Wednesday links: shrinkflation and skimpflation

Quote of the Day "It’s not just that something costs more than it did five years ago, it’s that every transaction has become a test of the maximum amount of bullshit and money you’re willing to absorb before giving up." (Hanna Horvath) Chart of the Day Moderna ($MRNA) and Merck ($MRK) saw positive Phase 3 results for a mRNA melanoma vaccine. (chart via YCharts) Markets - A look at the state of the bull market. (spilledcoffee.co) - A look at return dispersion in the components of the S&P 500. (axios.com) AI - Recent hacks show AI companies don't have a great handle on things. (ft.com) - Where small language models (SLMs) can substitute for LLMs. (klementoninvesting.substack.com) - Patrick O'Shaughnessy talks with Ben Thompson about the binding constraints on the AI buildout. (podcasts.apple.com) - Hyperscalers are betting big on natural gas. (techcrunch.com) Apple - How Apple ($AAPL) 'AirPods Vision' could work. (spyglass.org) - The Apple ($AAPL) Vision Pro as surgery assistant. (asymco.com) Pharma - A Moderna ($MRNA) and Merck ($MRK) mRNA melanoma vaccine proved efficacious. (wsj.com) - Eli Lilly ($LLY) is taking cues from Silicon Valley. (economist.com) - Why pharmaceutical price inflation is negative. (axios.com) Stay in touch - Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com) - Work in wealth management? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com) Ukraine - How Ukraine is using satellite imagery in the war. (nytimes.com) - On the challenges on keeping US-made Bradley infantry fighting vehicles running. (businessinsider.com) - How the owner of a furniture company became the CEO of Ukraine's leading missile maker. (wsj.com) - Russian tanks are still struggling against Ukrainian drones. (arstechnica.com) Economy - Just how hot is the U.S. economy running? (ft.com) - More signs of strength in the American economy. (thetranscript.substack.com) - Why diesel prices aren't going down any time soon. (nytimes.com) - Federal interest expenditures are projected to increase. (schwab.com) Earlier on Abnormal Returns - Personal finance links: following your own rules. (abnormalreturns.com) - What you missed in our Tuesday linkfest. (abnormalreturns.com) - Research links: offsetting declines. (abnormalreturns.com)