WSJ : Younger Women Are Now More At-Risk for Cancer Than Men

Younger Women Are Now More At-Risk for Cancer Than Men
Trends in breast, prostate and lung cancer are shifting who is most at-risk

The face of cancer in the U.S. is getting younger—and more feminine.

Cancer rates for women in the U.S. have risen over the past half-century, particularly among women under age 65 diagnosed with breast cancer, the American Cancer Society said Thursday. Men, meanwhile, have experienced a decline in cancer rates compared with prior decades.

“If you’re a woman under the age of 65, you’re now more likely to develop cancer than a man” in that same age group, said Dr. William Dahut, the American Cancer Society’s chief scientific officer.

For decades, the cancer burden in the U.S. was higher for men, who started smoking en masse in the 20th century. Their rates of lung-cancer cases and deaths soared. Lung cancer remains the biggest cancer killer for men in the U.S., but case and death rates have dropped, after smoking rates declined.

Women started smoking heavily later than men and have been slower to quit, so their lung-cancer decline started later and hasn’t been as steep.

That has had a significant impact: Lung cancer incidence among women under 65 was greater than among men for the first time in 2021. Women are also more likely to get diagnosed with lung cancer as nonsmokers.

“This is really a transformational change,” Dahut said.

The overall cancer death rate in the U.S. has dropped 34% since 1991, the report said, translating to nearly 4.5 million fewer deaths. The progress is largely thanks to the declines in cigarette smoking, as well as better cancer screenings and treatments. The number of averted deaths is twice as large for men than for women.

About 1.1 men were diagnosed with cancer for each case among women in 2021. That is down from a high of 1.6 diagnoses among men for each woman in 1992.

Men’s overall cancer rates spiked in the early ’90s, when widespread prostate-cancer screening led to a surge of small, low-risk prostate cancers, in addition to dangerous cases being caught earlier. When doctors pulled back on the tests, which look for levels of prostate-specific antigen in blood, case rates dropped nearly 40%, the report said. They remain below that peak.

“We’re doing a better job detecting cancers that need to be tracked and followed,” said Dr. Stephen Gruber, a cancer epidemiologist and geneticist at City of Hope in Duarte, Calif. “We’re not just blasting everybody with PSA testing.”

Breast-cancer rates have increased about 1% each year over the past decade, with steeper rises among younger women, contributing to the flip in cancer risk. In 2007, cancer rates for women between 50-64 were 21% lower than for their male peers. In 2021, women’s rates passed men’s.

Among adults under 50, women already faced a higher cancer risk. The cancer rate for these women was 82% greater than for their male peers in 2021, compared with 51% higher in 2002, because of thyroid and breast cancers. Increases in colorectal and testicular cancers among younger men were offset by declines in others including prostate.

“The change in cancer among women, especially younger women, is really shocking,” said Dr. Karen Kim, a health disparities researcher and dean of the Penn State College of Medicine.

More women having children later or not at all likely contributes to the trend, because having children at earlier ages and breastfeeding lower the risk of some kinds of breast cancers. Increasing obesity rates, physical inactivity and rates of heavy alcohol consumption among younger women are also potential factors, researchers said.

The breast-cancer death rate has dropped 44% since 1989, thanks to better treatments and screening. It is still the leading cause of cancer death for women under 50.

FT : A lesson for oligarchs: politics can be deadly

A lesson for oligarchs: politics can be deadly
The emergence of a powerful tech elite close to Donald Trump has jarring echoes with Russia

As a reporter in Russia in the 1990s, I covered the ways in which a handful of oligarchs made out like bandits in the post-Soviet anarchy of the times. Following a pact hatched in Davos, they intervened heavily to help secure the re-election of president Boris Yeltsin in 1996. That led to what was called the semibankirshchina — or rule of the seven bankers — until some of the oligarchs fell out among themselves and, more terminally, with Yeltsin’s successor Vladimir Putin.

As is sometimes said, history does not repeat itself, but it often rhymes. And there are jarring echoes in the emergence of an oligarchy in the US today, revolving around some of the Magnificent Seven tech companies. “Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy,” Joe Biden warned this week in his farewell speech as president. It was up to politicians, lawyers and the American people to confront this “tech industrial complex”, he said.

Led by Elon Musk, who spent more than $250mn helping to re-elect Donald Trump, tech bosses have been filing into Mar-a-Lago to trade favours with the incoming president and donate to his inauguration fund. What might we learn from the playbook and experience of their Russian forerunners?

Above all else, as cold-headed business people, oligarchs expect a return on their investment. In Russia, they benefited massively from the infamous loans-for-shares scheme, a rigged privatisation process that enabled them to grab control of some of the country’s most valuable oil and metals companies, including Yukos, Sibneft and Norilsk Nickel, at giveaway prices. 

Nothing comparable will happen in the US. But Musk has already enjoyed a stunning return on his political investment. In the days after Trump’s re-election, the share price of Musk’s car company Tesla surged, adding more than $300bn to its stock market value. There have also been reports that Musk might yet end up as owner of TikTok’s US business if the Chinese-owned parent company is forced to divest this month. 

Musk’s fellow tech titans are also anticipating looser regulation — particularly around antitrust and crypto rules — and more support for their businesses. Meta’s one-time liberal chief executive Mark Zuckerberg, who has swivelled as fast as the gymnast Simone Biles by scrapping fact-checking on Facebook, is now urging Trump to defend the US tech industry from meddling regulators abroad.

Given their lack of institutional power, oligarchs try to influence politics by deploying weapons of mass information. So it was in Russia where Vladimir Gusinsky ran the NTV channel and Sevodnya newspaper, while Boris Berezovsky controlled the ORT channel and Kommersant paper. In the US, Musk has turned X into his personal political platform, while Zuckerberg directs Facebook and Amazon’s co-founder Jeff Bezos owns the Washington Post. 

Russia’s oligarchs went even further in trying to capture the government by joining the government themselves. Following Yeltsin’s re-election, Vladimir Potanin acted briefly as first deputy prime minister. Berezovsky was appointed deputy head of the Security Council. As co-head of Trump’s newly imagined Department of Government Efficiency, Musk is not a regular government employee. But Doge is looking to post recruits across Washington’s federal agencies to recommend ways of slashing costs. Given Musk’s sprawling business activities, the potential conflicts of interest are stark.

Perhaps the biggest lesson to draw from Russia’s oligarchic era, though, is that oligarchs are often lousy at understanding politics. In Russia, Mikhail Khodorkovsky over-reached, antagonised Putin and spent the next 10 years in jail. Now Putin only tolerates his own house-trained oligarchs who do the Kremlin’s bidding.

As narcissist in chief, Trump will not want to be outshone by others. But the biggest danger for US oligarchs may be a backlash from his excitable Maga base. After clashing with Musk over immigration policy, Steve Bannon, Trump’s rabble-rousing former adviser, denounced the world’s richest man as a “truly evil guy” and vowed to take him down.

Of course, America today differs from 1990s Russia in countless ways. Moreover, stock market investors seem to reckon that an injection of capitalist rigour into government will boost the economy, not disfigure it. But US oligarchs may yet discover that, whatever their differences with their Russian counterparts, the dynamics of power and politics are universal. Those who ride a political tiger — and slip — end up being mauled by it.

>>> US Research Calls I

Research Calls I
  • Upgrades:
    • Ametek (AME) upgraded to Outperform from Neutral at Exane BNP Paribas; tgt $210
    • Bill.com (BILL) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt $95
    • BlackLine (BL) upgraded to Buy from Neutral at Citigroup; tgt $73
    • Blue Owl Capital (OWL) upgraded to Buy from Hold at TD Cowen; tgt $28
    • CACI Intl (CACI) upgraded to Buy from Hold at Jefferies; tgt $515
    • Canadian Nat'l Rail (CNI) upgraded to Buy from Hold at Stifel; tgt lowered to $120
    • Dana Inc (DAN) upgraded to Buy from Neutral at UBS; tgt raised to $18
    • Dexcom (DXCM) upgraded to Outperform from Neutral at Robert W. Baird; tgt raised to $104
    • DigitalOcean (DOCN) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $41
    • First Solar (FSLR) upgraded to Buy from Neutral at Seaport Research Partners; tgt $274
    • Freshworks (FRSH) upgraded to Outperform from Perform at Oppenheimer; tgt $22
    • Ingram Micro Holding Corp. (INGM) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $27
    • Monday.com (MNDY) upgraded to Buy from Neutral at Citigroup; tgt lowered to $298
    • Netflix (NFLX) upgraded to Buy from Neutral at Seaport Research Partners; tgt $955
    • OneStream (OS) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt $37
    • Paylocity (PCTY) upgraded to Buy from Neutral at Citigroup; tgt raised to $231
    • Rockwell Automation (ROK) upgraded to Overweight from Equal-Weight at Stephens; tgt raised to $350
    • UPS (UPS) upgraded to Buy from Neutral at BofA Securities; tgt $150
    • Zegna Group (ZGN) upgraded to Buy from Neutral at BofA Securities
  • Downgrades:
    • Advanced Micro Devices (AMD) downgraded to Peer Perform from Outperform at Wolfe Research
    • Ardagh Metal Packaging S.A. (AMBP) downgraded to Equal Weight from Overweight at Wells Fargo; tgt $3.35
    • Ball Corp (BALL) downgraded to Underweight from Equal Weight at Wells Fargo; tgt lowered to $49
    • Confluent (CFLT) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $30
    • Datadog (DDOG) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt $143
    • Edwards Lifesciences (EW) downgraded to Underperform from Peer Perform at Wolfe Research; tgt $60
    • Enphase Energy (ENPH) downgraded to Hold from Buy at Truist; tgt lowered to $65
    • Intapp (INTA) downgraded to Neutral from Buy at Citigroup; tgt lowered to $78
    • Nokia (NOK) downgraded to Sell from Neutral at Goldman; tgt $3.60
    • PagSeguro Digital (PAGS) downgraded to Neutral from Buy at Citigroup; tgt lowered to $7
    • Piedmont Office Realty Trust (PDM) downgraded to Neutral from Outperform at Robert W. Baird; tgt $11
    • PROS Holdings (PRO) downgraded to Perform from Outperform at Oppenheimer
    • Regeneron Pharma (REGN) downgraded to Neutral from Buy at UBS; tgt lowered to $738
    • Southwest Air (LUV) downgraded to Sell from Neutral at Citigroup; tgt lowered to $29.50
    • StoneCo (STNE) downgraded to Neutral from Buy at Citigroup
  • Others:
    • AAR Corp (AIR) initiated with an Overweight at KeyBanc Capital Markets; tgt $83
    • Altria (MO) initiated with an Equal-Weight at Morgan Stanley; tgt $54
    • Commvault Systems (CVLT) initiated with an Overweight at KeyBanc Capital Markets; tgt $192
    • Expand Energy Corporation (EXE) initiated with an Overweight at JP Morgan; tgt $112
    • Genuine Parts (GPC) initiated with a Buy at Loop Capital; tgt $155
    • HEICO (HEI) initiated with a Sector Weight at KeyBanc Capital Markets
    • Interparfums (IPAR) initiated with a Buy at Canaccord Genuity; tgt $158
    • Mobileye Global (MBLY) initiated with an Outperform at Oppenheimer; tgt $28
    • MSC Industrial (MSM) initiated with an Outperform at Wolfe Research; tgt $95
    • Peakstone Realty Trust (PKST) initiated with a Buy at UBS; tgt $15
    • Philip Morris International (PM) initiated with an Overweight at Morgan Stanley; tgt $140
    • ResMed (RMD) initiated with a Buy at Goldman
    • Sally Beauty (SBH) initiated with a Buy at Canaccord Genuity; tgt $14
    • Sony (SONY) initiated with an Outperform at Bernstein
    • Strawberry Fields REIT (STRW) initiated with a Buy at Compass Point; tgt $14
    • Symbotic (SYM) initiated with a Outperform at Oppenheimer; tgt $35
    • TELUS Digital (TIXT) initiated with a Buy at Stifel; tgt $5

>>> US Gapping down

Gapping down
In reaction to earnings/guidance
:
  • PSNY -10.7%, HOMB -5.5%, PSO -3.6%, CNXC -3.1%, UNH -2.9%, USB -2.6%, FHN -1.8%, PNC -1.2%, SNV -1%, INFY -0.9%
Other news:
  • PSNY -10.7% (sees profitability in 2025)
  • MNPR -3.3% (stock offering)
  • SNAP -2.5% (Trump mulls executive order to suspend enforcement of the TikTok ban, according to The Washington Post)
  • CLLS -1.8% (stock offering)
  • NEXA -1.8% (announced the adoption of a new dividend policy effective January 1)
  • META -1.3% (Trump mulls executive order to suspend enforcement of the TikTok ban, according to The Washington Post)
  • GOOG -1% (The AP to deliver real-time info to help Gemini app results)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance
:
  • SEZL +25.6%, IIIN +7.4%, LTH +6.1%, TSM +4.1%, MTB +1.6%, EOSE +0.8% (guidance), BAC +0.7%, OEC +0.6%, CSWC +0.6%, TGT +0.5% (guidance)
Other news:
  • DOYU +30.2% (appoints Co-CEO; approves special cash dividend)
  • SYM +16.7% (to acquire Walmart's (WMT) Advanced Systems and Robotics business and sign related commercial agreement)
  • BBAI +14.2% (appoints new CEO; files stock offering)
  • CDRE +4.3% (acquires multiple leading nuclear brands)
  • EU +3.6% (files new S-K 1300 Technical Report Summary for its Dewey-Burdock Project located in South Dakota with the SEC)
  • SLDB +3.5% (outlines priorities)
  • DUOL +3.4% (massive spike in U.S. users learning Chinese amid TikTok ban, according to TechCrunch)
  • JYNT +3.2% (Reports 2024 Operating Metrics)
  • ORLA +2.7% (Q4 production figures)
  • SNDX +2.2% (Syndax Pharmaceuticals and Incyte (INCY) receive FDA approval of Niktimvo 9 mg and 22 mg vial sizes)
  • ARMN +2.1% (2024 gold production)
  • IBRX +2.1% (regulatory update)
  • TALO +2.1% (Katmai West #2 successfully encountered commercial quantities of oil and nat gas)
  • RKLB +1.9% (Second Reentry Class Spacecraft for Varda Operating on Orbit Supporting Payloads for Air Force Research Lab and NASA)
  • BKH +1.8% (energizes first phase of Ready Wyoming project)
  • DD +1.7% (separation plan update; reiterates guidance)
  • TTE +1.5% (provides Q4 main indicators)
  • CRGO +1.5% (Reports Record Transactions and Carrier Additions for Fourth Quarter)
  • NGVT +1.1% (plans to explore strategic alternatives for Performance Chemicals Industrial Specialties product line and North Charleston CTO refinery; releases preliminary 2024 financial results)
  • SQ +1% (to pay $80 mln in fines)
  • PRTH +1% (prices secondary offering 9,070,643 shares of its common stock by certain selling stockholders at $7.75 per share)

>>> U.S. Bancorp beats by $0.02, reports revs in-line; guides FY25 revs in-line

U.S. Bancorp beats by $0.02, reports revs in-line; guides FY25 revs in-line (50.90)
  • Reports Q4 (Dec) earnings of $1.07 per share, excluding non-recurring items, $0.02 better than the FactSet Consensus of $1.05; revenues rose 3.7% year/year to $7.01 bln vs the $7 bln FactSet Consensus.
    • Return on tangible common equity of 18.3%, return on average assets of 1.03%, and efficiency ratio of 59.9%, as adjusted for notable items
    • Positive operating leverage of 190 basis points, as adjusted for notable items
  • outlook
    • Q1
      • NII stable vs Q4
      • Positive Op leverage: 200+ bps
    • FY25
      • Co issues in-line guidance for FY25, sees FY25 revs of +3-5% yr/yr to ~$28.4-29.0 bln vs. $28.75 bln FactSet Consensus.
      • Positive Op leverage: 200+ bps

>>> Bank of America beats by $0.05, reports revs in-line; provides FY25 outlook

Bank of America beats by $0.05, reports revs in-line; provides FY25 outlook (47.10)
  • Reports Q4 (Dec) earnings of $0.82 per share, $0.05 better than the FactSet Consensus of $0.77; revenues rose 15.0% year/year to $25.3 bln vs the $25.12 bln FactSet Consensus.
  • Provision for credit losses of $1.5 billion modestly improved from 3Q24 and increased from $1.1 billion in 4Q23.
  • Net interest income of $14.4 billion ($14.5 billion FTE), up 3% from 4Q23 and 3Q24.
  • "We finished 2024 with a strong fourth quarter. Every source of revenue increased, and we saw better than industry growth in deposits and loans. We also ended with strong capital and liquidity, enabling us to return $21 billion of capital to shareholders in 2024. We believe this broad momentum sets up 2025 very well for Bank of America. I thank all my teammates for another great year, and together we look forward to driving the company forward in 2025 against the backdrop of a solid economic environment."
  • FY25 Outlook: Expect 1Q25 NII (FTE) of $14.5B-$14.6B; expect to grow sequentially to ~$15.5B-$15.7B in 4Q25 with 2H25 growth >1H25 growth. Expect to deliver operating leverage in 2025, reflecting anticipated. FY25 noninterest expense ~2%-3% above 2024 level.

WSJ : Google Thinks It Has the Best AI Tech. Now It Needs More Users.

Google Thinks It Has the Best AI Tech. Now It Needs More Users.
Tired of trailing OpenAI, CEO Sundar Pichai wants his Gemini chatbot to be used by 500 million people

Google’s chief executive thinks his company has the best artificial-intelligence technology on the market. Now he has to get consumers to care.

CEO Sundar Pichai recently told employees he believes the company’s Gemini AI technology has surpassed the capabilities of competitors and he wants the chatbot built on it to be used by 500 million people by the end of 2025, said people familiar with the matter.

Google hasn’t said how many people currently use Gemini, but market leader ChatGPT has about 300 million weekly users. The Gemini app was the 54th most downloaded free app on iPhones Wednesday. ChatGPT was No. 4.

Google was caught flat-footed by the launch of ChatGPT in late 2022, despite being one of the pioneers of AI and spending years working on similar chatbots. The company has been scrambling to catch up ever since.

Gemini isn’t yet a serious moneymaker, but it is central to Google’s push to stay on the cutting edge of AI, a technology already starting to reshape the company’s core search and ads businesses.

Google’s newest AI technology jumped ahead of ChatGPT maker OpenAI’s technology last month on the Chatbot Arena rankings closely watched by people in Silicon Valley. OpenAI dominated the rankings for much of the past year.

Google launched the Gemini chatbot, formerly Bard, a few months after ChatGPT and has updated it with dozens of new features in an effort to gain ground. OpenAI, meanwhile, began directly targeting Google last summer when it added a web-search function to ChatGPT.

The ChatGPT mobile app has been downloaded about 465 million times on Android and iOS devices, compared with 106 million for Gemini, according to Sensor Tower data.

Most of those downloads came on Android phones. Until recently, Gemini was part of Google’s search app on Apple devices. A separate Gemini app for iOS made its debut in November. Google said it was downloaded more than 10 million times through the end of the year.

Usage of AI features built into other applications, such as Meta Platforms’ Facebook and Instagram, aren’t captured by publicly available measures.

Until recently, the Gemini chatbot team reported to the executive in charge of search and ads, but a recent reorganization moved it to the Google DeepMind division that does advanced research.

Pichai said at the time that the move would “enable fast deployment of our new models in the Gemini app.”

Growth in search advertising has slowed in recent years, and Google has increasingly looked to new business lines including subscriptions. It offers a premium version of Gemini with more features for $20 a month, similar to other chatbots.

But unlike its competitors, Google packages its Gemini subscription with perks including AI features in apps like Gmail and two terabytes of file storage.

Sifei Han, a data scientist living in Philadelphia, upgraded to the Gemini premium plan last year after being offered a two-month free trial. He said he mainly uses it for the extra storage, not the AI features.

“I’m more familiar with ChatGPT’s style,” said Han, who also pays for ChatGPT Plus.

About 60% of Gemini’s paying users kept their subscriptions six months after first signing up, according to an Earnest Analytics analysis of debit- and credit-card data from millions of anonymous consumers. That was better than some competitors such as Character.AI and Perplexity, but lagged behind OpenAI and Anthropic, which makes the chatbot Claude.

Subscriptions to Gemini were a fraction of the $10.7 billion in revenue Google parent Alphabet GOOGL 3.11%increase; green up pointing triangle made from subscriptions, device sales and purchases in its mobile app store in the three months ended September. Google’s core advertising business brought in $65.9 billion during the same period. The company hasn’t introduced ads in Gemini.

Gemini has been a source of controversy in the past. Google apologized to users and rolled back an image-generation feature last year after the chatbot produced images of Black soldiers in Nazi garb and sometimes refused to generate depictions of white people. It restored the feature six months later.

In addition to the chatbot, Gemini is powering features that perform complex tasks for users, like preparing research reports and generating podcasts based on a set of documents.

Google sells the technology that powers Gemini to developers, uses it for the “AI overviews” that sometimes appear at the top of search results and recently began packaging it with the business versions of Gmail and Google Drive. Pichai has said all of Google’s products with more than two billion users now have features powered by Gemini.

The company has also tried to convince device manufacturers to make Gemini the default assistant on mobile phones, which it already does on its own Pixel phones. Motorola and OnePlus, which both use Google’s Android mobile software, made Gemini the default on some of their phones last year.

CrunchBase : Big Rounds Push Cybersecurity Comeback

Big Rounds Push Cybersecurity Comeback
Cybersecurity venture investment jumped 43% in 2024 from the previous year as big rounds came back strong. That was despite flat funding quarter to quarter in Q4 and a smaller number of deals during the year.

Total funding to VC-backed cybersecurity startups hit nearly $11.6 billion last year, per Crunchbase data. That tops the $8.1 billion raised by startups in 2023, though remained well under the $17 billion invested in 2022.


Fewer deals, but big bucks
While dollars were up for the year, deal flow slowed notably. Only 639 rounds were announced last year, a 22% decline from 2023 and a 37% drop from 2022.

Despite the slowdown in the number of rounds, last year also saw a slew of huge deals completed in cyber. In fact, there were 29 rounds of $100 million or more raised by cybersecurity startups — compared to only 18 in 2023. Those rounds included:

Fourth quarter flat
The last quarter of the year did not provide a huge boost to 2024’s funding totals, as the $2.2 billion invested in 124 deals was about even with Q3, according to Crunchbase data. The number, however, did represent a 29% uptick from Q4 2023 when only $1.7 billion was invested in 170 rounds.


The biggest deals of the quarter included:

What it means
Although year-to-year numbers are higher, there do seem to be some issues pressing on cybersecurity funding numbers that cannot be ignored.

The fourth quarter last year represents the seventh consecutive quarter deal flow has slowed. It seems that while investors are betting big money on a select few companies, fewer companies are getting cash and that could soon cause some havoc in what is a typically well-funded startup environment in cyber. If funding slows more and exits remain difficult, startups may have to look at shuttering as the lone possibility.

Also, there is a real possibility that some VCs who looked at cyber are instead focusing their time and efforts on AI — which just completed an unheard of fourth quarter regarding venture investment. If investors — or at least their fund’s money — find AI more compelling right now, cybersecurity startups may find fundraising difficult, unless of course they too have an AI play.

Whatever the case, there is no denying fewer cyber companies are getting funded — and that could spell trouble for those founders who are looking for cash in 2025.