Lana

Private equity firms like Aries, Blue Owl, and KKR sit right in the middle of the software cycle.

They raise big pools of money, use that cash to buy companies, and then aim to sell them later for a profit.

So naturally, they're worried that this panic could wreck their business models too.

After all, if fewer investors hand over fresh cash, they'll have less fuel for new deals.

And if they hold off on selling companies, they'll bring in less cash that way too.

Before we dive into the next story, it's time for our daily check-in with Carl.

You've got questions, he's got your answers.

Carl, what have you got for us?

Thanks, Carl.

Next up, the U.S.

government rolled out TrumpRx, a discount platform for America's medicine cabinet.

And it's already putting weight loss drug makers on a crash diet.

On the new platform, you can browse more than 40 medicines, including weight loss and fertility drugs from the likes of Novo Nordisk, Eli Lilly, and Pfizer, and click through to manufacturer websites for discounted prices.

That's the US president's way of tackling America's high medical costs, conveniently ahead of November's midterm elections.

Drug makers agreed to those discounts late last year, not out of altruism, but in exchange for tariff relief and fast-tracked approvals for new medicines.

They might be having second thoughts now, though.

Novo says the lower prices are already weighing on revenue, and Pfizer expects to see the same this year.

copycat drugs are only adding to the price pressure.

Case in point, earlier this week, telehealth firm Hims & Hers Health promised its own compounded version of Novo's Wegovi new weight loss pill for $49 in the first month, a fraction of the Danish firm's $149 price tag.

Novo threatened legal action, but the damage was done.