Eric Schmidt

Eric Schmidt × Yaron Werber × Tess Cameron × Sam Fazeli

Biotech M&A is setting records across stages: Alkermes appears to have won Avadel at $2.4B, while J&J paid $3B for Phase 1 Halda, the highest-priced Phase 1 acquisition ever per Tess Cameron.Competition is intensifying as pharma prices in 2026-27 patent cliffs, but 82% of surveyed companies worry about FDA function; early-program delays could last two or three years, while falling drug prices make volume response a key watchpoint.

Peter Diamandis × Eric Schmidt × Dave Blundin

Eric Schmidt expects America to retain the top-end AGI lead while China embeds AI everywhere and dominates inexpensive physical systems, including Unitree’s $6,000 R1; electricity, not chips, may become America’s binding constraint.Falling compute costs and open Chinese models weaken static controls and could establish global standards through price, while biology remains the catalyst most likely to force coordinated policy and a major test of startup defensibility.

Chris Garabedian × Brad Loncar × Eric Schmidt × Paul Matteis × Tess Cameron

Biotech markets face policy and macro instability as rising bond yields and a weaker dollar overshadow a temporary tariff-pause rally.With private capital confronting scarce company formation and weaker public comparables, catalysts must prove their case, while royalty financing offers earlier funding but can leave debt-like repayment obligations when programs fail.