Luke Vargas

Hannah, thank you as always for the update.

Well, if you thought that the hyperscalers behind leading AI products are immune from that trend we just discussed, think again.

Microsoft dipped almost 3% yesterday on concerns that AI tools could make enterprise subscriptions less necessary.

The company's co-pilot assistant is a key part of its growth plans, but new data from Recon Analytics shows that subscribers who use Microsoft's co-pilot as their primary option almost have in the last six months, while Google's Gemini gained in popularity.

According to Citi Research, some companies are using just 10% of the co-pilot subscription seats they've paid for.

Well, it's also a bad week for crypto, with Bitcoin now down nearly 40% since hitting a record in October.

The ongoing slump is also starting to hurt trading platforms like Coinbase and Robinhood, as well as companies previously rewarded for hoarding cryptocurrencies like Michael Saylor's Strategy.

And as markets reporter Alex Osipovich explains, that could hurt crypto prices even more.

For strategy, a Bitcoin price below $76,000 is largely loss-making because that's the average price that it paid for the crypto over the years.

Bitcoin is today trading right around that price.

Shares of Danish drugmaker Novo Nordisk are plunging this morning after the maker of weight loss drugs Ozempic and Wegovi shaved its sales forecast yesterday.

and warned of unprecedented pricing pressure.

Journal Heard on the Street columnist David Wehner told me that Novo is facing intense competition from Eli Lilly, reshaping a GLP-1 drug market that looked vastly different just a few years ago.

David, these GLP-1 pills may be, as you say, an exciting new frontier, but the list prices we're seeing for them kind of underscores the pricing pressure you've been talking about.

Novo selling them for $149 a month in the U.S., Eli Lilly planning to do the same.

That's a far cry from the $1,000 or so a month that these companies have been charging for shots.

Eli Lilly, the maker of Zepbound, is set to report earnings later this morning.

Coming up, we'll look at President Trump's diplomatic pivot with Colombia and why China is banning retractable car door handles.

Those stories and more after the break.

President Trump is doubling down on his view that Republicans should nationalize voting in the U.S.