Hi everyone – welcome to your 3 Shifts Edition [AI-generated audio version].

First, prediction markets are heating up fast, with trading volumes now topping $2B weekly and a dizzying web of brokerages, exchanges, and crypto and sports-betting players jumping in. Kalshi and Polymarket are leading in a race that’s set to reshape more than one market.

Next, big brokerages are pulling open the door to private assets. Schwab is acquiring Forge Global, and Morgan Stanley is buying EquityZen – two of the leading marketplaces for pre-IPO shares. Democratizing access can’t really happen though, until policymakers redefine “accredited investor.”

Finally, Trump struck a deal with drugmakers to cut the price of GLP-1 drugs, in exchange for broader coverage, faster FDA review, and a tariff reprieve. Perhaps most impactful in the long run – the most-favored nation pricing will apply to all future drug launches.

Enjoy.

Tam

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