is one fewer challenge confronting the commercial sector. In macro terms, it looks less like competition and more like a layered call option structure on the future of baseload clean power, with public capital underwriting the deepest technical risk.

Why This Matters For Capital Allocation (Even Without A Ticker)

There is no ITER stock ticker to drop into a portfolio, but the project’s implications bleed into several public‑market themes. The potential for high‑density, dispatchable, zero‑carbon baseload power could reshape long‑term assumptions around utilities, grid infrastructure, electrification, AI data centers, and even commodity demand. Fusion’s promise—millions of times more energy per reaction than fossil fuel combustion and roughly four times more than current fission reactors, without meltdown risk or long‑lived waste—sits at the intersection of climate policy, industrial strategy, and technology investing.

For institutional and sophisticated retail investors, ITER offers a narrative scaffold:

  • It legitimizes fusion as a serious cross‑border priority, not a fringe science project.
  • It codifies engineering standards and open data that private firms baking commercialization into their pitch decks cannot ignore.
  • It provides a real‑world timeline—first plasma in the mid‑2030s—that can anchor scenario analysis around when fusion might begin to show up in grid planning and policy discussions..

In short, while you can’t buy ITER, you can price the world in which ITER succeeds—or at least meaningfully de‑risks fusion—and tilt exposure accordingly.

The Subtle Art Of Patience

As construction crews maneuver giant tokamak slices with bright yellow cranes and engineers refine cryogenic systems that live mere meters from star‑grade heat, ITER is quietly teaching markets an old lesson in a new way: some technologies simply do not care about quarterly earnings. Fusion requires patience, precision, and the kind of global collaboration that tends to produce footnotes, not meme stocks. The project’s leaders like to say ITER reflects “the knowledge of the world,” a phrase that would be unbearably grandiose if it weren’t backed by vacuum chambers, magnets, and a control room being wired for the moment someone finally pushes the “ignite plasma” button. Whether fusion ultimately becomes the backbone of 22nd‑century power grids or a very expensive footnote in the history of energy innovation, investors watching from the sidelines may want to remember: when humanity decides to build its own sun, it’s usually worth paying attention—if only because, this time, the target market is literally everyone.

Learn More Now

The Sources

  1. ITER – In a Few Lines (official project overview)
    https://www.iter.org/few-lines
  2. ITER – Fusion (technical background on fusion and tokamaks)
    https://www.iter.org/fusion
  3. ITER Newsline – Ongoing construction and assembly updates
    https://www.iter.org/news
  4. ITER Council notes continued progress across construction, commissioning, and licensing (press release)
    https://www.iter.org/node/20687/iter-council-notes-continued-progress-across-construction-commissioning-and-licensing
  5. 37th ITER Council Meeting: ITER maintains strong project execution (PDF press release, Baseline 2024 context)
    https://www.iter.org/sites/default/files/media/2025-11/ic-37_press_release_final.pdf
  6. ITER – What’s New (digest of recent milestones and media)
    https://www.iter.org/whatsnew
  7. ITER – European Commission funding programme page
    https://commission.europa.eu/funding-and-tenders/find-funding/eu-funding-programmes/iter_en[commission.europa]
  8. Fusion for Energy – ITER overview (EU partner perspective)
    https://fusionforenergy.europa.eu/iter/
  9. U.S. Department of State – ITER International Fusion Energy Organization Agreement
    https://www.state.gov/07-1024
  10. BBC News – “Iter: World’s largest nuclear fusion project begins assembly”
    https://www.bbc.com/news/science-environment-53573294
  11. World Nuclear News – “Iter fusion project passes construction milestone”
    https://www.world-nuclear-news.org/articles/iter-fusion-project-passes-construction-milestone
  12. Nuclear Engineering International – “ITER reports strong project progress”
    https://www.neimagazine.com/news/iter-reports-strong-project-progress/
  13. ESA – ITER fusion reactor project overview
    https://sci.esa.int/web/cluster/-/44483-iter-fusion-reactor-project[sci.esa]
  14. ITER – Official sitemap (navigation hub for technical and governance docs)
    https://www.iter.org/sitemap

July 14, 2026

July 14, 2026 – Disinflation and Data Centers: Why 2026’s Fed Watch Feels Like déjà vu With Better GPUs -( $CHRN $MODD $NVDA $SKHY $VEEE Rise!)

U.S. equities extended gains on Tuesday, July 14, 2026, with growth and AI‑linked names leading as cooler‑than‑expected inflation data reinforced expectations that the Federal Reserve is inching closer to a 2026 rate‑cut cycle.

Index recap and closing levels

U.S. markets closed higher across the major benchmarks, with technology and growth stocks again outpacing cyclicals. The closing levels were:

  • S&P 500: 7,543.59, up 28.25 points on the day.
  • Dow 30 (Dow Jones Industrial Average): 52,508.27, up 9.63 points.
  • Nasdaq Composite: 26,107.01, up 233.83 points.
  • Russell 2000: 2,964.76, up 11.60 points.

Large‑cap growth and semiconductor names helped drive the outperformance of the Nasdaq, while small caps in the Russell 2000 participated but lagged mega‑cap tech.

Macro backdrop: June CPI, Fed narrative, and global signals

The July 14 release of June U.S. Consumer Price Index showed inflation cooling more than consensus, reinforcing a disinflation narrative and easing fears that the Fed would need to push policy rates higher or hold restrictive settings for longer. The Federal Reserve’s July 2026 Monetary Policy Report reiterated its focus on a 2% inflation target and “well‑anchored” longer‑term expectations, but the softer data strengthened market conviction that the next move is likely a cut rather than another hike, with futures implying growing odds of an initial 25 bp reduction later in 2026.

Globally, macro data were mixed: China’s latest trade figures pointed to a rebound in exports and imports, supporting the case for a stabilizing manufacturing cycle in Asia, while India’s June inflation accelerated on food and energy, underscoring regional divergence in price pressures. The IMF’s July 2026 World Economic Outlook update framed the environment as one of steady but uneven global growth, with AI‑driven investment and data‑center build‑outs providing a tailwind to technology‑heavy economies even as conflicts and energy shocks remain key downside risks.

Sector and thematic moves: AI, semis, and rate‑sensitives

Cooler inflation and a lower‑for‑longer rate narrative powered another leg of strength in AI and semiconductor themes, with chipmakers and infrastructure names leading the Nasdaq advance. AI‑linked megacaps and hyperscale cloud platforms continued to benefit from heavy capital spending on data centers and high‑performance compute, fueling demand for graphics processors, networking silicon, and power‑management solutions.

Rate‑sensitive areas—growth software, unprofitable tech, and longer‑duration assets—caught a bid as front‑end yields eased and investors rotated incrementally back into higher‑beta exposures. Conversely, some defensives and commodity‑linked plays underperformed as investors unwound prior hedges now that inflation appears to be on a more convincing downward glide path.

Investor takeaways

Today’s action reinforces several key portfolio‑construction themes. First, disinflation plus a data‑dependent Fed is a constructive backdrop for duration assets—growth, quality tech, and longer‑dated cash‑flow stories—especially those levered to secular AI, cloud, and automation demand. Second, the macro dispersion across regions argues for selective global exposure: Asia’s trade recovery and tech upcycle may complement U.S. AI leadership, while higher‑inflation geographies warrant tighter risk management and careful position sizing. Third, in biotech and med‑tech, the current environment favors companies with differentiated platforms, clear regulatory pathways, and the ability to access capital efficiently—traits that can help them navigate a still‑disciplined funding landscape. Against that backdrop, the S&P 500’s advance to 7,543.59 and Nasdaq’s surge to 26,107.01 signal that risk appetite remains intact, but the underlying macro narrative still demands disciplined security selection and ongoing scenario analysis as investors position for the next phase of the 2026 cycle.

VP Watchlist Updates

Amwell® (NYSE: AMWL)

Amwell® (NYSE: AMWL) a leading provider of a comprehensive SaaS-based software platform for technology-enabled healthcare, closed at $10.88, up 121.59% YTD.

Eupraxia Pharmaceuticals Inc. (EPRX)

Eupraxia Pharmaceuticals Inc. (EPRX, $6.34) a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, announced (July 7) the appointment of Robert Bazemore, Amy Pottand Dr Helen Thackray to the Board of Directors. “We are delighted for Robert, Amy and Helen to join our Board of Directors at a pivotal stage for the company.”   said Dr. James A. Helliwell, Chief Executive Officer of Eupraxia. “Their collective expertise across late-stage drug development, commercial strategy, and global product launches will be invaluable as we execute on several key upcoming milestones for EP-104GI and continue to expand our pipeline. Their appointments reflect the commitment of Eupraxia to advancing and expanding our gastroenterology assets in an efficient and effective manner. I also want to thank Paul Geyer and Michael Wilmink for all of the support and contributions they have made to Eupraxia over the last decade as we proved the function and potential of the Diffusphere technology.”

Eupraxia announced (May 5) the first Eosinophilic Esophagitis Endoscopic Reference Score (EREFS) data from its ongoing Phase 1b/2a part of the RESOLVE trial evaluating EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). These data were also presented at the ongoing Digestive Disease Week (“DDW”) conference in Chicago. “The EREFS is an important, validated visual index of severity of EoE disease in the esophagus of patients. It measures edema, rings and strictures and other visible markers of disease often associated with symptoms. Today’s data demonstrated improvement in two key outcomes with EP-104GI in the treatment of EoE: first, that a full injection protocol of 20 injections resulted in more pronounced improvement than a protocol with fewer injections and less coverage area within the esophagus; second, with the higher number of injections, a consistent response in both the inflammatory and fibrotic sub scores of EREFS was observed,” said Dr. James A. Helliwell, Chief Executive Officer of Eupraxia. “This EREFS data being reported at DDW is consistent with the improvements we have seen in EoE symptoms and tissue health (EoEHSS) and suggests improvement in inflammation, fibrosis and the associated narrowing of the esophagus.”

Modular Medical, Inc. (NASDAQ: MODD)

Modular Medical, Inc. (NASDAQ: MODD, $4.21, +8.02%), a leader in innovative, patient-centric insulin delivery, announced today (July 14) announced positive findings from a new comprehensive diabetes patient research initiative further supporting its commercialization strategy. The Company will share these findings and showcase its Pivot™ tubeless insulin patch pump at the upcoming Association of Diabetes Care & Education Specialists (ADCES) Annual Conference in Columbus, Ohio, August 7-10, 2026. Key findings from the assessment of 100 individuals utilizing multiple daily injections revealed significant unmet needs and strong interest in simplified insulin pump technology: 1) 97% of participants stated they would be interested in insulin pump therapy and expressed openness to alternative treatment options, 2)Among the 43% of participants who reported being hospitalized due to hyperglycemia, hypoglycemia, diabetic ketoacidosis (DKA), or hyperosmolar hyperglycemic state (HHS), nearly half reported experiencing such events two or more times annually, & 3) 55% of participants reported finding themselves in environments that were not convenient or private for administering insulin injections at least twice per week, while 31% experienced these situations more than four times per week.

Modular Medical (June 30) announced that the first patients have completed onboarding and training and are now actively using the Pivot™ tubeless insulin patch pump in real-world settings. This milestone marks the transition of the Pivot pump from development into active patient use and represents a significant step in Modular Medical’s commercialization strategy. The Company will now begin collecting real world utilization data and user feedback to support broader adoption and continued product deployment optimization.

MODD announced ( June 26) that the Pivot™ tubeless insulin patch pump is now shipping to physician offices for training. Upon completion of training, these pumps will be presented to potential patients in the next few days and weeks. The Company intends to expand the roster of practices that offer Pivot over the coming months. This is another significant milestone in the deployment of Pivot. Modular Medical looks forward to updating the market when these first patients are using the pump to deliver insulin. The Pivot pump is purpose-built for adults with diabetes on daily injections who have faced cost, complexity, and usability barriers with traditional pump systems. This group represents an estimated 70% of insulin-dependent adults who remain on multiple daily injections, a multi-billion-dollar opportunity within the diabetes technology market.

MODD announced (June 24) that the Pivot™ tubeless insulin patch pump is now commercially available. This marks the start of real-world patient use, and the Company’s transition to a commercial-stage medical device company. As only the second fully electronic, tubeless insulin pump available in the United States, Pivot is designed to make pump therapy simpler to learn and easier to live with. Its removable two-part design and 3 mL reservoir, intuitive interface, and flexible, wearable form factor support everyday activities, such as showering and sports, with no battery recharging required – all while maintaining clinical accuracy and connectivity. “Reaching commercial availability is a transformational milestone that marks Modular Medical’s transition from a development-stage company to a revenue-generating commercial business,” said Jeb Besser, Chief Executive Officer of Modular Medical. “As only the second fully electronic tubeless pump on the U.S. market, Pivot is positioned to serve a large, underserved ‘almost-pumper’ population. With first shipments beginning this week, we are focused on disciplined execution, as we scale adoption and seek to build long-term value for patients and shareholders.”

On (June 4) the launch of PivotPump.com, a patient-focused website designed to support individuals seeking a simpler path to insulin pump therapy. This launch follows the Company’s receipt of U.S. Food and Drug Administration (“FDA”) clearance in April 2026 for its Pivot™ insulin delivery system. The FDA clearance represents a significant milestone in Modular Medical’s strategy to expand access to insulin pump technology, particularly among individuals historically underserved by existing solutions. The Company remains on track for commercial launch in the fall of 2026. Pivot is designed for people living with diabetes who rely on daily insulin injections, as well as those who have encountered technological, usability, or cost-related barriers with traditional pump systems. The system emphasizes simplicity and ease of use for the patient and full access to clinical information for the clinician to reduce adoption friction. The PivotPump.com website provides accessible, educational content on insulin pump therapy and highlights the Company’s focus on real-world usability and supporting patients in evaluating and adopting pump-based diabetes care.

Similarweb Ltd. (NYSE: SMWB)

Similarweb Ltd. (NYSE: SMWB, $6.60), a leading digital data and analytics company powering critical business decisions, announced (June 15) that it has surpassed $300 million in Annual Recurring Revenue (ARR)act 5-days and signed two multi-year enterprise contracts, each representing seven-figure ARR commitments. Collectively, these contracts represent approximately $47 million in Total Contract Value to be recognized over the next three years and were signed during the second quarter of 2026.

NVIDIA (NVDA)

NVIDIA (NVDA) closes at $211.80, +4.06%.

The InterGroup Corporation (NASDAQ: INTG)

The InterGroup Corporation (NASDAQ: INTG), a diversified holding company with interests in hospitality, real estate, and marketable securities. InterGroup consolidates its majority‑owned subsidiary Portsmouth Square, Inc., which owns the Hilton San Francisco Financial District hotel and related facilities, closed at $39.84.

Twin Vee PowerCats Co. (VEEE) – corporate actions

In industrials and consumer‑adjacent names, Twin Vee PowerCats Co. (VEEE, $38.51, +54.91% today and +584.01% over the last 5-days) has remained active on the corporate actions front, with a series of moves aimed at strengthening its capital markets profile and improving long‑term flexibility. Recent disclosures highlight actions such as reverse stock splits to regain compliance with Nasdaq’s bid‑price requirements and a reincorporation to Nevada designed to enhance corporate flexibility and reduce costs over time. These steps reflect the broader trend of small‑cap and micro‑cap companies optimizing their corporate structure, listings, and capital access in response to tighter liquidity conditions and higher volatility. For investors, the Twin Vee story illustrates how tactical governance and listing decisions can be used to preserve market access while management pursues operational growth in niche recreational marine segments. Today, Twin Vee, a manufacturer, distributor and marketer of power sport boats, announced that it has entered into a definitive agreement for a transformative transaction that will combine a merger involving the publicly traded company with the concurrent privatization of its boating business under the brands Twin Vee and Bahama Boat Works.

SK hynix Inc. (SKHY)

SK hynix Inc. closed at $193.92, +27.29%. SK Hynix through its subsidiaries, engages in research, develops, manufactures, distributes, and sells semiconductor devices in Korea, China, rest of Asia, the United States, Europe, and internationally. It offers DRAM, such as server memory, graphics memory, mobile memory, PC memory, consumer memory; NAND flash memory; SSD; and MCP products. It also engages in foundry business, produces non-memory semiconductors. The company serves its products for server, networking, mobile, personal computer, consumer, and automotive applications. The company was formerly known as Hynix Semiconductor Inc. and changed its name to SK hynix Inc. in March 2012. SK hynix Inc. was incorporated in 1949 and is headquartered in Icheon-si, South Korea.

ChronoScale Corporation (NASDAQ: CHRN)

Shares of ChronoScale Corporation (NASDAQ: CHRN) closed at $23.01, +16.68%. ChronoScale is an accelerated compute platform purpose-built to support demanding artificial intelligence workloads. In June, ChronoScale announced the appointments of Raj Jegannathan as Chief Technology Officer and Lawrence Lam as Chief Product Officer.

The Sources

  1. Yahoo Finance – “Stock market today: Monday, July 13 – Dow, S&P 500, Nasdaq live updates”
    https://finance.yahoo.com/markets/live/stock-market-today-monday-july-13-dow-sp-nasdaq-113249278.html
  2. CNBC – “Stock market today: Live updates – July 12–13, 2026”
    https://www.cnbc.com/2026/07/12/stock-market-today-live-updates.html
  3. CNBC – “Trump says Iran should reimburse charges related to security in the Strait of Hormuz” (July 13, 2026)
    https://www.cnbc.com/2026/07/13/trump-iran-hormuz-strait-charge-reimburse.html
  4. Yahoo Finance – Healthcare: “Agenus announces oversubscribed private placement”
    https://finance.yahoo.com/healthcare/articles/agenus-announces-oversubscribed-private-placement-100000154.html
  5. SEC filing (StockTitan) – “[8-K] AGENUS INC reports material event”
    https://www.stocktitan.net/sec-filings/AGEN/8-k-agenus-inc-reports-material-event-89d64bcf5da8.html
  6. Twin Vee PowerCats Co. – Investor relations press releases
    https://ir.twinvee.com/news-events/press-releases
  7. Yahoo Finance – “Twin Vee PowerCats Co. announces corporate actions”
    https://finance.yahoo.com/markets/stocks/articles/twin-vee-powercats-co-announces-123000071.html
  8. Yahoo Finance – Media & Advertising: “Disney exiting streaming could spur industry shift”
    https://finance.yahoo.com/media-advertising/articles/disney-exiting-streaming-could-spur-122433164.html
  9. BlackRock Investment Institute – Weekly market commentary
    https://www.blackrock.com/us/individual/insights/blackrock-investment-institute/weekly-commentary
  10. Westpac IQ – Weekly Economic Commentary, July 13, 2026
    https://www.westpaciq.com.au/economics/2026/07/weekly-economic-commentary-13-jul-2026
  11. Saxo – “Market Quick Take: Iran strikes rattle markets – 13 July 2026”
    https://www.home.saxo/content/articles/macro/market-quick-take—iran-strikes-rattle-markets—13-july-2026-13072026
  12. Realtor.com – “Economic and Housing Market Outlook – July 13, 2026”
    https://www.realtor.com/research/video-economic-and-housing-market-update-july-13-2026/
  13. Czapp – “Daily Market Price Updates and Commentary – 13th July 2026”
    https://www.czapp.com/analyst-insights/daily-market-price-updates-and-commentary-13th-july-2026/
  14. World Gold Council – “Global gold‑backed ETF holdings and flows”
    https://www.gold.org/goldhub/data/global-gold-backed-etf-holdings-and-flows
  15. Edward Jones – Daily market snapshot
    https://www.edwardjones.com/us-en/market-news-insights/stock-market-news/daily-market-recap

July 14, 2026

Humanoid Surgeons Scrub In: Is This the Day Intuitive Surgical Gets Nervous Or Check In? -( $ASXC $ISRG $MDT $NVDA )

Humanoid robots recently scrubbed in at UC San Diego and successfully removed gallbladders from live pigs, marking a world‑first teleoperated surgical milestone that investors in robotics, AI, and med‑tech will want on their radar.

When Wall Street Meets the Operating Room

For decades, robotic surgery meant hulking platforms like Intuitive Surgical’s (Nasdaq: ISRG) da Vinci system, a hospital showpiece that weighs roughly 816–1,800 kilograms and commands price tags in the $1.8–$2.5 million range. Those systems have delivered real clinical value, but required retrofitted operating rooms, deep capex budgets, and procedure volumes that made CFOs sweat spreadsheets.

UC San Diego’s humanoid experiment changes the visual and economic math: researchers teleoperated a 5‑foot, roughly 27–60 kilogram humanoid robot—nicknamed “Surgie”—to perform minimally invasive gallbladder removals on pigs, using standard laparoscopic tools and a headset‑and‑controller interface. This is a proof‑of‑concept, not a product launch, but it pushes general‑purpose humanoids out of the demo reel and into a real operating room, where outcomes and workflow—not backflips—matter.

The World’s First Humanoid‑Robot Surgery

In the trial, surgeons at UC San Diego completed two laparoscopic procedures on live non‑primate mammals using teleoperated humanoid robots. One operation paired a single humanoid with a human surgeon at the bedside; the second deployed two humanoid robots working side‑by‑side with no human physically at the table, still under direct remote control.

The procedures were detailed in Nature, noting that the robots maintained a virtual pivot point at the incision—a critical requirement in laparoscopic surgery—using visual markers and real‑time software, rather than rigid mechanical linkages. Frequent recalibration was needed during surgery due to breathing motion and robot movement, and the operations ran slower than a human surgeon, with about 156 milliseconds of control delay. Yet the team avoided conversion to open surgery and managed minor bile leakage and bleeding without serious complications, meeting the essential bar that this hardware can survive a real procedure, not just simulations.

From Backflips to Balance Sheets

Humanoid robots have spent most of the past few years doing viral stunts—parkour, dance routines, and cinematic factory demos that delighted social media but left hospital administrators unconvinced. UC San Diego’s group intentionally pivoted from spectacle to utility, arguing that the same embodied AI platforms can be pointed at life‑saving procedures in crowded, resource‑constrained operating rooms. Instead of bespoke arms designed around a single surgical task, Surgie starts from a general‑purpose humanoid form factor, adapted to grip standard surgical instruments through custom mounts. That means the same hardware could hand tools, clean, move equipment, and later step up to teleoperated surgery, essentially shifting humanoids from viral curiosities to billable clinical staff—albeit ones that never complain about call schedules.

The Surgical Robotics Stack: Old Guard vs. Upstarts

Intuitive Surgical Inc. (NASDAQ: ISRG) has long defined robot‑assisted surgery, pairing proprietary instruments, high‑end visualization, and a razor‑and‑blade business model. Newer players—from Medtronic plc (NYSE: MDT) to Asensus Surgical Inc. (NYSE American: ASXC)—are building alternative platforms, layering performance‑guidance software that nudges surgeons toward optimal moves.

A parallel frontier is emerging in humanoid surgery: Memic’s Hominis system, for example, won FDA De Novo authorization in 2021 for gynecologic procedures and features miniature humanoid‑shaped arms designed to mimic a surgeon’s shoulder, elbow, and wrist. LEM Surgical AG, a private firm in Switzerland, is building humanoid surgical robots powered by NVIDIA Corp.’s (NASDAQ: NVDA) Holoscan platform, targeting hard‑tissue procedures with real‑time AI processing. UC San Diego’s Surgie experiment sits at the intersection of these trends—combining humanoid morphology with teleoperation and off‑the‑shelf tools—to test whether “general‑purpose” can compete with hyper‑specialized hardware in the OR.

Why This Matters for Access and Margins

Two‑thirds of the world’s population lacks access to basic surgical care, and many countries operate with fewer than one trained surgeon per 100,000 people. Large, expensive systems such as da Vinci are difficult to deploy in rural hospitals, forward‑deployed military facilities, or ships, where floor space, power, and support staff are scarce. By contrast, a 27‑kilogram humanoid robot that costs a fraction of today’s platforms and fits anywhere a human assistant could stand can be paired with remote surgeons, effectively “extending” scarce expertise into remote operating rooms. For hospital operators, that raises the possibility of converting capital‑intensive, room‑locked robotics into a mobile fleet model, with teleoperated humanoids moving between sites as procedure demand—and reimbursement—dictate.

The Investor Lens: Platforms, Not Just Products

For public‑market investors, the early winner likely won’t be a single surgical robot, but the ecosystem that powers multiple platforms. NVIDIA’s Holoscan, for example, is already embedded in LEM Surgical’s humanoid system, providing sensor fusion and AI inference in real time. Companies like NVIDIA Corp. (NASDAQ: NVDA) could benefit as more surgical and humanoid developers standardize on common compute and perception stacks. On the device side, Intuitive Surgical Inc. (NASDAQ: ISRG) retains scale advantages, regulatory experience, and entrenched surgeon workflows, but faces a landscape where humanoid systems, teleoperation, and AI‑guided navigation may erode the moat from the edges rather than head‑on. Thematically, investors may gravitate toward baskets that combine surgical hardware (ISRG, MDT, ASXC), enabling AI platforms (NVDA and peers), and specialized private‑market exposure where humanoid surgery is being incubated, via venture or crossover vehicles.

Risk Factors: What Could Go Wrong?

Teleoperated humanoid surgery today is slower than human hands, with lag and calibration drift that forced pauses mid‑procedure. On top of that, sterilization, reliability, and liability frameworks for general‑purpose humanoids in the OR remain unresolved, and regulators will likely demand extensive animal and early human data before granting approvals. There’s also a human‑capital risk: surgeons must be trained on remote control interfaces and trust systems that may feel closer to game controllers than to traditional instruments, while hospital boards must weigh new cybersecurity and uptime concerns for network‑dependent platforms. If the technology stumbles in high‑profile trials or proves too complex to maintain outside major centers, adoption curves—and associated revenue ramps—could flatten quickly.

The Long Game: From Proof‑of‑Concept to Standard of Care

The first robot‑assisted gallbladder removal in the late 1990s reportedly took hours; today, similar procedures are often completed in roughly 30 minutes as platforms, techniques, and training matured. Researchers behind Surgie explicitly draw that comparison, arguing that slow, slightly messy early operations aren’t a bug—they’re the starting line. UC San Diego’s team expects humanoids to enter the OR first as assistants—handing tools, cleaning, repositioning equipment—before moving up the value chain to teleoperated surgeries in settings where surgeon shortages are most acute. Over time, hybrid human‑robot teams could create a stratified model of care: local staff handling pre‑op and post‑op workflows, while remote specialists, aided by AI guidance, perform the high‑skill procedures through portable humanoid platforms.

From an investor’s standpoint, the key is to watch for inflection points—regulatory milestones like new FDA clearances, hospital pilots that move from marketing headlines to billable procedures, and early data on cost per case and complication rates. When humanoid surgery stops being a curiosity and starts showing up in earnings calls and line items, the story shifts from sci‑fi to cash flow.

The Sources

  1. UC San Diego News Center – “Surgeons Use Teleoperated Humanoid Robots to Perform Live Surgery, a World First”
    https://today.ucsd.edu/story/surgeons-use-teleoperated-humanoid-robots-to-perform-live-surgery-a-world-first
  2. UCSD Advanced Robotics & Controls Lab – Project Video and Overview: “Humanoid Robots Used to Perform a World’s First Teleoperated Robotic Surgery”
    https://www.youtube.com/watch?v=Dk7WVAcyNis
  3. Nature / arXiv – “In vivo feasibility study of humanoid robots in surgery” (preprint)
    https://arxiv.org/html/2607.07972v1
  4. Particle News – “Teleoperated Humanoid Robots Complete Two Live Surgeries in UC San Diego Preclinical Trial”
    https://particle.news/story/teleoperated-humanoid-robots-complete-two-live-surgeries-in-uc-san-diego-preclinical-trial
  5. Ars Technica / Cor.ax summary – “Humanoid robots remove pig gallbladders in teleoperated surgery trial”
    https://cor.ax/links/88734
  6. Intuitive Surgical – Da Vinci Xi Robotic Surgical System (product page)
    https://www.intuitive.com/en-us/products-and-services/da-vinci/xi
  7. Intuitive Surgical – Da Vinci 5 Surgical System (overview and indications)
    https://www.intuitive.com/en-gb/-
  8. Intuitive Surgical – Da Vinci Xi Robotic Surgical System (global site variant)
    https://www.intuitive.com/en-in/products-and-services/da-vinci/xi
  9. Memic Innovative Surgery – FDA De Novo Authorization for Hominis Robot‑Assisted Surgical Platform
    https://www.biospace.com/memic-receives-fda-de-novo-marketing-authorization-for-first-ever-surgical-robotic-system-with-humanoid
  10. LEM Surgical AG – “LEM Surgical Builds Humanoid Surgical Robotics Powered by NVIDIA Holoscan”
    https://www.theglobeandmail.com/investing/markets/markets-news/ACCESS%20Newswire/31464246/lem-surgical-builds-humanoid-surgical-robotics-powered-by-nvidia-holoscan
  11. Medical Robotics Landscape – “16 Surgical Robotics Companies You Need to Know”
    https://www.massdevice.com/16-surgical-robotics-companies-you-need-to-know/
  12. UC San Diego Teleoperated Humanoid Surgery – Additional Coverage and Technical Summary
    https://roboticsintl.com/article/uc-san-diego-completes-first-surgical-procedures-using-teleoperated-humanoid-rob
July 14, 2026

The AI Repricing of India: Investors Eye IT Services, Data Work, and Robotics -( $INFY $LTIM $TCS )

The FT film argues that India’s tech model is being rewired by AI, with data annotation, robot training, and global capability centers replacing the old back-office script, while Indian IT services still carry major export weight and now face both risk and opportunity.

India’s AI Repricing

India’s tech story has always been about scale, labor, and a little bit of missionary optimism. The new chapter is more interesting: AI is not just automating tasks, it is changing what the country sells to the world, from routine coding and support work to data labeling, model training, and the unglamorous but increasingly valuable job of teaching machines to behave.

That shift is making the old outsourcing playbook look a bit like a rotary phone in a 5G world. The FT’s reporting shows that workers in smaller towns are already doing the human-in-the-loop work that powers AI systems, while India’s established IT firms are being pushed to reinvent themselves around enterprise AI, automation, and higher-value services.

The New Factory Floor

The film’s most striking image is not a shiny lab in Bengaluru, but factory workers in Tamil Nadu wearing cameras so robots can learn how humans fold clothes, stitch fabric, and handle everyday tasks. That may sound futuristic, but it is also deeply practical: if AI can learn from recorded human routines, then India can sell not just labor, but the training data that makes intelligence scale.

There is a subtle irony here worthy of a raised eyebrow and a strong cup of coffee. India spent decades building a reputation as the world’s back office, and now it may be trying to become the world’s training room, with data annotation and robotic learning as the new entry-level rung on the tech ladder.

Winners And Warnings

The opportunity is real, but so is the pressure. Reuters-style market logic says investors are already asking whether AI-enhanced delivery models can offset slower traditional IT growth, and several reports suggest Indian IT firms are pivoting hard toward generative AI, agentic AI, and automation-led contracts.

At the same time, the warning lights are flashing in the background. The FT film makes clear that if India remains mostly a supplier of low-cost human labor for global AI systems, it risks staying stuck in someone else’s value chain rather than owning the platform itself. In Wall Street terms, that is the difference between selling picks and shovels and ending up as the guy who digs the trench.

Investor Angle

For investors, this is less a single-stock story than a sector rotation inside a national economy. Public-market names such as Tata Consultancy Services (TCS), Infosys (INFY), Wipro (WIT), HCL Technologies (HCLTECH), Tech Mahindra (TECHM), LTIMindtree (LTIM), and the broader ecosystem around them are all exposed to the same question: can they convert AI from a productivity threat into a margin opportunity?

The more constructive view is that India’s scale, engineering depth, and enterprise relationships could let it play a larger role in AI implementation, testing, and operations than many skeptics expect. That would not make the country the chipmaker of the world, but it could make it the place where a lot of the AI world gets quietly assembled, tuned, and shipped.

The Sources

  1. FT Film – India’s AI Factory
    The AI factory: the rewiring of India’s tech industry | FT Film
    https://www.youtube.com/watch?v=UfyxN46tCz8[youtube]
  2. Financial Times – India’s AI Role
    The AI factory: the rewiring of India’s tech industry
    https://www.ft.com/video/5a5733ea-f8fa-488f-906d-418584b8bc36[ft]
  3. Economic Times – AI-Centric Deals in Indian IT
    Indian IT industry poised for sharp recovery in 2026 driven by demand…
    https://economictimes.indiatimes.com/tech/information-tech/indian-it-industry-poised-for-sharp-recovery-in-2026-driven-by-demand[economictimes.indiatimes]
  4. ET CFO – AI Reset for Indian IT
    Indian IT faces AI reset as top 5 firms post mixed FY26
    https://cfo.economictimes.indiatimes.com/news/strategy-operations/indian-it-industry-faces-ai-driven-transformation-fy26-results[cfo.economictimes.indiatimes]
  5. CNBC – AI Taking Over IT Operations
    AI is taking over core operations of Indian IT companies
    https://www.cnbc.com/2026/01/15/cnbcs-inside-india-newsletter-ai-is-taking-over-core-operations-of-indian-it-companies.html[cnbc]
  6. CNBC – AI Shockwaves Hit Software Firms
    As AI shockwaves hit software firms, what’s in store for India’s IT titans?
    https://www.cnbc.com/2026/02/26/cnbcs-inside-india-newsletter-ai-hit-software-firms-india-it.html[cnbc]
  7. Reuters – IT Giants Face AI Disruption
    India File: IT giants face heat from AI disruption
    https://www.reuters.com/world/india/india-file-it-giants-face-heat-ai-disruption-2026-02-11/[reuters]
  8. Reuters – IT Rerating on AI Concerns
    Indian shares trail regional peers on $68.6 billion IT rout over AI concerns
    https://www.reuters.com/world/india/indian-shares-trail-regional-peers-686-billion-it-rout-over-ai-concerns-2026-02-25/[reuters]
  9. Reuters – Muted Q1 as AI Shift Weighs
    Indian IT firms face muted Q1 as AI shift, weak demand weigh
    https://www.reuters.com/world/india/indian-it-firms-face-muted-q1-ai-shift-weak-demand-weigh-2026-07-06/[reuters]
  10. Business Standard – AI Disruption Clouds Outlook
    Clouds of uncertainty: AI disruption puts India’s IT sector in rethink mode
    https://www.business-standard.com/industry/news/indian-it-at-major-crossroads-as-rapid-ai-shift-reshapes-sector-outlook-12602230[business-standard]
  11. Bloomberg – Rajan on AI and Services
    Rajan Says AI to Disrupt India’s Services Sector, Not Derail
    https://www.bloomberg.com/news/articles/2026-02-27/rajan-says-ai-to-disrupt-india-s-services-sector-not-derail[bloomberg]
  12. Forbes – AI Agents Disrupting IT Services
    AI Agents Are Coming For Indian IT’s Most Profitable Work
    https://www.forbes.com/sites/janakirammsv/2026/06/10/how-ai-agents-could-disrupt-indias-it-services-industry/[forbes]
  13. Forbes – Indian IT in the AI Storm
    India’s IT Services Firms Are In The Eye Of The AI Storm
    https://www.forbes.com/sites/vasukishastry/2026/03/14/indias-it-services-firms-are-in-the-eye-of-the-ai-storm/[forbes]
  14. Deccan Herald – GCCs Embedding AI/ML
    Over 1,200 global capability centres embed AI and machine learning capabilities
    https://www.deccanherald.com/technology/over-1200-global-capability-centres-embed-ai-and-machine-learning-capabilities-3993410[deccanherald]
  15. Han Digital – India’s Invisible AI Workforce
    India’s Invisible AI Workforce: The Data Annotation Economy and the Talent It Is Building
    https://www.handigital.com/blogs/indias-invisible-ai-workforce-the-data-annotation-economy-and-the-talent-it-is-building/[handigital]
  16. Dheya – From Data Annotator to AI Trainer
    From Data Annotator to AI Trainer: The Career Pivot Working in India
    https://www.dheya.com/insights/data-annotation-to-ai-trainer-pivot[dheya]
  17. Labellerr – Robotics Data Labeling Platforms
    7 Top Data Labeling Companies in Robotics 2026
    https://www.labellerr.com/blog/top-robotics-annotation-platforms/amp/[labellerr]
  18. Alternates.ai – AI in Indian IT Services
    AI in Indian IT Services in 2026: 7 Key Trends to Watch
    https://www.alternates.ai/blog/ai-in-indian-it-services-in-2026-7-key-trends-to-watch[alternates]
  19. LinkedIn – 2026 AI Opportunity for Indian IT
    The 2026 AI opportunity for India’s IT services sector
    https://www.linkedin.com/pulse/2026-ai-opportunity-indias-services-sector-dr-siddharth-pai-obqoc[linkedin]
  20. Deloitte / AIIS – India as Global AI Command Center
    India as the Global AI Command Center | Pragati Chakraborty, Deloitte | AIIS 2025
    https://www.youtube.com/watch?v=rUlhSCRBqLM[youtube]

July 14, 2026

SoftBank, NVIDIA, and the $700 Billion AI Toll Road: Please Remove All Bubble Warnings Before Investing -( $AAPL $ARM $IBM $MU $NVDA $SFTBY )

Wall Street is treating artificial intelligence less like a bubble and more like a new asset class, and the early winners—from SoftBank to NVIDIA to Apple to IBM—are already writing the opening chapter of what looks increasingly like a durable profit supercycle.

The Gospel According to Masayoshi Son

In Paris, SoftBank Group’s CEO Masayoshi Son has been making the kind of pronouncements that would make a typical analyst choke on their discounted cash-flow model, calling the AI revolution “50x bigger” than the dot‑com boom and framing any correction as “the best investment opportunity time.” For Son, suggestions that AI is a bubble amount to “blasphemy,” a word choice that tells you as much about his conviction level as his capital‑allocation plans.

SoftBank Group Corp. (OTC: SFTBY; TYO: 9984) has backed that rhetoric with a commitment of roughly €75 billion (about $87 billion) to build AI infrastructure in France, including plans for 5 gigawatts of data‑center capacity, effectively treating compute as the new crude oil. The strategy is clear: position SoftBank as an AI platform spanning chips, data centers, and smart robotics, and let artificial superintelligence (ASI) do to legacy business models what the smartphone once did to flip phones.

For investors, Son’s worldview is less important as prophecy and more important as policy: it implies a long runway of capital spending, deal‑making, and ecosystem building that can compound value across holdings from Arm Holdings plc (NASDAQ: ARM) to AI‑adjacent platform bets. In other words, you don’t have to believe AI will be 10,000x smarter than humans to see that SoftBank is structuring itself for a decade‑long capex‑driven growth story.

The $700 Billion Chip Profit Boom

If SoftBank is providing the AI sermon, semiconductor leaders are ringing the cash register. Micron Technology, Inc. (NASDAQ: MU) and NVIDIA Corporation (NASDAQ: NVDA) sit at the heart of a projected $700 billion chip profit boom tied directly to AI workloads, with high‑bandwidth memory and advanced GPUs emerging as the picks and shovels of this era’s digital gold rush.

Micron is levered to the memory side of AI infrastructure, supplying the HBM and DRAM products that let GPUs actually do their work at scale, while NVIDIA has become the de facto operating system of the AI data center, monetizing silicon, software, and networking in a vertically integrated stack. As enterprises and hyperscalers race to stand up AI‑enabled services—from copilots to autonomous agents—the demand profile looks less like a cyclical upturn and more like a structural reset in compute intensity.

The investment takeaway is straightforward but powerful: in an environment where AI training costs often scale with model size, semis that sit closest to performance bottlenecks are positioned to capture disproportionate economics. Micron and NVIDIA have effectively become toll collectors on the AI highway, and the traffic count is rising every quarter.

Apple’s AI Devices Moment

While data‑center names grab most of the AI headlines, Apple Inc. (NASDAQ: AAPL) is quietly fighting a different battle: ensuring that the iPhone remains the default endpoint of AI for consumers. Recent legal skirmishes underscore how central AI‑enabled devices and on‑device intelligence are to Apple’s long‑term growth narrative, with analysts highlighting that the company’s valuation increasingly rests on its ability to make AI both invisible and indispensable to everyday users.

Apple’s competitive edge lies in its integration: custom silicon, tightly controlled software, and a vast installed base give it a unique canvas for deploying privacy‑preserving, low‑latency AI features that don’t require every interaction to ping a distant data center. For investors, that means AI is not merely a buzzword layered on top of existing hardware—it’s a retention and monetization engine, designed to keep users inside the Apple ecosystem while expanding services revenue per device.

If SoftBank is betting on AI reshaping global infrastructure and NVIDIA is monetizing the compute core, Apple is trying to own the last mile of the AI experience. That alignment across the stack is not accidental; it is precisely the kind of vertical narrative that portfolio managers look for when allocating to secular themes.

IBM’s Quiet AI Dividend

International Business Machines Corporation (NYSE: IBM) has spent much of the past decade in the corporate equivalent of witness protection as investors chased flashier software and cloud names, but its recent guidance suggests the company is quietly repositioning itself as an AI and hybrid‑cloud utility. Analysts have been expecting IBM’s second‑quarter revenue to grow mid‑single digits year over year, with software projected to deliver roughly 10% growth and total revenue around $16.5–17 billion.

IBM’s thesis is more pragmatic than revolutionary: help large enterprises modernize legacy infrastructure, embed AI into workflows, and manage data across on‑premises and multi‑cloud environments without breaking compliance or budgets. In a market where AI narratives often sound like science fiction, IBM’s value proposition—“we’ll help your existing systems work smarter”—has a certain understated appeal, particularly for cash‑flow‑focused investors who prefer recurring revenue over moonshots.

If you think of AI as a spectrum from speculative to utilitarian, IBM is deliberately camping out on the utilitarian end, monetizing AI through software, consulting, and platform services. That positioning may not inspire the same headlines as an ASI prediction, but it can produce exactly the kind of durable margins that compound over time.

Investor Playbook: From Hype to Allocation

What ties together SoftBank Group Corp. (SFTBY, 9984), Micron Technology (MU), NVIDIA (NVDA), Apple (AAPL), and IBM (IBM) is not just their proximity to AI—it’s the diversity of their roles in the emerging stack.

  • SoftBank is pursuing an AI‑infrastructure and platform strategy, effectively a leveraged bet on ASI and global data‑center build‑out.
  • Micron and NVIDIA are monetizing the hardware core, powering the $700 billion profit wave in memory and GPUs.
  • Apple is defending and extending the AI endpoint, turning devices into gateways for pervasive intelligence.
  • IBM is channeling AI into enterprise workflows, selling predictability rather than pyrotechnics.

For institutional and sophisticated retail investors, an AI‑era portfolio construction exercise increasingly looks like building exposure across these layers: infrastructure, compute, endpoints, and enterprise enablement. The market will inevitably test the conviction of AI bulls—as it did for the internet, smartphones, and cloud—but the breadth of monetization pathways suggests this is less a single‑product story and more a multi‑decade transition in how value is created and captured across the economy.

The sophisticated humor, of course, is that in trying so hard not to “be a goldfish,” as Son colorfully warned, many investors risk missing the simple reality: the AI tide is rising across chips, devices, and enterprise software, and some of the most attractive opportunities may lie not in predicting superintelligence, but in owning the businesses quietly turning that narrative into steady, growing cash flows.

The Sources

  1. SoftBank Group’s CEO on AI and scale
    https://finance.yahoo.com/technology/ai/articles/softbank-groups-ceo-says-5-112543307.html
  2. Micron and NVIDIA powering a $700 billion chip profit boom
    https://finance.yahoo.com/markets/article/micron-and-nvidia-are-powering-a-700-billion-chip-profit-boom-chart-of-the-day-100000068.html
  3. Apple’s lawsuit and the importance of AI devices for its future
    https://finance.yahoo.com/technology/article/apples-lawsuit-shows-the-importance-of-ai-devices-for-the-iphone-makers-future-analyst-121457529.html
  4. IBM’s expectations for second‑quarter revenue and AI‑driven growth
    https://finance.yahoo.com/markets/stocks/articles/ibm-expects-second-quarter-revenue-111029599.html

July 14, 2026

Wall Street’s Twofer: When Inflation Cools and Megabanks Heat Up the Tape -( $BAC $DIA $JPM $QQQ $SPY )

Wall Street just got a rare twofer: inflation that finally looks like it’s listening to the Federal Reserve, and megabanks turning in the kind of quarters that make even seasoned investors check their calculators twice.

When Inflation Finally Blinks

After months of investors treating every Consumer Price Index release like a stress test for their portfolios, June’s inflation print showed a meaningful cooling, helped by sliding energy prices. The CPI reportedly fell on the month, marking the first decline in several years and reinforcing the narrative that price pressures are easing rather than re-accelerating..

For markets, that shift matters in three ways.

  • It lowers the probability of aggressive new rate hikes, keeping the “higher for longer” mantra on the table but with a more measured tone.
  • It supports real income and spending, giving consumers a bit more breathing room to keep swiping their cards instead of tightening belts.
  • It offers equity investors cover to stay risk-on in cyclicals and financials, rather than hiding in defensive sectors.

In other words, inflation is still the party guest everyone’s watching, but for now it has switched from tequila shots to sparkling water.

Big Banks, Big Numbers: JPMorgan and Bank of America Step Up

Against this backdrop, Wall Street’s banking titans are not just surviving—they’re thriving.

Reports show JPMorgan Chase & Co. (JPM) has delivered a record profit surge in its latest quarter, buoyed by dealmaking, trading, and a still-resilient credit environment. Net income jumped north of 40% year-over-year in some tallies, with second-quarter profit breaching prior records and underscoring JPM’s position as the de facto bellwether of U.S. finance.

At the same time, Bank of America Corp. (BAC) has logged a roughly 27% profit jump, powered by AI-driven investments and robust consumer spending. Management has leaned into technology, using artificial intelligence to sharpen underwriting, enhance trading and improve operating efficiency, while the bank’s broad retail footprint continues to capture solid card and deposit activity.

Jamie Dimon, JPMorgan’s long-time CEO, has characterized the current banking environment as “close to as good as it gets,” a remark that neatly frames the mood across large-cap financials: rates are still high enough to support net interest margins, credit costs remain contained, and deal flow is finally thawing.

For investors, that cocktail—benign credit, wide spreads, and AI-enabled efficiency—looks particularly attractive in a market searching for earnings durability.

The Market’s Balancing Act: Dow, S&P 500, Nasdaq

Equity futures tied to the Dow Jones Industrial Average, S&P 500, and Nasdaq 100 have traded mixed around the CPI and earnings series, as investors weigh softer inflation against evolving expectations for the Fed’s next move. Periods of early-session strength have sometimes faded as traders digest both the macro data and bank commentary, leaving the major indices hovering near recent highs but reluctant to make a decisive breakout.

Several dynamics are in play.

  • Financials track bank earnings and rate expectations; strong JPM and BAC prints pull the sector higher, but any hint of margin compression or regulatory pressure caps enthusiasm.
  • Tech and AI-sensitive names respond to the inflation outlook and any suggestion the Fed might stay put, with chipmakers and cloud platforms still seen as longer-duration assets.
  • Cyclicals and consumer stocks calibrate to the dual signals of cooling prices and hold-up-in-spending, reassessing how long the current expansion can run without policy missteps.

Think of the market as a three-way tug-of-war between earnings, inflation, and the Fed. So far, none of the three has lost its grip, which keeps volatility contained and dip-buyers alert.

AI Meets Banking: Why This Earnings Season Matters

What sets this moment apart is not just the headline earnings numbers, but the way AI has moved from slide-deck buzzword to balance-sheet contributor.

Bank of America’s AI-driven investments show up in better risk modeling, more personalized customer experiences, and efficiency gains that compound over time. JPMorgan, meanwhile, continues to deploy technology across trading, risk, and operations, reinforcing scale advantages that are difficult for smaller competitors to match.

For investors trying to position around the AI theme without paying nosebleed multiples for pure-play software or semiconductor names, the megabanks offer an interesting middle path: traditional valuations with embedded AI optionality. If AI enhances productivity and risk control, the impact on return on equity and capital distribution can be meaningful over a multi-year horizon.

In a sense, the banks are quietly turning themselves into “AI-enabled cash flow engines,” even if no one has yet coined the ticker for that ETF.

Investor Takeaways: Positioning for a Cooler CPI and Hotter Earnings

For institutional and sophisticated retail investors, this juncture offers several potential angles.

  • Large-cap banks like JPMorgan Chase & Co. (JPM) and Bank of America Corp. (BAC) remain central to any financials allocation, given record profits and clear strategic emphasis on technology and AI.
  • A cooling CPI and softer energy prices provide a constructive backdrop for risk assets, while still allowing banks to earn solid spreads as long as the Fed avoids abrupt policy shifts.
  • AI integration within financials offers a way to gain exposure to the theme through diversified earnings streams, rather than relying solely on higher-beta growth names.

How aggressively you lean into financials and AI-linked names will depend largely on your conviction about the Fed’s next few meetings; if policy stays predictable and inflation keeps blinking first, the current narrative may have more runway than skeptics expect.

The Sources

  1. Yahoo Finance – “Inflation cooled off in June as energy prices slid”
    https://finance.yahoo.com/economy/article/inflation-cooled-off-in-june-as-energy-prices-slid-180813780.html
  2. Yahoo Finance – “Bank of America profit jumps 27% amid AI-driven investments and strong consumer spending”
    https://finance.yahoo.com/markets/stocks/article/bank-of-america-profit-jumps-27-amid-ai-driven-investments-and-strong-consumer-spending-114802659.html
  3. Yahoo Finance – “JPMorgan notches record quarter as CEO Jamie Dimon calls the banking environment ‘close to as good as it gets’”
    https://finance.yahoo.com/markets/article/jpmorgan-notches-record-quarter-as-ceo-jamie-dimon-calls-the-banking-environment-close-to-as-good-as-it-gets-110031854.html
  4. Yahoo Finance – “Stock market today: Tuesday July 14 – Dow, S&P 500, Nasdaq”
    https://finance.yahoo.com/markets/live/stock-market-today-tuesday-july-14-dow-sp-500-nasdaq-070833816.html
July 14, 2026

The Pivot Point: How Modular Medical (NASDAQ: MODD) Is Betting on the 70% of Diabetics That Big Insulin Forgot -( $MODD $PODD $MDT $TNDM )

A San Diego upstart armed with FDA clearance, first commercial shipments, and an audacious two-part pump design is stepping into a multi-billion-dollar market that the industry’s giants have repeatedly fumbled

The Patient Nobody Wanted to Build For

For decades, the diabetes device industry chased the same customer: the highly motivated, technically sophisticated Type 1 diabetic willing to master a gadget that resembles something NASA might bolt onto a satellite. The result was a generation of insulin pumps that were clinically brilliant and practically intimidating — bulky, tubed, expensive, and perpetually beeping at inopportune moments, like graduation ceremonies and first dates.

Meanwhile, approximately 70% of insulin-dependent adults remained on multiple daily injections (MDI) — not because pumps don’t work, but because existing pumps were too complex, too cumbersome, and too costly for the average patient to justify the switch. This underserved population — what the industry calls “almost-pumpers” — represents an estimated $3 billion addressable market that incumbents like Medtronic (NYSE: MDT), Insulet Corporation (NASDAQ: PODD), and Tandem Diabetes Care (NASDAQ: TNDM) have largely left untouched.

Modular Medical, Inc. (NASDAQ: MODD), a San Diego-based medical device company founded by Paul DiPerna — the same engineer who invented Tandem’s original t:slim pump — has spent several years engineering a different kind of answer. Now, with FDA clearance secured and first commercial shipments underway, the company is making its opening move into that market gap.

The Pivot: Engineering Simplicity as a Strategy

The Pivot™ tubeless insulin patch pump is not a minor product iteration — it is a structural rethinking of how an insulin pump should be designed. Unlike conventional systems that require constant wear, battery recharging, and a tangle of infusion tubing, the Pivot features a two-part architecture: a reusable controller and a disposable 3 mL reservoir, all without a single tube connecting anything to anything.

Key design features include smartphone connectivity for bolus dosing and monitoring, a quick-action bolus button that bypasses the need for a separate controller in routine use, true electronic dosing accuracy, and the ability to remove the device entirely for showers, sports, or those moments when discretion matters more than glycemic precision. The battery is disposable — no charging cables, no nightly docking ritual, no forgotten chargers in airport security bins.

The company’s initial manufacturing capacity supports approximately 6,000 users, anchored by a scalable, low-cost platform designed to ramp production aggressively as adoption grows. Software enhancements already in the development pipeline include variable bolus delivery, improved alarms, and compatibility with Automated Insulin Delivery (AID) closed-loop systems — the frontier of diabetes technology that is rapidly becoming the standard of care.

From Clinician Feedback to Commercial Reality

The path to the Pivot’s commercial launch was methodical, if not always smooth. In September 2025, Modular Medical completed a clinical study of its predecessor device, the MODD1 pump, deploying it on nine clinicians with Type 1 diabetes who already wore continuous glucose monitors (CGMs) and other pump systems. The study was designed specifically to stress-test ease of use for converting multiple-daily-injectors to pump therapy — exactly the patient population the company intends to pursue.

CEO Jeb Besser described the exercise in characteristically understated corporate prose: the company thanked the clinicians for their time, noted learnings, and promised improvements. What the exercise actually demonstrated was that a medical device company was doing something rare — asking real users with real clinical opinions to break the product before patients had to.

From there, Modular Medical moved with disciplined speed. The company received Institutional Review Board (IRB) approval to conduct a Pivot feasibility study using sterile saline in real-world conditions. The Pivot controller manufacturing line was validated for human-use production in November 2025. FDA 510(k) clearance arrived in April 2026, formally unlocking U.S. commercial sales. And on June 24, 2026, Modular Medical announced that the Pivot was commercially available — with first shipments of starter kits dispatched to select high-volume endocrinology practices just days later.

The Market: Big Numbers, Bigger Opportunity

The tailwind behind Modular Medical’s launch is not subtle. The global insulin pump market was valued at approximately $7.05 billion in 2025 and is projected to grow to $8.20 billion in 2026, with estimates ranging as high as $22.45 billion by 2034 depending on the methodology applied. A separate analysis pegs the market at $6.6 billion in 2025, expanding at a compound annual growth rate of 12.7% through 2035.

Insulet Corporation (NASDAQ: PODD) — the maker of the Omnipod, the market’s dominant tubeless patch pump — reported total annual revenue of $2.7 billion for fiscal year 2025, driven in large part by its Omnipod 5 AID system and aggressive expansion into the Type 2 diabetes market. By the end of 2025, Type 2 users represented more than 40% of all new U.S. Insulet customer starts — validation that the “almost-pumper” population is not only real, but commercially pursable.

What Modular Medical is betting on is a price-point and simplicity gap that Insulet, with its premium positioning, has not filled. Pivot’s two-part reusable architecture is designed to bring total cost of ownership materially below competing systems, directly addressing the affordability barrier that keeps the majority of insulin-dependent adults on injections.

Nasdaq Compliance: The Chapter They’d Rather Not Dwell On

No investor-focused account of Modular Medical would be complete without acknowledging the period during which the company’s stock spent considerable time at addresses the Nasdaq would politely describe as “below minimum standards.” Following a steep decline, MODD received a 180-day extension from Nasdaq in December 2025 to regain compliance with the exchange’s minimum $1.00 bid price requirement.

The company executed a 1-for-30 reverse stock split in late March 2026, a maneuver that — while not the sort of corporate action that generates investor enthusiasm — did the technical job it was designed to do. By April 14, 2026, MODD’s stock had maintained a closing bid above $1.00 for 10 consecutive trading days, and Nasdaq formally confirmed compliance restored under Rule 5550(a)(2).

The episode is a reminder that Modular Medical is an early-stage company with the financial profile that entails: zero revenue in fiscal year 2026, a widening net loss, and explicit going-concern language in its most recent 10-K filing. Investors considering MODD are pricing a speculative bet on execution — on whether a well-designed product with a genuinely differentiated market thesis can achieve the commercial traction necessary to survive and scale.

The Commercialization Roadmap: Phases, Not Promises

Modular Medical is not promising to conquer the insulin pump market by Christmas. Its commercial expansion is structured in deliberate phases — an approach that reflects either admirable capital discipline or the reality that a company with limited resources has no viable alternative. Either way, the logic is sound.

The initial phase, now underway, targets select high-volume endocrinology practices where physicians already manage large populations of insulin-dependent adults. Pivot starter kits are shipping, physician training is being completed, and the company expects to update the market when the first patients begin using the pump for actual insulin delivery. A broader rollout across multiple metropolitan markets is expected by late 2026. European CE Mark approval is targeted for Q4 2026 or Q1 2027, which would open the company’s first international revenue channel.

Software enhancements that would qualify the Pivot for AID (automated, closed-loop insulin delivery) compatibility represent the medium-term product roadmap — a capability that, if achieved, would move the company from the affordability tier into genuine clinical competition with the market’s leading systems. For context, Insulet’s Omnipod 5 and Tandem’s Control IQ are currently the leading AID systems in the U.S. market; Medtronic (NYSE: MDT), meanwhile, is navigating a significant corporate restructuring that may temporarily reduce its competitive agility.

The Founder’s Blueprint

Paul DiPerna, who founded Modular Medical after previously founding Tandem Diabetes Care (NASDAQ: TNDM) and inventing its original t:slim pump, understood from experience precisely what made existing insulin delivery systems unnecessarily complicated. That institutional knowledge — of where complexity enters the manufacturing process, where the patient experience degrades, where cost accumulates without clinical payoff — is embedded in the Pivot’s design philosophy.

The company’s stated mission is to bring “diabetes care for the rest of us” — glycemic control not just for the highly motivated superusers who currently dominate pump adoption, but for the broader population of insulin-dependent adults who would benefit from pump therapy and have been, until now, underserved by the industry’s default assumptions about what patients can and will manage.

Risks Worth Naming Plainly

Sophisticated investors know that a compelling narrative and a commercially viable business are not the same thing. Modular Medical’s fiscal year 2026 10-K disclosed zero revenue, a net loss of $28.2 million, and going-concern risk. The company has required repeated capital raises to fund operations, including a $12 million public offering in March 2026.

The competitive landscape is imposing. Insulet (NASDAQ: PODD) operates at 40+ times Modular Medical’s scale, with manufacturing facilities optimized for high-volume output, a pharmacy-channel distribution moat, and a software platform that has already achieved AID regulatory clearance. Tandem Diabetes Care (NASDAQ: TNDM) is developing its own next-generation patch pump. Medtronic (NYSE: MDT) remains the dominant global player by installed base despite competitive pressure.

What Modular Medical offers — should its commercial execution prove credible — is exposure to a genuinely underserved market segment at a pre-revenue valuation. Whether that valuation reflects an opportunity or simply the risk profile of an undercapitalized early-stage device company is a question each investor must answer for themselves. What is no longer in question is that the Pivot exists, has FDA clearance, and is shipping to physicians. The company has cleared the hardest regulatory hurdle. The commercial hurdle now begins.

Modular Medical, Inc. trades on the Nasdaq Capital Market under the ticker symbol MODD. All forward-looking statements are subject to material risks as described in the company’s SEC filings. This article is for informational purposes only and does not constitute investment advice.

July 13, 2026

July 13, 2026 – Markets Tiptoe Lower As Trump Eyes Hormuz Toll Booths & Oil Pops -( $AGEN $AMWL $DIS $INTG $MODD $NFLX $SMWB $VEEE $WBD Rise!)

U.S. stocks traded with a cautious, slightly risk‑off tone on Monday, July 13, 2026, as investors weighed Middle East tensions, upcoming earnings, and the next batch of inflation data, while select healthcare, industrial, and media names saw idiosyncratic moves.

Market overview – indices, sectors, flows

U.S. Major indices closed lower at the end of the day, including the Dow Jones Industrial Average at 52,498.64, -.26% , S&P 500 at 7,515.34, -.79%, and Nasdaq Composite at 25,873.18, -1.55%, with large‑cap tech tempering gains in cyclicals and energy. Risk sentiment was constrained by renewed geopolitical stress, with Iran‑related headlines driving a modest bid into traditional havens and out of higher‑beta areas. European markets were described as “mixed,” with tech softness offset by select value and commodity‑linked strength, while Asia finished mostly lower on the Iran‑driven risk‑off tone. This backdrop kept intraday breadth in the U.S. choppy, as traders used strength to lighten exposure ahead of earnings season. The small caps on the Russell 200 closed at 2,953.17, -.93% and up +18.99% YTD.

Macroeconomic and policy backdrop

The macro narrative remains dominated by the interplay between inflation expectations, the Federal Reserve’s reaction function, and oil‑linked geopolitical risks. Weekly economic commentary pointed to an environment where growth is moderating but still positive, leaving the Fed balancing progress on inflation against the risk of tightening into slowing activity. With new CPI and PPI readings on deck, U.S. markets are focused on whether disinflation remains intact enough to support the current path of policy rates. At the same time, Iran‑related strikes and tensions around energy transit routes have re‑introduced tail‑risk scenarios for oil prices which jumped to $78.29, +9.83% on Monday which could complicate the inflation trajectory if sustained. Global macro strategists highlighted that while the base case still favors a contained conflict, even short‑term disruptions could ripple into risk assets and raise term premiums across rates markets.

Geopolitics – Trump, Iran, and the Strait of Hormuz

The White House remains a focal point, with President Donald Trump’s administration signaling a harder line on Iran’s behavior in and around the Strait of Hormuz, including discussions around imposing charges or reimbursement measures tied to security and transit protection. Such rhetoric raises the perceived risk premium on shipping through this critical chokepoint, which handles a significant share of global seaborne crude, and traders are monitoring for any concrete policy steps that could affect freight and energy markets. Market quick‑take commentary framed Iran‑related strikes as a key catalyst for Monday’s risk‑off impulses in Asia and selective de‑risking in global equities. For equity investors, the immediate read‑through is twofold: higher potential volatility in energy and shipping, and a possible knock‑on impact on inflation prints, which feeds directly into Fed expectations and equity valuations.

Housing, commodities, and cross‑asset context

Outside equities, housing market updates for July 13, 2026, emphasize a still‑constrained inventory backdrop and gradually cooling price growth, with buyers facing a complex mix of higher cumulative mortgage costs and modestly improving affordability as rates stabilize. This housing dynamic feeds into broader macro expectations around consumer spending, construction activity, and regional economic resilience.

Commodity commentary points to ongoing volatility in certain contracts, with traders responding to weekend developments and adjusting positioning in line with perceived geopolitical risk and physical demand requirements. Gold‑backed ETFs continue to attract attention as investors weigh strategic hedges against macro and geopolitical uncertainty, reflecting steady, positive flows in the first half of the year. Gold closed around $4,007.20/oz. and Silver closed at $57.91/oz.

VP Watchlist Updates

Amwell® (NYSE: AMWL)

Amwell® (NYSE: AMWL) a leading provider of a comprehensive SaaS-based software platform for technology-enabled healthcare, closed at $11.01 +11.10% and up 124.24% YTD.

Eupraxia Pharmaceuticals Inc. (EPRX)

Eupraxia Pharmaceuticals Inc. (EPRX, $6.43) a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, announced (July 7) the appointment of Robert Bazemore, Amy Pottand Dr Helen Thackray to the Board of Directors. “We are delighted for Robert, Amy and Helen to join our Board of Directors at a pivotal stage for the company.”   said Dr. James A. Helliwell, Chief Executive Officer of Eupraxia. “Their collective expertise across late-stage drug development, commercial strategy, and global product launches will be invaluable as we execute on several key upcoming milestones for EP-104GI and continue to expand our pipeline. Their appointments reflect the commitment of Eupraxia to advancing and expanding our gastroenterology assets in an efficient and effective manner. I also want to thank Paul Geyer and Michael Wilmink for all of the support and contributions they have made to Eupraxia over the last decade as we proved the function and potential of the Diffusphere technology.”

Eupraxia announced (May 5) the first Eosinophilic Esophagitis Endoscopic Reference Score (EREFS) data from its ongoing Phase 1b/2a part of the RESOLVE trial evaluating EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). These data were also presented at the ongoing Digestive Disease Week (“DDW”) conference in Chicago. “The EREFS is an important, validated visual index of severity of EoE disease in the esophagus of patients. It measures edema, rings and strictures and other visible markers of disease often associated with symptoms. Today’s data demonstrated improvement in two key outcomes with EP-104GI in the treatment of EoE: first, that a full injection protocol of 20 injections resulted in more pronounced improvement than a protocol with fewer injections and less coverage area within the esophagus; second, with the higher number of injections, a consistent response in both the inflammatory and fibrotic sub scores of EREFS was observed,” said Dr. James A. Helliwell, Chief Executive Officer of Eupraxia. “This EREFS data being reported at DDW is consistent with the improvements we have seen in EoE symptoms and tissue health (EoEHSS) and suggests improvement in inflammation, fibrosis and the associated narrowing of the esophagus.”

Modular Medical, Inc. (NASDAQ: MODD)

Modular Medical, Inc. (NASDAQ: MODD, $3.99), a leader in innovative, patient-centric insulin delivery, today (June 30) announced that the first patients have completed onboarding and training and are now actively using the Pivot™ tubeless insulin patch pump in real-world settings. This milestone marks the transition of the Pivot pump from development into active patient use and represents a significant step in Modular Medical’s commercialization strategy. The Company will now begin collecting real world utilization data and user feedback to support broader adoption and continued product deployment optimization.

MODD announced ( June 26) that the Pivot™ tubeless insulin patch pump is now shipping to physician offices for training. Upon completion of training, these pumps will be presented to potential patients in the next few days and weeks. The Company intends to expand the roster of practices that offer Pivot over the coming months. This is another significant milestone in the deployment of Pivot. Modular Medical looks forward to updating the market when these first patients are using the pump to deliver insulin. The Pivot pump is purpose-built for adults with diabetes on daily injections who have faced cost, complexity, and usability barriers with traditional pump systems. This group represents an estimated 70% of insulin-dependent adults who remain on multiple daily injections, a multi-billion-dollar opportunity within the diabetes technology market.

MODD announced (June 24) that the Pivot™ tubeless insulin patch pump is now commercially available. This marks the start of real-world patient use, and the Company’s transition to a commercial-stage medical device company. As only the second fully electronic, tubeless insulin pump available in the United States, Pivot is designed to make pump therapy simpler to learn and easier to live with. Its removable two-part design and 3 mL reservoir, intuitive interface, and flexible, wearable form factor support everyday activities, such as showering and sports, with no battery recharging required – all while maintaining clinical accuracy and connectivity. “Reaching commercial availability is a transformational milestone that marks Modular Medical’s transition from a development-stage company to a revenue-generating commercial business,” said Jeb Besser, Chief Executive Officer of Modular Medical. “As only the second fully electronic tubeless pump on the U.S. market, Pivot is positioned to serve a large, underserved ‘almost-pumper’ population. With first shipments beginning this week, we are focused on disciplined execution, as we scale adoption and seek to build long-term value for patients and shareholders.”

On (June 4) the launch of PivotPump.com, a patient-focused website designed to support individuals seeking a simpler path to insulin pump therapy. This launch follows the Company’s receipt of U.S. Food and Drug Administration (“FDA”) clearance in April 2026 for its Pivot™ insulin delivery system. The FDA clearance represents a significant milestone in Modular Medical’s strategy to expand access to insulin pump technology, particularly among individuals historically underserved by existing solutions. The Company remains on track for commercial launch in the fall of 2026. Pivot is designed for people living with diabetes who rely on daily insulin injections, as well as those who have encountered technological, usability, or cost-related barriers with traditional pump systems. The system emphasizes simplicity and ease of use for the patient and full access to clinical information for the clinician to reduce adoption friction. The PivotPump.com website provides accessible, educational content on insulin pump therapy and highlights the Company’s focus on real-world usability and supporting patients in evaluating and adopting pump-based diabetes care.

Similarweb Ltd. (NYSE: SMWB)

Similarweb Ltd. (NYSE: SMWB, $7.13, +7.06%), a leading digital data and analytics company powering critical business decisions, announced (June 15) that it has surpassed $300 million in Annual Recurring Revenue (ARR)act 5-days and signed two multi-year enterprise contracts, each representing seven-figure ARR commitments. Collectively, these contracts represent approximately $47 million in Total Contract Value to be recognized over the next three years and were signed during the second quarter of 2026.

NVIDIA (NVDA)

NVIDIA (NVDA) closes at $203.53.

The InterGroup Corporation (NASDAQ: INTG)

The InterGroup Corporation (NASDAQ: INTG), a diversified holding company with interests in hospitality, real estate, and marketable securities. InterGroup consolidates its majority‑owned subsidiary Portsmouth Square, Inc., which owns the Hilton San Francisco Financial District hotel and related facilities, closed at $42.60, +7.49%

Agenus (AGEN) – oversubscribed private placement

In healthcare, immuno‑oncology player Agenus Inc. (AGEN, $6.12, +82.69%) announced an oversubscribed private placement, a move that signals continued investor interest in its pipeline and platform despite broader market volatility. According to regulatory filings, the company entered into a securities purchase agreement for a financing transaction expected to close mid‑July 2026, bolstering its balance sheet and providing incremental runway for clinical development. For biotech‑focused investors, the transaction underscores a still‑functional capital markets environment for differentiated oncology stories, even as generalist risk appetite fluctuates with macro headlines. The oversubscription dynamic may also support the narrative of specialist demand for late‑stage and platform‑driven biotech names, a theme to watch as more companies tap private and structured financing this quarter.

Twin Vee PowerCats Co. (VEEE) – corporate actions

In industrials and consumer‑adjacent names, Twin Vee PowerCats Co. (VEEE, $24.86, +415.77%) has remained active on the corporate actions front, with a series of moves aimed at strengthening its capital markets profile and improving long‑term flexibility. Recent disclosures highlight actions such as reverse stock splits to regain compliance with Nasdaq’s bid‑price requirements and a reincorporation to Nevada designed to enhance corporate flexibility and reduce costs over time. These steps reflect the broader trend of small‑cap and micro‑cap companies optimizing their corporate structure, listings, and capital access in response to tighter liquidity conditions and higher volatility. For investors, the Twin Vee story illustrates how tactical governance and listing decisions can be used to preserve market access while management pursues operational growth in niche recreational marine segments. Today, Twin Vee, a manufacturer, distributor and marketer of power sport boats, announced that it has entered into a definitive agreement for a transformative transaction that will combine a merger involving the publicly traded company with the concurrent privatization of its boating business under the brands Twin Vee and Bahama Boat Works.

Disney and streaming – structural media shifts

Media remains in flux, with fresh commentary around The Walt Disney Company (DIS, $96, .40%) and the strategically sensitive question of legacy media’s long‑term role in streaming. Discussion of Disney potentially exiting or reshaping its direct‑to‑consumer streaming footprint has fueled debate about whether such a move could catalyze industry consolidation or re‑pricing across the streaming and content landscape. Analysts note that any significant pivot by Disney in streaming would have implications not only for DIS shareholders but also for peers like Netflix (NFLX, $73.93, +.63%), Warner Bros. Discovery (WBD, $27.09, +1.88%), and Comcast’s NBCUniversal (CMCSA, $23.97, +1.70%), which are all navigating profitability, subscriber saturation, and evolving distribution economics.

The Sources

  1. Yahoo Finance – “Stock market today: Monday, July 13 – Dow, S&P 500, Nasdaq live updates”
    https://finance.yahoo.com/markets/live/stock-market-today-monday-july-13-dow-sp-nasdaq-113249278.html
  2. CNBC – “Stock market today: Live updates – July 12–13, 2026”
    https://www.cnbc.com/2026/07/12/stock-market-today-live-updates.html
  3. CNBC – “Trump says Iran should reimburse charges related to security in the Strait of Hormuz” (July 13, 2026)
    https://www.cnbc.com/2026/07/13/trump-iran-hormuz-strait-charge-reimburse.html
  4. Yahoo Finance – Healthcare: “Agenus announces oversubscribed private placement”
    https://finance.yahoo.com/healthcare/articles/agenus-announces-oversubscribed-private-placement-100000154.html
  5. SEC filing (StockTitan) – “[8-K] AGENUS INC reports material event”
    https://www.stocktitan.net/sec-filings/AGEN/8-k-agenus-inc-reports-material-event-89d64bcf5da8.html
  6. Twin Vee PowerCats Co. – Investor relations press releases
    https://ir.twinvee.com/news-events/press-releases
  7. Yahoo Finance – “Twin Vee PowerCats Co. announces corporate actions”
    https://finance.yahoo.com/markets/stocks/articles/twin-vee-powercats-co-announces-123000071.html
  8. Yahoo Finance – Media & Advertising: “Disney exiting streaming could spur industry shift”
    https://finance.yahoo.com/media-advertising/articles/disney-exiting-streaming-could-spur-122433164.html
  9. BlackRock Investment Institute – Weekly market commentary
    https://www.blackrock.com/us/individual/insights/blackrock-investment-institute/weekly-commentary
  10. Westpac IQ – Weekly Economic Commentary, July 13, 2026
    https://www.westpaciq.com.au/economics/2026/07/weekly-economic-commentary-13-jul-2026
  11. Saxo – “Market Quick Take: Iran strikes rattle markets – 13 July 2026”
    https://www.home.saxo/content/articles/macro/market-quick-take—iran-strikes-rattle-markets—13-july-2026-13072026
  12. Realtor.com – “Economic and Housing Market Outlook – July 13, 2026”
    https://www.realtor.com/research/video-economic-and-housing-market-update-july-13-2026/
  13. Czapp – “Daily Market Price Updates and Commentary – 13th July 2026”
    https://www.czapp.com/analyst-insights/daily-market-price-updates-and-commentary-13th-july-2026/
  14. World Gold Council – “Global gold‑backed ETF holdings and flows”
    https://www.gold.org/goldhub/data/global-gold-backed-etf-holdings-and-flows
  15. Edward Jones – Daily market snapshot
    https://www.edwardjones.com/us-en/market-news-insights/stock-market-news/daily-market-recap

July 13, 2026

Cash, Catalysts and Credentials: Why Agenus and Eupraxia Are Starting to Screen In -( $AGEN $EPRX $XBI )

Agenus Inc. (NASDAQ: AGEN) and Eupraxia Pharmaceuticals Inc. (NASDAQ: EPRX, TSX: EPRX) just offered Wall Street a reminder that in biotech, capital and human capital still set the tempo—one via an oversubscribed private placement, the other via a board refresh that reads like a who’s-who of late‑stage drug development.a

AGENUS: WHEN “OVERSUBSCRIBED” BECOMES A TELL

Biotech investors hear “private placement” so often it risks sounding like elevator music, but Agenus turned up the volume with an oversubscribed deal that is sized to matter. The company entered into a securities purchase agreement delivering approximately 85 million dollars in upfront gross proceeds, with the potential to unlock as much as 255 million additional dollars on full warrant exercise, taking the total capacity of the financing to roughly 340 million dollars. The round was led by specialist healthcare fund Commodore Capital, joined by familiar biotech power players including RA Capital Management, TCGX and Invus—names that tend not to show up for tourist trades. For a clinical‑stage immuno‑oncology company advancing its neoadjuvant BOT plus BAL (botensilimab plus balstilimab) program in microsatellite‑stable (MSS) colon cancer via the registrational ROBBIN trial, that kind of term sheet looks less like lifeline capital and more like a war chest.

IMMUNO‑ONCOLOGY WITH REAL CAPITAL BEHIND IT

Agenus has spent years building an antibody‑based immunotherapy platform aimed at overcoming tumor immune evasion in cancer and infectious disease, with botensilimab and balstilimab anchoring a portfolio of checkpoint and co‑stimulatory candidates. The private placement is explicitly framed around funding the registrational ROBBIN trial in neoadjuvant MSS colon cancer, a setting where the unmet need is as large as the data bar is high. For investors, the nuance is that capital now appears roughly aligned with the scientific ambition: a company historically defined by scientific optionality is now funded to run the kind of appropriately powered, globally visible trial that can move both survival curves and valuation models. With AGEN trading on the NASDAQ and already attracting heightened trading interest this year, the financing provides both runway and perceived validation from specialist institutions that know their way around oncology event paths.

SIGNALS IN THE INVESTOR LINE‑UP

The oversubscription matters as much as the headline dollars, particularly in a market that has taught biotech CFOs to bring a helmet to every roadshow. Oversubscription suggests that (1) diligence‑heavy, repeat biotech allocators believe the risk‑reward of the BOT plus BAL program in MSS colon cancer is skewed favorably, and (2) there may be more demand for exposure to Agenus’s immuno‑oncology portfolio than the current market cap might imply. In practical terms, the presence of funds like RA Capital and TCGX often telegraphs that the shareholder base is tilting toward investors willing to underwrite binary clinical events rather than simply trading volatility. That shift, in turn, tends to lengthen time horizons around the stock and can help tighten the feedback loop between clinical readouts, capital deployment, and valuation re‑rating—assuming the data cooperates.

EUPRAXIA: BOARDROOM ALPHA FOR A LATE‑STAGE PIPELINE

If Agenus is leaning into balance‑sheet strength, Eupraxia Pharmaceuticals is playing the governance and execution card by expanding its board with three seasoned industry leaders. The company, which is dual‑listed on NASDAQ and the Toronto Stock Exchange under the ticker EPRX, announced the appointment of Robert Bazemore, Amy Pott and Dr. Helen Thackray to its board of directors. According to the company’s update, the new directors bring expertise spanning global product launches, gene therapy and rare disease commercialization, and clinical development leadership—capabilities tailored to a pipeline approaching pivotal inflection points, including EP‑104GI in gastroenterology indications. While new directors rarely move a stock on their own, the strategic fit between board skill set and pipeline maturity is the sort of detail that tends to resonate with fundamental investors reading 10‑Ks for sport.

GOVERNANCE AS A LEADING INDICATOR

Eupraxia has already been signaling that it is preparing for bigger stages, having previously highlighted governance decisions such as re‑electing management‑nominated directors, refreshing its option plan, and ensuring flexibility around potential share consolidations or subdivisions. The latest board appointments can be read as the next step in that evolution, aligning boardroom experience with a late‑stage development and commercialization agenda anchored by the company’s DiffuSphere drug delivery technology. For investors, the through‑line is simple: companies do not typically staff up with ex‑global launch and advanced clinical development veterans unless they expect to need those muscles. In a sector where governance is increasingly a screening factor, especially for crossover and generalist capital eyeing smaller‑cap biotech, Eupraxia’s evolving board composition may serve as a soft but meaningful positive screen.

TWO BIOTECHS, ONE THEME: LINING UP FOR THE NEXT INNING

Looked at side by side, Agenus and Eupraxia are executing different but complementary plays in the same meta‑game: de‑risk the path from promising clinical asset to commercial‑grade company. Agenus is front‑loading capital to ensure it can run a registrational trial that institutional investors will actually model, while Eupraxia is front‑loading board experience to ensure that, if and when its pipeline crosses the regulatory finish line, the commercial follow‑through is more orchestral than improvisational. For investors scanning the healthcare tape for names where near‑ to mid‑term catalysts are matched by credible execution frameworks, both narratives should screen in: AGEN as a funded immuno‑oncology story entering a registrational phase with backing from sector specialists, and EPRX as a pipeline‑driven platform increasingly governed like a future mid‑cap rather than a perpetual micro‑cap aspirant.

WHAT SOPHISTICATED CAPITAL MAY WATCH NEXT

Near term, attention around Agenus will likely gravitate toward enrollment progress and design specifics for the ROBBIN trial in neoadjuvant MSS colon cancer, plus any updates on additional indications for botensilimab and balstilimab combos. Balance‑sheet modeling will factor in the staged nature of the warrant‑linked proceeds, but the key takeaway is that the company now has a credible path to funding its lead program through value‑defining data. For Eupraxia, investors may increasingly focus on clinical and regulatory milestones for EP‑104GI and other pipeline assets, alongside any commentary from the newly expanded board that hints at partnering appetite, commercialization strategies, or capital‑markets plans that leverage its NASDAQ and TSX listings under ticker EPRX. If execution tracks the growing sophistication of the board, the company’s governance profile could become a competitive asset in its own right.

The Sources


[1] [8-K] AGENUS INC Reports Material Event https://www.stocktitan.net/sec-filings/AGEN/8-k-agenus-inc-reports-material-event-89d64bcf5da8.html
[2] Eupraxia Pharmaceuticals Strengthens Board with Three Industry … https://markets.businessinsider.com/news/stocks/eupraxia-pharmaceuticals-strengthens-board-with-three-industry-leaders-in-drug-development-and-commercialization-1036302892
[3] Stock Information https://www.eupraxiapharmaceuticals.com/investors/stock-information/default.aspx
[4] Eupraxia Pharmaceuticals Adds Veteran Drug Developers to Board as Pipeline Advances https://www.theglobeandmail.com/investing/markets/markets-news/Tipranks/3192808/eupraxia-pharmaceuticals-adds-veteran-drug-developers-to-board-as-pipeline-advances/
[5] Newsroom – Business Wire https://www.businesswire.com/newsroom?industry=1085807
[6] Agenus (AGEN) Stock price today – quote & chart https://www.kraken.com/stocks/agen
[7] Agenus Inc. (AGEN) stock price, news, quote and history – Yahoo Finance https://sg.finance.yahoo.com/quote/AGEN/
[8] Agenus Inc. stock – Saxo Bank https://www.home.saxo/markets/stocks/agen-xnas
[9] Agenus (AGEN) Stock Price, News & Info https://www.fool.com/quote/nasdaq/agen/
[10] Agenus Inc (AGEN) Stock Price & News – Google Finance https://www.google.com/finance/quote/AGEN:NASDAQ
[11] AGEN Stock Price and Chart — NASDAQ:AGEN – TradingView https://www.tradingview.com/symbols/NASDAQ-AGEN/
[12] Agenus (AGEN) Stock Price, News & Analysis – MarketBeat https://www.marketbeat.com/stocks/NASDAQ/AGEN/
[13] Agenus Inc. (AGEN) Stock Price, Quote, News & Analysis | Seeking Alpha https://seekingalpha.com/symbol/AGEN
[14] Eupraxia Pharmaceuticals Confirms Board and Plans – Nasdaq https://www.nasdaq.com/articles/eupraxia-pharmaceuticals-confirms-board-and-plans
[15] Agenus Stock Price Today | NASDAQ: AGEN Live – Investing.com https://www.investing.com/equities/agenus-inc

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