Issue 24

Lilly paid up to $2.875B for an autoimmune antibody program

8 min read process

No single event defined the week. Capital and product development both concentrated around mechanisms that promise greater selectivity: Lilly bought an autoimmune program aimed at rogue antibodies, while Tencent and Qwen released sparse models that put far fewer parameters to work at inference than their total size suggests. The economic evidence remains early. Business AI adoption has risen sharply since 2023, but the available firm survey data have not yet shown a corresponding employment disruption.

ai AI products found new commercial and technical scale

A milestone in expanding access to AI

ChatGPT advertising reached a $1B annualized revenue run rate and expanded globally, OpenAI said. The company presented advertising as support for free and lower-cost access to its service. The figure gives a measure of the revenue base behind a consumer AI product whose pricing has previously centered on subscriptions and paid usage.

OpenAI News
gpt-5.6-terra

Introducing Hy4 Preview

Tencent released an open-weight, text-only language model with 770B total parameters, 49B active parameters, and a 1M-token context window. Its July predecessor had 295B total parameters, 21B active parameters, and a 256,000-token context window. The sparse architecture activated only a fraction of its parameters per request, which can limit inference compute relative to the model's total size.

Simon Willison
gpt-5.6-terra

Qwen3.8-Flash-Next

Qwen released a multimodal mixture-of-experts model with 125B parameters but 6B active parameters, describing it as an early preview of the architecture planned for its next generation. Quantized versions tested locally required 72.5GB and 78.9GB of storage. The difference between total and active parameters reflects the continuing push to make larger models faster to run.

Simon Willison
gpt-5.6-terra

Better answers, broader thinking: What students gain from ChatGPT and critical-thinking training

A randomized study of more than 1,000 university students tested ChatGPT alongside critical-thinking training on a real-world assignment. OpenAI said the study examined answer quality, originality, critical thinking, and student performance. The design tested the system in coursework rather than relying on self-reported use, though the supplied results did not specify the size of effects on each outcome.

OpenAI News
gpt-5.6-terra

software Security response meets faster automated pressure

Just a rumour of a bug is enough to find a security exploit these days

OCaml projects saw attempted security exploits within about 10 minutes of patches being shared for discussion, according to Cambridge computer science professor and OCaml maintainer Anil Madhavapeddy. He contrasted that with a prior expectation that issues would take days to attract attention and releases could follow within 1 or 2 weeks. Public discussion of a vulnerability now appears sufficient to trigger rapid probing of exposed systems.

Simon Willison
gpt-5.6-terra

BotBase for Operators: A clearer path to joining Cloudflare's directory of bots and agents

Cloudflare added a dashboard area for bot operators to submit and manage their bots and agents. The update included submission-status tracking, editing, and a behavior model intended to let operators declare how their systems use content. The directory gives operators a structured channel for identifying automated traffic as websites and intermediaries develop policies for agents.

Cloudflare Blog
gpt-5.6-terra

pharma Autoimmune dealmaking and mixed clinical signals

Eli Lilly inks $2.88B Merida buyout for autoimmune drugs against rogue antibodies

Eli Lilly agreed to acquire Merida Biosciences for up to $2.875B. The transaction gives Lilly a position in therapies designed to selectively degrade pathogenic autoantibodies, an approach to autoimmune disease that targets disease-causing antibodies rather than broadly suppressing immune activity. The price places substantial value on a program built around a specific protein-degradation mechanism.

Fierce Biotech
gpt-5.6-terra

Jazz’s Ziihera secures 2nd survival win to solidify its HER2-positive stomach cancer status

Jazz Pharmaceuticals reported a second overall-survival win for Ziihera in HER2-positive stomach cancer. The bispecific drug had already recorded one survival result, and the additional outcome strengthened Jazz's claim that it can become a preferred HER2 treatment in the disease. Overall survival remains one of the most consequential clinical endpoints in oncology drug development.

Fierce Pharma
gpt-5.6-terra

ESC: AZ, Ionis' Wainua post-mortem throws water on silencer-plus-stabilizer approach in ATTR-CM

A phase 3 study of AstraZeneca and Ionis's antisense drug Wainua produced a surprise washout in transthyretin-mediated amyloid cardiomyopathy. The result put pressure on the strategy of combining a gene-silencing drug with a stabilizer, which other developers are also pursuing. Alnylam subsequently defended its own heart-disease medicines after the AstraZeneca failure.

Fierce Pharma
gpt-5.6-terra

BioNTech-Genentech cancer vax records more deaths than control in scrapped ph. 2 test

BioNTech and Genentech scrapped a phase 2 cancer-vaccine study after their treatment arm recorded more deaths than the control group. The failure came after Merck and Moderna reported a phase 3 success for a personalized mRNA vaccine paired with Keytruda. The contrasting results leave combination therapy and standalone use as materially different tests of the mRNA cancer-vaccine approach.

Fierce Biotech
gpt-5.6-terra

economy Business AI adoption rose without a visible jobs shock

AI and Employment: So Far, So Good

The Census Bureau found that the share of businesses reporting AI use to produce goods and services rose from 3.7% in September 2023 to about 10% by late 2025. The agency asked hundreds of thousands of firms whether they had used AI during the previous 2 weeks. Tyler Cowen characterized the employment picture as favorable so far, while the survey documents adoption rather than a causal effect on jobs.

Marginal Revolution (Tyler Cowen)
gpt-5.6-terra

China fact of the day

Advanced AI video tools are threatening work for Chinese actors and online influencers, according to reporting highlighted by Tyler Cowen. ByteDance's Seedance 2.0 was cited as software that lets producers replace digital performers with generated video. The affected market includes millions of jobs in China's gig economy, where lower production costs can change the economics of short-form content.

Marginal Revolution (Tyler Cowen)
gpt-5.6-terra
Everything else this period 206

Items that came through the feeds this period but didn't graduate to a full write-up.

ai 113

a16z (YouTube)

a16z News

AI Explained

Alpha Signal

Andrej Karpathy (YouTube)

Anthropic (YouTube)

Astral Codex Ten (Scott Alexander)

Cloudflare Blog

CodeEmporium

DeepLearningAI

Dwarkesh Patel

Dwarkesh Patel (YouTube)

Fireship

Google AI / DeepMind

Google Research Blog

Hacker News (front page)

Hugging Face Blog

InfoQ

Latent Space

Mo Bitar (YouTube)

OpenAI News

r/LocalLLaMA

r/MachineLearning

Rowan Cheung

Simon Willison

Two Minute Papers

Yannic Kilcher

software 5

pharma 46

BioPharma Dive

Fierce Biotech

Fierce Pharma

Healthcare Dive

STAT News

Works in Progress

healthtech 5

economy 31

culture 2

vc 4