thank you so much. pharmaceutical companies — the likes of sanofi, gilead and astrazeneca.s the google docs of research and development. at the world's biggest companies and best—known universities what does your software allow firms to do? biotech is this incredibly important life—saving industry, is the best way to fix that. approved 50 new medicines, many remarkable and life—saving. number was about the same. meanwhile, costs have soared, and that's where we come in at benchling. if you look at other complex industries, battery costs have dropped 10 in the last decade dropped 10 times in the last decade electric vehicle sales to allowing electric vehicle sales to over the world and to he mgr-ribs assesses “3�*s" got to he mgr-ribs assesses ”37w got so te he mgr-ribs erecteehe ”37w got so good semiconductor sales have got so good the! semiconductor sales have got so good that have self driving cars. hasn't seen that kind of e but is too important progress but it is way too important to keep like a cottage and w w and thatw'ws w and thatw'ws where w and thatw'ws where we w

r&d organisations in the world. of big pharma companies like sanofi or moderna. to market that we'veal antibodies re—engineering a patient�*s immune system with things so the first cell therapies for, you know, leukaemias and other blood cancers. in the market. advantage right now? where is it that that successful r&d is being done, and, one would assume, where you're focusing your attention? in biomedical research and innovation and creating, but actually china has been a hot topic um, and it's definitely lit a fire. so china has their made in 2025 plan where they sort of made it a national priority to be world—class. of dimensions on speed and...cost right now. this is great for patients. patients don't care where medicines come from — faster and more effective. what role does ai play in what you do? because it does feel that sharing information in a document like yours is rather a linear way the big opportunity in medicine is to get ten times... using ai, is io get ten times the number of medicines and to do it faster. but, as you said, there's both a lot of hype so, on one hand,

and that was in the news recently as a stake that they have in sanofi. so they freed ■k73 billion with that. ad the cfo is saying this morning they will give them the means for more acquisitions going forward. so it's very interesting. they also announced this morning a deal with jack mouse or this fashion brand, extremely popular and really a rising very, very fast. so they have an agreement with them this morning to do some of their beauty. they signed an agreement recently with miu miu as well. so they're working, you know, on diversifying their portfolio. finally they said they will enter the new tre cosmetics market soon. that means these supplements. so they said they will make some launches on that front recently, very soon. and that they took stakes in clinics in china and north america to observe and understand the medical esthetics market. so they give us here some elements of where they see growth potentially coming through. very finally, latin america is a market that is much smaller for them, but growing very aggressively up more than 7.5% i

but novartis, astrazeneca and sanofi all up just fractionally right now in the premarket. no change when it comes to glaxosmithkline global chip makers. different reaction there. you can take a look. you can see actually a bit of a mixed reaction. it was lower across the board earlier this morning. we're seeing samsung again, a south korean chip maker, up about 3%, a 1% tariff on u.s. imports in south korea. taiwan semiconductor, one of largest contract manufacturers of chips, down more than 1%. different reactions here. we're looking at asml, nvidia and arm. arm actually down just about a quarter of 1%. want to take a quick check of the bond market this morning. we're seeing yields just tick up a bit there. the benchmark moving up just a few basis points. remember we have fed minutes coming up later today that could have an impact on the bond market. and a look at gold hitting a new record high yesterday. gold continues its move to the upside since the president's been in office. gold moving up almost 8% right now. you can see it's up about a half a percent a flight to sa