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Novo Nordisk to slash GLP-1 list prices starting in 2027

Novo said the move will expand access for patients, “specifically those whose out-of-pocket costs are linked to list price, such as individuals with high-deductible health plans or co-insurance benefit designs.”

J. Edward Moreno

Novo Nordisk, under pressure from fierce competition, said it would slash the list prices of its GLP-1 drugs by up to 50% starting next year.

The company announced Tuesday that it would slash the list prices for its blockbuster weight-loss drug Wegovy and diabetes drug Ozempic by up to 50% and 35%, respectively. Under the changes, virtually all of its GLP-1 offerings, including pills, would list for $675 a month.

Novo’s drugs, which were the first GLP-1s to come to market, are generally less effective than those made by Eli Lilly. On Monday, Novo released trial results for its new-generation weight-loss shot that showed the investigational drug was still not as effective as the drugs Lilly is already selling.

Over the past year, Novo responded by lowering direct-to-consumer prices for Wegovy, but this is the first time that price war has extended to the drugs’ list price — meaning the price tag insurers see. Novo said the move will expand access for patients, “specifically those whose out-of-pocket costs are linked to list price, such as individuals with high-deductible health plans or co-insurance benefit designs.”

Matt Phillips14m

Sandisk slides on Citron short announcement

Sandisk’s roughly 1,200% run-up over the last year — it was spun off from Western Digital exactly a year ago — took a breather early Tuesday, after well-known stuff-stirrer Citron Research, short seller Andrew Left’s firm, announced it was short the stock.

In a post on X, Citron suggested that while Sandisk has benefited from the parabolic price increase for memory chips, it’s only a matter of time before giant contract chip manufacturers like Samsung Electronics and TSMC turn on the taps:

“The market is pricing SanDisk like it’s $NVDA. There’s one problem: NVIDIA has a moat. SanDisk sells a commodity. We’ve seen this movie before 2008, 2012, 2018. It’s never different this time. Memory is a cycle, and cycles peak.”

That’s true historically speaking, but Wall Street seems to see the memory price spike continuing for at least a couple more years. Analysts have ratcheted up their earnings expectations over the next few years, in line with the guidance Sandisk issued in its latest earnings report. And shorting a stock with this much momentum — it’s up more than 150% this year alone! — is treacherous indeed.

Citron Research on X: "Citron is Short $SNDK — They Don't Ring a Bell at the Top We don't need Anthropic to announce they're making NAND. Samsung is already the 800-pound gorilla...

“The market is pricing SanDisk like it’s $NVDA. There’s one problem: NVIDIA has a moat. SanDisk sells a commodity. We’ve seen this movie before 2008, 2012, 2018. It’s never different this time. Memory is a cycle, and cycles peak.”

Software companies get a glimmer of hope that they can be Anthropic customers, rather than being eaten

Anthropic’s latest announcement seems to be giving a lift to software companies the market was previously viewing as the walking disrupted.

Matt Phillips28m

Top AI energy trade Constellation Energy beats earnings expectations

The company declined to give full-year 2026 guidance until a call slated for the end of March.

Matt Phillips, David Crowther2h

Luke Kawa & Tom Jones4h

Cipher Mining pares early losses after Q4 results disappoint

Cipher Mining cut its premarket losses on Tuesday after missing revenue and earnings estimates for the last quarter of 2025. The stock had fallen as much as 4.7% ahead of the open before paring its losses in morning trading.

For Q4, the company reported:

Revenue of $60 million (estimate: $84.4 million).
Adjusted earnings per share of -$0.14 (estimate: -$0.06).

After the close on Monday, crypto miner Canaan announced that it had purchased Cipher Mining’s stake in a mining joint venture for $39.75 million, deepening Cipher’s pivot away from bitcoin mining toward data centers. Indeed, CIFR acknowledged in the Q4 and year-end report that its “identity has evolved to focus on enabling next-generation compute at industrial scale.”

The Canaan acquisition news came on the heels of former bitcoin miner Bitdeer announcing that it had sold all of its bitcoin holdings to fund its pivot to AI.

Luke Kawa4h

AMD soars after striking AI chip deal with Meta valued at over $100 billion

Advanced Micro Devices is spiking in premarket trading on Tuesday after the company booked another major customer for its GPUs.

The chip designer struck a deal with Meta to deploy 6 gigawatts’ worth of AI infrastructure (that is, multiple generations of AMD AI chips). Per The Wall Street Journal, AMD has said that each gigawatt is equivalent to “several tens of billions of dollars” of sales, making the value of this pact in excess of $100 billion.

In exchange, Meta will receive warrants to buy as many as 160 million shares — roughly 10% of AMD’s current total shares outstanding — for a penny each as certain milestones are hit pertaining to the amount of gigawatts shipped, AMD’s share price, and “Meta achieving key technical and commercial milestones.” For all the tranches to vest, AMD stock would need to trade at $600.

The GPUs-for-warrants framework is similar to the deal that AMD brokered with OpenAI last year.

Meta CEO Mark Zuckerberg has a voracious appetite for AI compute. Just last week, Meta unveiled a “multi-year, multi-generational strategic partnership” with Nvidia that “will enable the large-scale deployment of NVIDIA CPUs and millions of NVIDIA Blackwell and Rubin GPUs, as well as the integration of NVIDIA Spectrum-X Ethernet switches for Meta’s Facebook Open Switching System platform.”

Nvidia, the leader in AI GPUs, slumped as news of this pact hit the wires.