Andreas Schulz

@Lemonade_Inc Renters is now live in Idaho.

BREAKING: United CEO says customers are switching from other airlines because of @Starlink “We already see customers moving from other airlines today” United will cross 50% of flights with Starlink this week and expects to finish its full fleet rollout by the end of next year.

We believe the Salesforce-Braze acquisition will be an incredible catalyst for Zeta. Please see this analyst briefing for more information. $ZETA LG 🚀🚀🚀 Read more here: investors.zetaglobal.com/new…

> GREETINGS, PROGRAM. > WE'VE BEEN EXPECTING YOU. lemonade.com/agentic

Elon: China will be making a LOT of RAM in 2028 Also Elon: either we make Terafab or we will be stuck at the ~20% chip/memory output growth per year of the current industry.

Ok, it might be over folks. Anthropic revenue disclosure maps to ~5.8b in September revenue or 70b ARR which means August / September only increased by 2-3b ARR in each month. [There is no way that ARR is calculated using last day of the month as that would be more aggressive than anything I've ever seen out of companies this size (exception: Musk).] Worst monthly numbers by far this year. (Maybe some self-infliction from cleaning up distillation?). My rough math indicates OAI / ANT ARR monthly add softened from 16b in July to 10b in Aug to 9b in Sept. That is no bueno... Supportive of the view that either CAPEX is getting cut or pricing is going to weaken substantially.

"Our initial evaluation suggested that GPT-6-Astra's score was in the late eighties followed closely by Opus 5.5. But, as we started to investigate the mistakes that the models might have made, the models, especially Astra, insisted that they were right and that it was the expert-supplied answers that were erroneous. When we went back to the experts it turned out, in multiple instances, that that the experts found some subtle errors buried deep inside their calculations. As they revised their answers, Astra's score started to inch up and it finally ended up with 98% (49/50)."

Anthropic at 2tn and $meta at 1.9tn is absurd. One of these has to re-rate bigly - I think both. The market can't punish Zuck's capex and reward Darios - they're the same thing. They both have high quality models, they both have cash flows. Only one of them is profitable and only one has a moat.

the super bulls don’t want to concede a single point, but we have to be honest about how quickly the landscape is changing. this is lemonade’s last quarter to prove itself.

I think the biggest market pharma will ever tackle will actually be weight gain PREVENTION. And the dynamics of this market are going to be very different from the medicalized weight loss market and require better, more convenient products. The race for that market has only just begun. We helped to pivot one of our companies, Terrestrial, to work in prevention (as well as weight loss), and their clinical progress now makes me comfortable sharing our thesis for the weight gain prevention space. They have a needle-free, room-temp stable microneedle patch where the microneedles are made of semaglutide. Apply it for a few min, the base of the needles dissolves leaving drug under the skin, and you can then throw away the patch. That’s the weekly dose. No sharps containers. Once drug is under skin, it behaves very similarly to regularly injected semaglutide. 505b2 path to market is derisked by all existing data on sema. But Terrestrial isn’t stopping at just getting approved for all same indications as sema. It’s also gunning to get it OTC and get weight gain prevention on the label, legitimizing what today is a common off-label use (so common that South Park parodied it). From a societal value, there may not be any single medical breakthrough that rivals what a needle-free, OTC QW GLP-1 can offer to humanity. Excess weight leads to so much disability, disease, cost, lost productivity, and early mortality. Doesn’t make sense for people to have to gain weight to then get help losing it. Makes more sense for them to get help quieting the hunger noise (drive to eat) so they can avoid gaining weight in the first place. Have doubts? No problem. Read the article and then decide. The key insight here is that an OTC needle-free GLP-1 is not simply some late comer to a mature category but actually the beginning of an entirely new market that is so large that it would be worth any consumer-focused company to pay attention and for any standard pharma to consider what it would take to pivot into this space. And if you have never experienced how a GLP-1 can quiet hunger noise, you’ll have a harder time relating. Young people with fast metabolisms will likely miss this. But someday they will say “holy crap, I get it!”. 60% of Americans are overweight or obese… the battle against weight gain is one most people are destined to lose without help. 3B people around the world are overweight/obese. This is a giant global market at even very low unit prices (eg $25/month). Enjoy the read. Godspeed Terrestial! The RA Capital team is really proud to support you.