What I Am Watching This Week

WHAT IS GOING ON WITH THE TARIFFS?

The other day we saw a wild plot twist with Trump’s tariffs
The Supreme Court of the United States struck down Trump’s tariffs, ruling them unlawful in a 6 to 3 decision

And of course, it caused major turmoil, since we are talking about a court where some of the justices had been supported by Trump himself

Naturally, Trump did not let it go
Shortly after the ruling, he rolled out a “Plan B” with new across the board tariffs of 10 percent on all imported products, using another law, Section 122, for 150 days but the next day he increased it to 15%

For now, the market breathed a sigh of relief after the cancellation, with the S&P closing up 0.69% but on Today it closed down 1%.

CRACKS IN CYBERSECURITY COMPANIES

On Friday, cybersecurity companies were hit with a strong shock following the announcement of Claude Code Security by Anthropic

It is the classic story we have been seeing this year: Wall Street shoots first and asks questions later
After software companies, the next AI victim appears to be cybersecurity firms

CrowdStrike $CRWD (-8%): The king took a hit. There are fears that AI will prevent threats before they even reach the endpoint

Okta $OKTA (-9.2%): Identity is now seen as vulnerable in the era of AI agents 👨🏽‍💻

In my view, we should not be seeing blanket selling across the entire sector
For example, due to increased code complexity and rising demand for data resilience, companies like Palo Alto Networks and Rubrik could potentially benefit

We will be here to keep tracking it
What is your investment take on the cybersecurity sector?

NOVO NORDISK: THE DECLINE DOES NOT STOP

Novo Nordisk plunged -11% after news that CagriSema failed to meet its primary endpoint versus its rival Eli Lilly in an 84 week trial

Over the past year, Novo’s stock is down -48%

The market reacted violently. But let’s put things into perspective

1️⃣ Novo remains a leader in GLP-1
2️⃣ Ozempic and Wegovy continue to see strong demand
3️⃣ Margins remain at very high levels
4️⃣ The pipeline does not end with a single trial

Yes, competition from Eli Lilly is intense
Yes, expectations were high

But in my view, the stock has been under excessive pressure over the past year, while the fundamentals have not collapsed 🧐

How do you see Novo Nordisk from an investment perspective at these levels?