David Wainer
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Articles by David Wainer
Netflix Needs You to Watch, Not Just Pay
The streamer’s ad ambitions depend on viewing hours, which have stalled But as streaming matures, keeping subscribers isn’t enough. Netflix’s growth increasingly hinges on advertising, which depends heavily on how much people watch. And lately, they haven’t been watching as much. That makes Netflix look less like a growth stock and more like a company waiting for its next hit. Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Netflix needs you to watch, not just pay
For most of Netflix’s history, investors cared less about how much people watched than whether they signed up and stayed. On that score, Netflix has been the envy of streaming: Its customers rarely cancel. But as streaming matures, keeping subscribers isn’t enough. Netflix’s growth increasingly hinges on advertising, which depends heavily on how much people watch. And lately, they haven’t been watching as much.
投资者押注民主党大胜将利好医院，但别太乐观
医疗健康行业的投资者已经找到了他们最青睐的选举押注标的：医院运营商。 但他们最好回想一下，上一次反对党承诺暂停实施总统的医疗政策并赢得众议院控制权时，结果如何。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Investors are betting a blue wave will help hospitals. Don't count on it.
Healthcare investors have found their favorite election wager: hospital operators. But they would do well to remember what happened the last time an opposition party won the House vowing to roll back a president's healthcare agenda. Prediction markets give Democrats heavy odds of recapturing the House on Tuesday, with the Senate hanging in the balance.
Investors Are Betting a Blue Wave Will Help Hospitals. Don’t Count on It.
Markets anticipate a reversal of Trump’s Medicaid cuts, but that may be easier said than done Healthcare investors have found their favorite election wager: hospital operators. But they would do well to remember what happened the last time an opposition party won the House vowing to roll back a president’s healthcare agenda. Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
莫德纳投资者应准备迎接更多大起大落
即使在大幅下跌之后，该制药商的股价仍反映出对其取得巨大成功的预期。 莫德纳(Moderna)的癌症疫苗在刚过去的一周通过了首个重大考验。更大的问题是，该公司股价仿佛已将这款疫苗通过所有考验视为既成事实。 自新冠疫情以来，莫德纳的股价一直剧烈波动。该公司市值在2021年达到近2,000亿美元的峰值，随后疫苗销售下滑，市值也大幅缩水，去年触及约100亿美元的低点。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8 立即订阅 热门文章
Moderna investors should brace for more whiplash
Moderna's cancer vaccine passed its first big test this past week. The bigger problem is that its stock is priced as if it has already passed them all. Moderna has been a hugely volatile stock since the Covid-19 pandemic. Its value peaked near $200 billion in 2021, then collapsed along with vaccine sales, bottoming at about $10 billion last year.
米ヘルスケア株は割安返上、他セクターへの警鐘に
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Healthcare stocks are rallying, and flashing a warning for the rest of the market
Healthcare stocks no longer trade at a discount to the broader market. That isn't a reason to sell. As investors grow wary of the tech sector, a premium for steadier, less cyclical earnings could have legs. And history suggests that if the AI-driven boom ends the way other boom-and-bust eras have, healthcare could outperform for years. For the past few years, healthcare has been in the market's bargain bin, largely due to politics and the AI trade.
Nurses Are in High Demand—but They’re Quitting in Droves
Paige Campbell became a nurse during the pandemic, wanting to make a difference. She landed a job after college working in the emergency department at a Fort Walton Beach, Fla., hospital. Since then, she’s been kicked, spat on and shoved to the ground. Last year, after an emergency patient strangled her, she left for a role remotely monitoring patients. Front-line nurses are in high demand, but she needed a break.
Qatari electricity lifeline for Lebanon includes two power plants, LNG supply deal
Lego’s core audience was once young boys. But in recent years the world’s largest toy maker has expanded its reach, attracting more adults, teenagers and girls. At the center of this expansion has been a strategy to tap in to people’s interests and hobbies—the Danish toy-brick maker calls them “passions”—many of which cross demographic boundaries.
ペプシコ、小手先の対策ではもはや手遅れ
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How Lego Is Getting More Adults to Tinker With Their Toy Bricks
Lego’s core audience was once young boys. But in recent years the world’s largest toy maker has expanded its reach, attracting more adults, teenagers and girls. At the center of this expansion has been a strategy to tap in to people’s interests and hobbies—the Danish toy-brick maker calls them “passions”—many of which cross demographic boundaries.
It's too late for small fixes at Pepsi
PepsiCo used to embody everything investors prized in a stock: dependable brands, reliable earnings growth and steady returns. That reputation is fading. The stock is down about a third from its 2023 peak and trades at its steepest discount to Coca-Cola in more than 25 years. Activist investor Elliott Management saw an opportunity last year, buying a $4 billion stake and urging Pepsi to streamline its North American snacks and beverage businesses. A year on, the turnaround has yet to deliver.
It’s Too Late for Small Fixes at Pepsi
Once-in-a-Decade Buying Opportunity: This AI Stock That’s Soared 900% Over 5 Years Is the Cheapest of the “Magnificent Seven.” This company is a leader in its field. The "Magnificent Seven" stocks have powered the S&P 500 higher over the past several years, thanks to their …
Beyond Lifespan: How the UAE Is Shaping the Future of Longevity
The future of healthcare is shifting from treating illness to helping people live healthier for longer. As advances in biotechnology, artificial intelligence and personalised medicine reshape the industry, the UAE is positioning itself at the intersection of science, technology and preventive healthcare. This shift is creating new opportunities for healthcare providers, technology companies, researchers and investors seeking to contribute to the growing longevity economy.
Apple Joins Nvidia in the $5 Trillion Valuation Club
Apple AAPL 0.50%increase; became the second company to close above the $5 trillion mark on Wednesday, capping the Tim Cook era, and posing an implicit challenge to new Chief Executive John Ternus. The iPhone-maker’s shares closed at a record, just enough to push the company’s market capitalization into territory that only chip colossus Nvidia occupies.
Dubai Customs records 99.3% cashless payment rate in H1 2026
Bosses are getting no shortage of feedback on how to give their youngest staffers…well, feedback: Do ask how they are doing first. Don’t criticize a personality trait. Do give them concrete direction, and a lot of it. And whatever you do, call a performance discussion a check-in, not a review. The oldest members of Gen Z are about to turn 30, yet companies are devoting more time and resources than ever to figuring out how to give this manager-befuddling generation better direction.
Qatar’s solar capacity to drive shift in power mix by 2035
The logistics corridor launched by the Sharjah Ports, Customs and Free Zones Authority in cooperation with Oman Customs recorded robust growth during its first three months of operation, reflecting the success of an integrated sea–land logistics model that supports smoother trade flows, improves supply chain efficiency and provides importers, exporters, freight companies and logistics service providers with more flexible and competitive logistics solutions.
AI Agents Are a Threat to Travel Businesses. Airbnb Could Still Be a Winner.
AI agents like Muse can already find you the cheapest hotel room in Paris. But they can’t locate a cheaper version of that Catskills cabin you’ve been eyeing, because it might only be available on Airbnb ABNB -1.43%decrease. Investors should pay attention to that distinction. When Meta Platforms META 3.38%increase launched its Muse agent last month, travel stocks including Booking Holdings BKNG -1.19%decrease, Expedia and Airbnb all fell sharply.
AI智能体正威胁旅游企业，但爱彼迎仍有望成为赢家
爱彼迎若想让股价在AI智能体时代表现强劲，就必须想办法将回头客转化为忠实客户。 像Muse这样的AI智能体已经能帮你找到巴黎最便宜的酒店客房。但对于你一直心心念念的卡茨基尔山区小木屋，它们却找不到更低的报价，因为这处房源可能只在爱彼迎(Airbnb)上提供预订。 投资者应该留意这一差别。Meta Platforms上个月推出Muse智能体时，Booking Holdings、智游网(Expedia)和爱彼迎等旅游股均大幅下跌。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8 订阅 热门文章
旅行業界脅かすAIエージェント、それでもエアビーに勝機
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IPO延期のオーラ、「一発屋」の教訓とは
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IPO延期のオーラ、「一発屋」の教訓とは
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.
What Oura's stalled IPO tells us about one-hit wonders
Oura's glossy smart ring is everywhere these days: in high-profile TV ad campaigns and on the fingers of plenty of people. Yet when Oura tried to go public late last month, it couldn't find enough buyers at its proposed price and shelved the listing . The company blamed jittery markets, despite major stock indexes being near record highs, and said it could afford to pick its moment. Surging Treasury yields were certainly part of the problem.
A cancer test has investors betting big. But will insurers pay?
In the age of AI and gene sequencing, we still catch cancer one organ at a time. Only a handful of cancers have any test at all. A blood test that could screen for dozens of cancers at once would be a major leap. Last week, that prospect moved closer when a Food and Drug Administration advisory panel backed Grail's Galleri multi-cancer test. Grail's stock has surged past Wall Street's average price target and has nearly doubled over the past month.
A Cancer Test Has Investors Betting Big. But Will Insurers Pay?
An FDA panel backed Grail’s Galleri test. But the Medicare money the business depends on is far from guaranteed. In the age of AI and gene sequencing, we still catch cancer one organ at a time. Only a handful of cancers have any test at all. A blood test that could screen for dozens of cancers at once would be a major leap. Last week, that prospect moved closer when a Food and Drug Administration advisory panel backed Grail’s Galleri multi-cancer test. Copyright ©2026 Dow Jones & Company, Inc.
The Peptide Boom That Isn’t About Your Muscles
26.09.2026 21:00 The Wall Street Journal By David Wainer, The Wall Street Journal Share AI Is Helping Patients Solve Medical Mysteries Patients, doctors and nurses are turning to the technology for help identifying rare and undiagnosed diseases By Alex Janin, The Wall Street Journal The Wall Street Journal By Alex Janin, The Wall Street Journal 26.09.2026 21:00 The Wall Street Journal By David Wainer, The Wall Street Journal Share The real opportunity is pill-form peptides that could hit big...
这波肽类药物热潮与增肌无关
真正的机会在口服肽类药物，这或将冲击大型药企最赚钱的产品线。 最近，肽类产品似乎无处不在。网红们靠注射这类产品来增肌和促进恢复；美国食品药品管理局(Food and Drug Administration, 简称FDA)可能很快会允许配方药房销售这类产品。 尽管向生物黑客和养生爱好者推销此类注射剂的做法会继续引发争议，但在生物科技投资者眼中，这场多肽热潮中真正的主角是一家大多数TikTok用户闻所未闻的公司。这家名为Protagonist Therapeutics的小型生物科技公司攻克了制药界最棘手的难题之一：多肽本性脆弱，通常只能注射，而该公司却让其化身为强效口服药。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8 订阅 热门文章 热门视频
The Peptide Boom That Isn’t About Your Muscles
The real opportunity is pill-form peptides that could hit big pharma’s most profitable franchises Peptides are everywhere lately. Influencers inject them for muscle and recovery, and the Food and Drug Administration could soon allow these products to be sold by compounding pharmacies. While the marketing of these injections to biohackers and wellness consumers will keep generating debate, the peptide boom that matters to biotech investors belongs to a company most TikTokers have never heard of.
The Peptide Boom That Isn't About Your Muscles - Heard on the Street — WSJ
Peptides are everywhere lately. Influencers inject them for muscle and recovery, and the Food and Drug Administration could soon allow these products to be sold by compounding pharmacies. While the marketing of these injections to biohackers and wellness consumers will keep generating debate, the peptide boom that matters to biotech investors belongs to a company most TikTokers have never heard of.
Trump administration shift puts this corner of biotech back in favor
Betting on biotech is always a gamble. But in the first year of the Trump administration, few corners were dicier than rare-disease drugmakers These companies often test drugs in tiny patient groups, sometimes without the usual features of large trials, such as placebo controls. In the second Trump administration, they suddenly found themselves facing Food and Drug Administration officials skeptical of approving drugs on such limited evidence. Rare-disease shares plunged.
Trump Administration Shift Puts This Corner of Biotech Back in Favor
With the FDA’s hard-liners gone, investors are rushing back into rare-disease bets Betting on biotech is always a gamble. But in the first year of the Trump administration, few corners were dicier than rare-disease drugmakers. These companies often test drugs in tiny patient groups, sometimes without the usual features of large trials, such as placebo controls.
Trump Administration Shift Puts This Corner of Biotech Back in Favor
With the FDA’s hard-liners gone, investors are rushing back into rare-disease bets Betting on biotech is always a gamble. But in the first year of the Trump administration, few corners were dicier than rare-disease drugmakers. These companies often test drugs in tiny patient groups, sometimes without the usual features of large trials, such as placebo controls.
大型药企心血管药物研发遇瓶颈
眼下，医疗健康投资领域正被一个奇特的悖论所困扰。 心脏病至今仍是人类的头号杀手；然而对制药商与华尔街而言，这一领域却正演变成最难变现的赛道之一。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Heart disease, a historic strength for big pharma, becomes a weakness
There is a strange paradox haunting healthcare investing right now. Heart disease remains humanity's top killer, yet for drugmakers and Wall Street, it is becoming one of the hardest places to make money. The past few months drove this home, with billions in market value vanishing. Novo Nordisk stock fell in late July when it revealed that its bet on dampening inflammation failed to prevent heart attacks and strokes. Just over a month later, Novartis's much-watched cholesterol study fell flat too.
Heart Disease, a Historic Strength for Big Pharma, Becomes a Weakness
Making further advances in cardiovascular drugs is getting harder and costlier Sept. 12, 2026 5:30 am ET Created with Highcharts 9.0.13-month Share Price Performance: Source: FactSet Created with Highcharts 9.0.1Amgen Inc.Novo Nordisk A/S SeriesBNovartis AGJuly 2026Sept.-15-10-5051015202530% There is a strange paradox haunting healthcare investing right now. Heart disease remains humanity’s top killer, yet for drugmakers and Wall Street, it is becoming one of the hardest places to make money.
Heart Disease, a Historic Strength for Big Pharma, Becomes a Weakness
There is a strange paradox haunting healthcare investing right now. Heart disease remains humanity’s top killer, yet for drugmakers and Wall Street, it is becoming one of the hardest places to make money. Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
The Cancer Vaccine Gold Rush Has Begun. So Has the Race for Picks and Shovels.
05.09.2026 16:40 The Wall Street Journal By David Wainer, The Wall Street Journal Share FDA Approves Drug for Pancreatic Cancer in Incredible Moment for Deadly Disease The FDA approved a therapy from Revolution Medicines that slows a cancer that kills seven of out eight patients within five years By Xavier Martinez, The Wall Street Journal Society By Xavier Martinez, The Wall Street Journal Moderna’s new lab and manufacturing facility in Marlborough, Mass.
The Cancer Vaccine Gold Rush Has Begun. So Has the Race for Picks and Shovels.
Tempus AI could capture a lucrative slice of Moderna and Merck’s personalized cancer therapy business, with Personalis at the center of the bet Unique mRNA Cancer Treatment Has Investors Rushing Back to Biotech Your browser does not support HTML5 video. 0:00 Paused 0:00 / 1:40 For some, mRNA seemed like the biotech investment play of yesteryear, but on the heels of Moderna and Merck’s new mRNA cancer treatment, investors are rushing back in. WSJ’s David Wainer explains.
The Cancer Vaccine Gold Rush Has Begun. So Has the Race for Picks and Shovels - Heard on the Street — WSJ
The Cancer Vaccine Gold Rush Has Begun. So Has the Race for Picks and Shovels - Heard on the Street — WSJ The excitement surrounding Moderna and Merck's personalized mRNA cancer vaccine added more than $50 billion in combined market value for the two drug companies. But it is also creating a gold rush in a growing corner of healthcare: tumor sequencing. Personalized cancer therapies require a genetic road map for each patient.
Jersey Mike's is winning the sandwich war. It still needs to win over Gen Z.
Affluent older Americans might be the best customers in U.S. dining. They have savings, are relatively insulated from economic swings and, most valuable to a restaurant chain, prefer the familiar to the trendy. Jersey Mike's Subs, which recently went public after a Blackstone takeover , spent decades cultivating exactly that customer.
Jersey Mike’s Is Winning the Sandwich War. It Still Needs to Win Over Gen Z.
The chain’s affluent, older base gives it an edge. But to grow it also needs young customers Jersey Mike’s went public this year. Richard B. Levine/Levine Roberts/ZUMA Press Affluent older Americans might be the best customers in U.S. dining. They have savings, are relatively insulated from economic swings and, most valuable to a restaurant chain, prefer the familiar to the trendy.
Jersey Mike's Is Winning the Sub War. It Still Needs to Win Over Gen Z - Heard on the Street — WSJ
Jersey Mike's Is Winning the Sub War. It Still Needs to Win Over Gen Z - Heard on the Street — WSJ Affluent older Americans might be the best customers in U.S. dining. They have savings, are relatively insulated from economic swings and, most valuable to a restaurant chain, prefer the familiar to the trendy. Jersey Mike's Subs, which recently went public after a Blackstone takeover, spent decades cultivating exactly that customer.
China is a Threat to Biotech’s Massive Bull Run
Good morning, I’m filling in for Spencer Jakab. Markets are holding their breath until Kevin Warsh speaks at the Jackson Hole symposium later this morning. Treasury yields and the dollar are mostly flat. Futures are pointing to a mixed, but subdued opening. But tech stocks are losing the post-Nvidia-earnings glow following Marvell Technology results that disappointed investors. 📈 Follow our live markets data and coverage. Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved.
El entusiasmo por la vacuna contra el cáncer de Moderna crece más rápido que los datos
Haz que nuestras noticias aparezcan en tus búsquedas Las acciones de Moderna siempre se han visto impulsadas por narrativas extremas. Durante la pandemia, sus acciones cotizaban como si el ARNm fuera a transformar la medicina de la noche a la mañana, y su capitalización bursátil alcanzó un máximo cercano a los 200.000 millones de dólares. Luego llegó la resaca: las ventas de vacunas se desplomaron y los inversores pusieron en duda la cartera de productos de la empresa.
モデルナのがんワクチン、先行する熱狂と数字が示す現実
バイオ医薬品会社の米モデルナは、常に極端な市場の期待に左右されてきた銘柄だ。 新型コロナウイルスの感染拡大時には、メッセンジャーRNA（mRNA）が一夜にして医療を変革するかのような値動きとなり、時価総額は一時2000億ドル（約31兆7800億円）近くまで膨れ上がった。しかしその後、反動が訪れ、ワクチンの売り上げは急減し、投資家は同社の開発する新薬に疑問を抱いた。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
莫德纳癌症疫苗炒作过热，脱离财务现实
莫德纳(Moderna)一直是一只受极端叙事驱动的股票。 疫情期间，该股的走势仿佛mRNA技术能在一夜之间彻底改变医学，市值一度逼近2,000亿美元的巅峰。随后迎来了“宿醉期”：疫苗销售额骤降，投资者也对该公司的研发管线产生质疑。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Hype for Moderna's cancer vaccine is running ahead of the math
Moderna has always been a stock driven by narrative extremes. During the pandemic, it traded as if mRNA would transform medicine overnight, with its market capitalization peaking near $200 billion. Then came the hangover: Vaccine sales cratered, and investors questioned the company's pipeline. Now the pendulum is swinging back, and perhaps overshooting reality once again.
Hype for Moderna's Cancer Vaccine Is Running Ahead of the Math - Heard on the Street — WSJ
Moderna has always been a stock driven by narrative extremes. During the pandemic, it traded as if mRNA would transform medicine overnight, with its market capitalization peaking near $200 billion. Then came the hangover: Vaccine sales cratered, and investors questioned the company's pipeline. Now the pendulum is swinging back, and perhaps overshooting reality once again.
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