What was the world’s loudest computer? The answer is really “anything that used an IBM line printer in the 60s”. Instead of printing in any traditional sense, the only way IBM could offer 1,400 lines a minute performance was by slamming the paper with electronic hammers into a character chain. 132 hammers actuated by magnets every 11 microseconds. With the cover open, full line writes would operate at a “comfortable” 94 dBA. To give some perspective, the loudest consumer computer ever produced was Apple’s MDD G4. Annoying enough where Apple offered replacement fan kits to those who complained, and that was only ~60 dBA tops! From a human’s perspective, the IBM printer would be roughly 10x as loud as the Apple machine, or about 2500x more acoustic energy. OSHA requires employers to offer hearing protection to anything 85 dbA or higher for 8 hours. Something tells me this wasn’t followed in the 1960s…

5 BIOTECH STOCKS I’M WATCHING Biotech is all about clinical catalysts, cash runway, regulatory progress and execution. These 5 have very different stories, but all have developments worth tracking: $ABCL at $12.63 Platform + pipeline. ABCL635 delivered positive Phase 2 data, while new T-cell engager collaborations with Jazz and Vertex added significant upfront cash and milestone optionality. The next question is whether AbCellera can turn platform validation into multiple valuable clinical assets. $RXRX at $3.83 AI-driven drug discovery. The thesis remains centered on using large-scale biology + AI to accelerate drug development. Multiple clinical programs and pharma partnerships provide catalysts, but cash burn and the ability to translate the platform into successful medicines remain key risks. $PRME at $3.12 Prime Editing + clinical validation. PM577a is moving into a global Phase 1/2 program for Wilson disease, while PM359 and PM647 provide additional clinical catalysts. The big question is whether Prime Editing can demonstrate meaningful human efficacy at scale. $ALT at $3.25 Pemvidutide is now moving into Phase 3 for MASH following positive Phase 2b data. ALT also reported positive Phase 2 AUD data and completed enrollment in its ALD study. The company ended Q2 with $519M in cash, giving it substantial runway for development. $HELP at $12.37 Formerly Cybin, HELP is developing novel serotonergic agonists for mental-health conditions. HLP003 is in Phase 3 for adjunctive MDD and has FDA Breakthrough Therapy Designation, while HLP004 is in Phase 2 for generalized anxiety disorder. Phase 3 execution and upcoming clinical data are the major catalysts. I’m watching across all 5 Clinical data → Regulatory progress → Cash runway → Dilution → Commercial potential These are high-risk biotech names, and a promising platform doesn’t automatically translate into an approved or commercially successful drug. $ABCL $RXRX $PRME $ALT $HELP Biotech could become a very interesting part of the portfolio over the next few years — but position sizing and patience matter. NFA. DYOR.

Premarket movers: Mag 7 stocks are mostly higher: Alphabet is leading Magnificent 7 peers higher as technology and AI-related stocks boost the US stock futures. Meanwhile, Apple underperforms the cohort (Alphabet +2.4%, Nvidia +0.4%, Apple +0.1%, Tesla +0.5%, Amazon +0.5%, Microsoft -0.1%, Meta +0.7%). Cryptocurrency-linked stocks are rallying in premarket trading, set to extend gains, after US SEC greenlit digital versions of securities to start trading in the US. European telecom stocks sold off on Friday, following US-listed peers lower, amid concerns over competition from satellite operators and disruptive impact from agentic AI tools. Fluence Energy Inc. received another downgrade on Friday, with Jefferies cutting the energy storage company to hold from buy, citing a recent cut to the company’s outlook. Intuit shares are little changed in premarket trading, after the tax-preparation software company hosted an investor day where it gave financial targets and discussed its strategy to deliver higher growth. Analysts say the stock remains a show-me story as the company navigates the AI era. Macom Technology Solutions Holdings Inc. shares are up 2.1% in premarket trading, after BMO Capital Markets upgraded the semiconductor device company to outperform from market perform, seeing an attractive valuation in the wake of recent weakness. Netflix shares drop 2.9% in premarket trading as Wells Fargo Securities downgrades to underweight from equal-weight, citing “worrying” engagement trends. Nvidia Corp. Chief Executive Officer Jensen Huang expects to sell twice as many chips in the coming year, fueled by the spread of artificial intelligence across different industries. Stubhub shares gain 3.5% in premarket trading as Citi upgrades to buy from neutral, citing “robust” third-quarter trends. . Tyson Foods shares are up 1.4% ahead of the bell as JPMorgan upgrades the meat producer to overweight from neutral. Xenon shares tumble 27% in premarket trading Friday after the bio-pharmaceutical firm voluntarily paused enrollment in clinical studies of major depressive disorder (MDD) and bipolar depression (BPD).