Failure to secure a deal with Iran could lead to prolonged conflict and sustained high energy prices.
The US national debt and interest expense have reached unsustainable levels, with no politically viable solutions for spending cuts or tax increases.
Slowing US real GDP growth, with forecasts being revised down to around 2%.
Regulatory risk for psychedelic therapies remains, as evidenced by the FDA's prior rejection of an MDMA therapy from another company.
Opportunities Identified
Google's development of custom TPUs with Marvell could disrupt the AI chip market and capture share from NVIDIA.
The executive order expediting psychedelic drug approval creates a significant first-mover advantage for companies with late-stage clinical trials, like Compass Pathways.
A predicted Federal Reserve pivot to lowering interest rates could provide a tailwind for equity markets.
Compass Pathways' COMP360 therapy shows promise for large patient populations with treatment-resistant depression and PTSD.