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Scott Atlas Unleashed: Truth Matters, ‘Recovery From This Madness Will Be Slow’

Scott Atlas Unleashed: Truth Matters, ‘Recovery From This Madness Will Be Slow’

Via The Stanford Review,

Scott Atlas: The Last Word

Scott W. Atlas, MD, a senior fellow at the Hoover Institution, served from August through November 2020…

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Scott Atlas Unleashed: Truth Matters, 'Recovery From This Madness Will Be Slow'

Via The Stanford Review,

Scott Atlas: The Last Word

Scott W. Atlas, MD, a senior fellow at the Hoover Institution, served from August through November 2020 as Special Adviser to the President and was a member of the White House Coronavirus Task Force. Atlas delivered the following remarks in a virtual lecture hosted by the College Republicans. They have been lightly adapted to appear in print.

(emphasis ours)

It is always a great pleasure, and an important part of my job, to speak to students. It is essential for students to hear ideas from many sources, especially ideas they may not agree with.  That is a key part of learning how to think critically – and critical thinking is the most important lesson to learn in college, in my opinion.

The coronavirus pandemic has been a great tragedy, there can be no doubt about that. But it has also exposed profound issues in America that now threaten the very principles of freedom and order that we Americans often take for granted.

First, I have been shocked at the enormous power of the government, to unilaterally decree, to simply close businesses and schools by edict, restrict personal movement, mandate behavior, and eliminate our most basic freedoms, without any end and little accountability.

Second, I remain surprised at the acceptance by the American people of draconian rules, restrictions, and unprecedented mandates, even those that are arbitrary, destructive, and wholly unscientific.

This crisis has also exposed what we all have known existed, but we have tolerated for years: the overt bias of the media, the lack of diverse viewpoints on campuses, the absence of neutrality in big tech controlling social media, and now more visibly than ever, the intrusion of politics into science. Ultimately, the freedom to seek and state the truth is at risk here in the United States.

First, we all acknowledge that the consequences of the SARS2 coronavirus pandemic and its management have been enormous. Over half million American deaths have been attributed to the virus; more will certainly follow.  Even after almost a year, the pandemic still paralyzes much of our country. And despite all efforts, there was an undeniable failure to stop cases from rapidly escalating and prevent hospitalizations and death.

Here's the unacknowledged reality: almost all states and major cities, with a handful of exceptions, have implemented severe restrictions for many months, including closures of businesses and in-person school, mobility restrictions and curfews, quarantines, limits on group gatherings, and mask mandates dating back to at least the summer.

And let’s clear up the myths about the behavior of Americans – social mobility tracking of Americans and data from Gallup, YouGov, the COVID-19 Consortium, and the CDC have shown significant reductions of movement as well as a consistently high percentage of mask wearing since the late summer, similar to Western European countries and approaching those in Asia.

All legitimate policy scholars should, today, be openly reexamining policies that severely harmed America’s families and children, while failing to save the elderly. Studies, including one in January from Stanford University’s infectious disease scientists and epidemiologists Bendavid, Oh, Bhattacharya, and Ioannidis, have shown the mitigating impact of the extraordinary measures was small at best and according to the study’s senior author Ioannidis, “usually harmful – in his words, “pro-contagion.” President Biden openly admitted their lack of efficacy in his speech to the nation on January 22, when he said, “there is nothing we can do to change the trajectory of the pandemic in the next several months.”

Bizarrely, though, many want to blame those who opposed lockdowns and mandates for the failure of the very lockdowns and mandates that were widely implemented.

Separate from their limited value in containing the virus -- efficacy that has often been “grossly exaggerated” in scientific journals, as documented by epidemiologists and biostatisticians Chin, Ioannidis, Tanner, and Cripps – lockdown policies have been extraordinarily harmful.  The harms to children of closing in-person schooling are dramatic, including poor learning, increased school dropouts, and social isolation, most of which are far worse for lower income groups.

A recent study confirms that up to 78% of cancers were never detected due to missed screening over three months. If one extrapolates to the entire country, up to a million new cases or more over nine months will have gone undetected. That health disaster adds to missed critical surgeries, chemotherapy, organ transplants, presentations of pediatric illnesses, heart attack and stroke patients too afraid to call emergency services, and others, all well documented.

Beyond hospital care, CDC reported four-fold increases in depression, three-fold increases in anxiety symptoms, and a doubling of suicidal ideation, particularly among young adults  college age – after the first few months of lockdowns, echoing the AMA reports of drug overdoses and suicides. An explosion of insurance claims for these psychological harms in children just verified this, doubling nationally since last year; and in the strictly locked down Northeast, there was a more than 300% increase of teenagers visiting doctors for self-harm.

Domestic abuse and child abuse have been skyrocketing due to the isolation and specifically to the loss of jobs, particularly in the strictest lockdowns. Given that many in-person schools have been closed, hundreds of thousands of abuse cases are never reported, since schools are the number one agency where abuse is noticed. Finally, the unemployment “shock” from lockdowns, according to a recent NBER study, translates into what they called a “staggering” 890,000 additional U.S. deaths over the next 15 years from the lockdowns, disproportionately affecting minorities and women.

We know we have not yet seen the full extent of the damage from lockdowns, because it will last for years, even decades. Perhaps that is why lockdowns were not recommended in previous pandemic analyses, even for infections with far higher lethality.

To manage such a crisis, shouldn’t policymakers objectively consider both the virus harms and the totality of impact of policies? That’s the importance of health policy experts – my field – with a broader scope of expertise than that of epidemiologists and basic scientists. And that’s exactly why I was called to the White House – there were zero health policy scholars on the Task Force; no one with a medical background who also considered the impacts of the policies was advising the White House.

To determine the best path forward necessarily means admitting that social lockdowns and significant restrictions on individuals are deadly and extraordinarily harmful, especially on the working class, minorities, and the poor.

In his book “Extraordinary Popular Delusions and the Madness of Crowds,” Charles Mackay wrote: "of all the offspring of Time, Error is the most ancient, and is so old and familiar an acquaintance, that Truth, when discovered, comes upon most of us like an intruder, and meets the intruder's welcome."

Optimistically, we should be seeing the light at the end of the long tunnel with the rollout of vaccines.

I believe that we are.  

But, using logic that would put the Mad Hatter to shame, we now hear some claim that all children must be tested and vaccinated, even though they have extremely low risk from this infection and are proven to not be significant spreaders to adults? Or that all teachers must be vaccinated before they teach in-person, even though schools are one of the lowest risk environments and the vast majority of teachers are not high risk?

Worse, we hear the same faces on TV once again stressing uncertainty, and issuing new warnings – that social distancing, masks, and other restrictions will still be necessary after vaccination and until 2022. Is there no intention of those who control the narrative – the often proclaimed “consensus” – to allow Americans to live normally, to live freely, without fear, again?

Just as in Galileo’s time, one real problem is the experts and “vested academic interests.”  Faculty members of many universities, America’s centers for critical thinking, have overtly intimidated views contrary to their own, likely out of political reasons, leaving many afraid to speak up. That intimidation has been effective – I know, I have received hundreds of emails from scientists and policy scholars all over the country, all over the world, telling me to never give up, but they are afraid to come forward.  And yes, even a number of infectious disease experts right here at Stanford are afraid to step forward publicly and say the truth.

It is commendable that Stanford’s President and Provost, former Provost Etchemendy, and a few other distinguished members of the academic community here spoke in defense of academic freedom at a recent Faculty Senate meeting. But it is not only the matter of academic freedom that needs comment.

Instead of rethinking failed policies and admitting their errors, some have chosen to employ smears in opinion pieces and through organized rebukes against those of us who disagreed with what was implemented and who dared to help the country under a President they despised – apparently, the ultimate transgression.

Straw-man arguments and out-of-context distortions to defame people are not acceptable in civilized society, let alone in our great universities. There has been an attempt to silence and delegitimize me using falsifications and misrepresentations. This dishonors Stanford’s code of conduct, damages the Stanford name, and most importantly, it abuses the trust parents and society place in them to influence America’s children, our next generation of leaders.

It is understandable that most Stanford professors are not experts in health policy – that is my field, my lane – and understandable that most Stanford professors are ignorant of the data about the pandemic. But it is not acceptable to claim that I made recommendations that were “falsehoods and misrepresentations of science.” That is a lie.

No matter how often a lie is repeated, and regardless of how often those lies are echoed in biased media, lies do not transform into truths.

We should all remember the phrase attributed to Nazi propagandist Joseph Goebbels – “A lie told once remains a lie, but a lie told a thousand times becomes the truth” – and pray to God that it never becomes true in these United States of America.

All policy considerations I recommended to the President were designed to reduce both the spread of the virus to the most vulnerable and the structural harms of the policies to those impacted the most – the poor and working class of America. I was one of the first to push for increasing protections to those most at risk, particularly the elderly, because they were dying by the tens of thousands because the chosen policies implemented by states, recommended by other Task Force members, were failing to protect them. Almost a year ago, I recognized that we must also consider the enormous harms to physical health, mental health, and lives lost coming directly from the draconian policies that attempted to contain the infection. That is the most appropriate goal of public health policy: to minimize all harms, not simply to stop Covid-19 at all costs.

The claim in a recent JAMA opinion piece by three Stanford professors that “nearly all public health experts were concerned that [Atlas’s] recommendations could lead to tens of thousands (or more) of unnecessary deaths in the US alone” is patently false, absurd on its face. As pointed out on February 10 by Zinberg, the proposal called the Great Barrington Declaration, is “far closer to the one condemned in the JAMA article than anything [Atlas] said”. Yet, that policy declaration was co-authored by medical scientists and epidemiologists from Stanford, Harvard, and Oxford, and it has already been signed by over 50,000 medical and public-health practitioners.

When critics display such ignorance about the scope of views held by experts, it exposes their bias and wholly disqualifies their authority on these issues. Indeed, it is beyond parody that these same critics wrote “professionalism demands honesty about what they know and do not know.”

I have indeed explained the fact that younger people have little risk from this infection, and I explained the biological concept of herd immunity – protection arising when a large percentage of people acquire immunity – just like Harvard epidemiologists Katherine Yih and Martin Kulldorff, and some of the top scientists at Stanford, have explained. That is very different from proposing that people be deliberately exposed and infected by "allowing the virus to spread naturally" without mitigation efforts. I have not advised that.

And how timely it is that Professor Makary of Johns Hopkins School of Public Health just did the same, acknowledging in the Wall Street Journal on February 18, 2021 that "herd immunity is the inevitable result of viral spread and vaccination." Makary went on to celebrate what he called “the good news” – that "the consistent and rapid decline in daily cases since Jan. 8 can be explained only by natural immunity. Behavior didn’t suddenly improve over the holidays; Americans traveled more over Christmas than they had since March. Vaccines also don’t explain the steep decline in January. Vaccination rates were low and they take weeks to kick in.”

Those are Makary’s words.  Will Dr. Makary now be linked with doctors who promoted eugenics and those who conducted the racist Tuskegee syphilis experiments, as in the piece in JAMA? Will professors also call for his medical license to be stripped, or that he be formally censured for explaining the benefit of naturally-acquired immunity?

In fact, directly contrary to advocating that the infection spread, I have repeatedly called for mitigation measures, including extra sanitization, social distancing, masks, group limits, testing, and other increased protections to limit the spread and damage from the coronavirus. I also explicitly called for augmenting protection of those at risk in dozens of on-the-record presentations, interviews, and written pieces, including:

Written pieces in The Hill- May 3, The Hill-September 3,  New York Post- September 15, New York Post- April 26;  presentations to: Senate Committee on Homeland SecurityParliamentary Intelligence Security ForumLiberty Forum of Silicon Valley, YPO retreat in Sea Island, Georgia; and interviews withBen Shapiro podcast, John Bachelor radio,  Steve Deace Blaze TVTucker Carlson Fox News TV, Florida televised press conference, WAML Radioand numerous others.

One must ask the question: why would accusers also ignore my explicit, emphatic public denials about supporting the spread of the infection unchecked to achieve herd immunity – denials quoted widely in the media.  Are not my own statements the object of their criticism in the first place? Or is it due to a desire to “cancel” anyone who accepted the call, who had the audacity to help this country under President Trump?

I have been accused of claiming that “young people are not harmed by the virus and cannot spread the disease.” To the contrary, I have frequently cited detailed data explicitly stating that children do get the infection, that children can have serious consequences from the infection, and that some children die from the disease. When I said in a 5/20/2020 interview with Congressman Andy Biggs that there was “an extremely low risk for children that Covid-19 poses” and that the risk of dying if you’re under 18 from this disease is “nearly zero,” that matches the data, including CDCand is almost verbatim what John Ioannidis, renowned Stanford epidemiologist, summed up about the entire world’s data. The risk of dying from Covid-19 is “almost zero” for young people.

For many months, I was maligned after calling for opening in-person schools. The compelling case to open schools is now admitted to be longstanding truth, even in lay publications like the Atlantic. They acknowledged that “Research from around the world has, since the beginning of the pandemic, indicated that people under 18, and especially younger kids, are less susceptible to infection, less likely to experience severe symptoms, and far less likely to be hospitalized or die.” Further, that “We’ve known for months that young children are less susceptible to serious infection and less likely to transmit the coronavirus. Let’s act like it.”

The accusers who wrote the opinion piece in JAMA stated: “Atlas disputed the need for masks”. That is misrepresenting my words. To the contrary, my advice on mask usage has been consistent and explicit – “wear a mask when you cannot socially distance” – and it matched the published recommendations of the World Health Organization in June: “When outside, wear a mask if you cannot maintain physical distance from others.”

In December, the WHO modified that to “(In areas of known or suspected community or cluster SARS-CoV-2 transmission), WHO advises that the general public should wear a non-medical mask in … settings where physical distancing of at least 1 metre cannot be maintained”, i.e. not at all times, not by everyone.  That also matches the NIH document dated February 2021 “Prevention and prophylaxis of SARS-COV-2 infection”:  “When consistent distancing is not possible, face coverings may further reduce the spread of infectious droplets from individuals with SARS-CoV-2 infection to others.”

Regarding universal masks: 38 states have implemented general-population mask mandates, most since at least the summer, with almost all the rest having mandates in their major cities. Widespread, general-population mask usage has shown little empirical utility for stopping cases, even though that evidence has been censored by Twitter and Amazon. Widespread mask usage showed only minimal impact in Denmark’s randomized controlled study.  Those are facts. And facts matter.

Here’s the reality: those who insist that universal mask usage is absolutely proven to be effective at controlling the spread of this virus and is universally recommended by “the science” are ignoring the published evidence to the contrary. One could say they are propagating false and misleading information; some might even call that, using a phrase from the JAMA opinion, “subverting science.”

I posted a list where mask mandates empirically failed to stop cases, along with direct quotes, without any edit, from WHO, CDC, and Oxford University. That was censored by Twitter. And I stated numerous times that it would be irrational to wear a mask “when alone riding a bicycle outside, when driving your own car alone, or when walking in the desert alone.” I stand by those words.

Those who charge that it is unethical, even dangerous, to question broad population mask mandates must not realize that several of the world’s top infectious disease scientists and major public health organizations explicitly question the efficacy of general population masks. The public needs to know the truth.

For instance, Jefferson and Heneghan of University of Oxford’s Centre for Evidence-Based Medicine wrote“It would appear that despite two decades of pandemic preparedness, there is considerable uncertainty as to the value of wearing masks.”  Oxford’s renowned epidemiologist Sunetra Gupta said there is no need for masks unless one is elderly or high risk. Stanford’s Jay Bhattacharya stated “mask mandates are not supported by the scientific data … there is no scientific evidence that mask mandates work to slow the spread of the disease.”

Throughout this pandemic until December, the WHO’s “Advice on the use of masks in the context of COVID-19” stated: “At present, there is no direct evidence (from studies on COVID19 and in healthy people in the community) on the effectiveness of universal masking of healthy people in the community to prevent infection with respiratory viruses, including COVID-19.” In December, the WHO changed their wording to today’s “At present there is only limited and inconsistent scientific evidence to support the effectiveness of masking of healthy people in the community to prevent infection with respiratory viruses, including SARS-CoV-2.”

The CDC, in a review of influenza pandemics, “did not find evidence that surgical-type face masks are effective in reducing laboratory-confirmed influenza transmission, either when worn by infected persons (source control) or by persons in the general community to reduce their susceptibility.”  And until the WHO removed it on October 21, 2020 (almost immediately after Twitter censored my tweet highlighting the WHO quote), the WHO had written “At the present time, the widespread use of masks by healthy people in the community setting is not yet supported by high quality or direct scientific evidence and there are potential benefits and harms to consider.”

My advice on masks has always been based on scientific data, and it matches the advice of many of the top scientists and public health organizations throughout the world.

One final false accusation must be addressed:  that I  "made unsupported claims about the immunity conferred by surviving infection".

To the contrary, I was correct in accurately citing the scientific literature, when I explained that biological protection from this infection is not fully shown by antibody tests, since antibody prevalence changes in people over time (September 2020, Japan), and protection is also derived from other parts of the immune system (January 2021, Germany), including T-cells (January 2021, Minnesota), even in asymptomatic and mildly symptomatic patients, according to the Karolinska Institute.

Professor Makary of the Johns Hopkins School of Medicine and Bloomberg School of Public Health acknowledged this on February 18, 2021, explaining that “Antibody studies almost certainly underestimate natural immunity. Antibody testing doesn’t capture antigen-specific T-cells."

I was also correctly citing data that demonstrated some individuals could have cross-protection from previous coronavirus infections, shown by Singapore researchers and explicitly supported by the NIH itself on December 15, 2020. "The evidence that a subset of people has a cross-reactive T cell repertoire through exposure to related coronaviruses is strong.”

At this point, one could make a reasonable case that those who continue to push significant societal restrictions without acknowledging their failures and serious harms are themselves putting forth dangerous misinformation.  As Stanford’s Ioannidis stated on February 20, 2021, “most of the estimates show the draconian lockdowns increased the problems, it was pro-contagion.” Those restrictions have plainly “damaged the public health,” as my Stanford accusers might say.

But I will not call for their official rebuke or punishment. I will not try to cancel them. I will not try to extinguish their opinions. And I will not lie to distort their words and defame them. To do so would repeat a behavior of intimidating the discourse that is critical to educating the public and arriving at the scientific truths we desperately need.

As a health policy scholar for over 15 years and as a professor at top universities for 30 years, I now fear for our students and our nation’s future. Some faculty members of our acclaimed universities - many of whom are automatic recipients of society’s respect because of those university titles - are now dangerously intolerant of opinions contrary to their personally favored narrative.   Without permitting, indeed encouraging, open exchange of views and admission of errors, we might never solve any future crisis.

At a minimum, university mottos, if such things matter – like Harvard’s “truth,” Stanford’s “the winds of freedom blow,” and Yale’s “light and truth” – need to be explained to all faculty members at these universities.

Some go further, distorting and misrepresenting words to delegitimize and prompt punishment of those of us willing to serve the country – their country – alongside a President they happen to loathe. As Tobin wrote on March 1, “Delegitimizing [Atlas] and his analysis of the coronavirus disaster was a matter of treating all those who have any connection with the Trump administration as criminals, something that could only be accomplished by blatant misrepresentations of his views and statements.”

Worse than a violation of ethical behavior among colleagues, that does not meet my standard of simple human decency.

If academic leaders – and the entire academic community – fail to denounce such attempts to vilify those whom one disagrees with, many more experts with a reputation to lose will be unwilling to serve this country in contentious times. As educators, as parents, as fellow citizens, that would be the worst possible legacy to leave to our children.

We should also fear that the concept of “the science” has been seriously damaged. Even the best journals in the world – NEJMLancetScience and Nature – have become contaminated by politics and published bad science.  That adds to the public’s confusion, and it diminishes trust in experts. By now, many in the public have simply become fatigued by the arguments.  That reaction is even worse, because widespread fatigue will allow fallacy to triumph over truth.

Americans are now faced with a new status quo: biased social media have joined a dominant voice on campuses to be the arbiter of allowable discussion.

The United States is on the precipice of losing its cherished freedoms, with censorship and cancellation of all those who bring views forward that differ from the “accepted mainstream."

It is not clear if our democracy, with its defining freedoms, will recover, even after we survive the pandemic itself. But it is clear that people must step up – meaning speak up, as we are allowed, as we are expected to do in free societies – or it has no chance.

Finally: Mackay, again, presciently spoke about the herd: "Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one."

So, how do we proceed at this very moment, in this country, with its heavily damaged psyche? Those of us who want the truth must keep seeking it, and those of us who see the truth must keep speaking it. Even if the recovery from madness is slow, and even if it is only one by one. Because truth matters.

Tyler Durden Tue, 03/09/2021 - 16:21

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Analyst reviews Apple stock price target amid challenges

Here’s what could happen to Apple shares next.

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They said it was bound to happen.

It was Jan. 11, 2024 when software giant Microsoft  (MSFT)  briefly passed Apple  (AAPL)  as the most valuable company in the world.

Microsoft's stock closed 0.5% higher, giving it a market valuation of $2.859 trillion. 

It rose as much as 2% during the session and the company was briefly worth $2.903 trillion. Apple closed 0.3% lower, giving the company a market capitalization of $2.886 trillion. 

"It was inevitable that Microsoft would overtake Apple since Microsoft is growing faster and has more to benefit from the generative AI revolution," D.A. Davidson analyst Gil Luria said at the time, according to Reuters.

The two tech titans have jostled for top spot over the years and Microsoft was ahead at last check, with a market cap of $3.085 trillion, compared with Apple's value of $2.684 trillion.

Analysts noted that Apple had been dealing with weakening demand, including for the iPhone, the company’s main source of revenue. 

Demand in China, a major market, has slumped as the country's economy makes a slow recovery from the pandemic and competition from Huawei.

Sales in China of Apple's iPhone fell by 24% in the first six weeks of 2024 compared with a year earlier, according to research firm Counterpoint, as the company contended with stiff competition from a resurgent Huawei "while getting squeezed in the middle on aggressive pricing from the likes of OPPO, vivo and Xiaomi," said senior Analyst Mengmeng Zhang.

“Although the iPhone 15 is a great device, it has no significant upgrades from the previous version, so consumers feel fine holding on to the older-generation iPhones for now," he said.

A man scrolling through Netflix on an Apple iPad Pro. Photo by Phil Barker/Future Publishing via Getty Images.

Future Publishing/Getty Images

Big plans for China

Counterpoint said that the first six weeks of 2023 saw abnormally high numbers with significant unit sales being deferred from December 2022 due to production issues.

Apple is planning to open its eighth store in Shanghai – and its 47th across China – on March 21.

Related: Tech News Now: OpenAI says Musk contract 'never existed', Xiaomi's EV, and more

The company also plans to expand its research centre in Shanghai to support all of its product lines and open a new lab in southern tech hub Shenzhen later this year, according to the South China Morning Post.

Meanwhile, over in Europe, Apple announced changes to comply with the European Union's Digital Markets Act (DMA), which went into effect last week, Reuters reported on March 12.

Beginning this spring, software developers operating in Europe will be able to distribute apps to EU customers directly from their own websites instead of through the App Store.

"To reflect the DMA’s changes, users in the EU can install apps from alternative app marketplaces in iOS 17.4 and later," Apple said on its website, referring to the software platform that runs iPhones and iPads. 

"Users will be able to download an alternative marketplace app from the marketplace developer’s website," the company said.

Apple has also said it will appeal a $2 billion EU antitrust fine for thwarting competition from Spotify  (SPOT)  and other music streaming rivals via restrictions on the App Store.

The company's shares have suffered amid all this upheaval, but some analysts still see good things in Apple's future.

Bank of America Securities confirmed its positive stance on Apple, maintaining a buy rating with a steady price target of $225, according to Investing.com

The firm's analysis highlighted Apple's pricing strategy evolution since the introduction of the first iPhone in 2007, with initial prices set at $499 for the 4GB model and $599 for the 8GB model.

BofA said that Apple has consistently launched new iPhone models, including the Pro/Pro Max versions, to target the premium market. 

Analyst says Apple selloff 'overdone'

Concurrently, prices for previous models are typically reduced by about $100 with each new release. 

This strategy, coupled with installment plans from Apple and carriers, has contributed to the iPhone's installed base reaching a record 1.2 billion in 2023, the firm said.

More Tech Stocks:

Apple has effectively shifted its sales mix toward higher-value units despite experiencing slower unit sales, BofA said.

This trend is expected to persist and could help mitigate potential unit sales weaknesses, particularly in China. 

BofA also noted Apple's dominance in the high-end market, maintaining a market share of over 90% in the $1,000 and above price band for the past three years.

The firm also cited the anticipation of a multi-year iPhone cycle propelled by next-generation AI technology, robust services growth, and the potential for margin expansion.

On Monday, Evercore ISI analysts said they believed that the sell-off in the iPhone maker’s shares may be “overdone.”

The firm said that investors' growing preference for AI-focused stocks like Nvidia  (NVDA)  has led to a reallocation of funds away from Apple. 

In addition, Evercore said concerns over weakening demand in China, where Apple may be losing market share in the smartphone segment, have affected investor sentiment.

And then ongoing regulatory issues continue to have an impact on investor confidence in the world's second-biggest company.

“We think the sell-off is rather overdone, while we suspect there is strong valuation support at current levels to down 10%, there are three distinct drivers that could unlock upside on the stock from here – a) Cap allocation, b) AI inferencing, and c) Risk-off/defensive shift," the firm said in a research note.

Related: Veteran fund manager picks favorite stocks for 2024

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Major typhoid fever surveillance study in sub-Saharan Africa indicates need for the introduction of typhoid conjugate vaccines in endemic countries

There is a high burden of typhoid fever in sub-Saharan African countries, according to a new study published today in The Lancet Global Health. This high…

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There is a high burden of typhoid fever in sub-Saharan African countries, according to a new study published today in The Lancet Global Health. This high burden combined with the threat of typhoid strains resistant to antibiotic treatment calls for stronger prevention strategies, including the use and implementation of typhoid conjugate vaccines (TCVs) in endemic settings along with improvements in access to safe water, sanitation, and hygiene.

Credit: IVI

There is a high burden of typhoid fever in sub-Saharan African countries, according to a new study published today in The Lancet Global Health. This high burden combined with the threat of typhoid strains resistant to antibiotic treatment calls for stronger prevention strategies, including the use and implementation of typhoid conjugate vaccines (TCVs) in endemic settings along with improvements in access to safe water, sanitation, and hygiene.

 

The findings from this 4-year study, the Severe Typhoid in Africa (SETA) program, offers new typhoid fever burden estimates from six countries: Burkina Faso, Democratic Republic of the Congo (DRC), Ethiopia, Ghana, Madagascar, and Nigeria, with four countries recording more than 100 cases for every 100,000 person-years of observation, which is considered a high burden. The highest incidence of typhoid was found in DRC with 315 cases per 100,000 people while children between 2-14 years of age were shown to be at highest risk across all 25 study sites.

 

There are an estimated 12.5 to 16.3 million cases of typhoid every year with 140,000 deaths. However, with generic symptoms such as fever, fatigue, and abdominal pain, and the need for blood culture sampling to make a definitive diagnosis, it is difficult for governments to capture the true burden of typhoid in their countries.

 

“Our goal through SETA was to address these gaps in typhoid disease burden data,” said lead author Dr. Florian Marks, Deputy Director General of the International Vaccine Institute (IVI). “Our estimates indicate that introduction of TCV in endemic settings would go to lengths in protecting communities, especially school-aged children, against this potentially deadly—but preventable—disease.”

 

In addition to disease incidence, this study also showed that the emergence of antimicrobial resistance (AMR) in Salmonella Typhi, the bacteria that causes typhoid fever, has led to more reliance beyond the traditional first line of antibiotic treatment. If left untreated, severe cases of the disease can lead to intestinal perforation and even death. This suggests that prevention through vaccination may play a critical role in not only protecting against typhoid fever but reducing the spread of drug-resistant strains of the bacteria.

 

There are two TCVs prequalified by the World Health Organization (WHO) and available through Gavi, the Vaccine Alliance. In February 2024, IVI and SK bioscience announced that a third TCV, SKYTyphoid™, also achieved WHO PQ, paving the way for public procurement and increasing the global supply.

 

Alongside the SETA disease burden study, IVI has been working with colleagues in three African countries to show the real-world impact of TCV vaccination. These studies include a cluster-randomized trial in Agogo, Ghana and two effectiveness studies following mass vaccination in Kisantu, DRC and Imerintsiatosika, Madagascar.

 

Dr. Birkneh Tilahun Tadesse, Associate Director General at IVI and Head of the Real-World Evidence Department, explains, “Through these vaccine effectiveness studies, we aim to show the full public health value of TCV in settings that are directly impacted by a high burden of typhoid fever.” He adds, “Our final objective of course is to eliminate typhoid or to at least reduce the burden to low incidence levels, and that’s what we are attempting in Fiji with an island-wide vaccination campaign.”

 

As more countries in typhoid endemic countries, namely in sub-Saharan Africa and South Asia, consider TCV in national immunization programs, these data will help inform evidence-based policy decisions around typhoid prevention and control.

 

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About the International Vaccine Institute (IVI)
The International Vaccine Institute (IVI) is a non-profit international organization established in 1997 at the initiative of the United Nations Development Programme with a mission to discover, develop, and deliver safe, effective, and affordable vaccines for global health.

IVI’s current portfolio includes vaccines at all stages of pre-clinical and clinical development for infectious diseases that disproportionately affect low- and middle-income countries, such as cholera, typhoid, chikungunya, shigella, salmonella, schistosomiasis, hepatitis E, HPV, COVID-19, and more. IVI developed the world’s first low-cost oral cholera vaccine, pre-qualified by the World Health Organization (WHO) and developed a new-generation typhoid conjugate vaccine that is recently pre-qualified by WHO.

IVI is headquartered in Seoul, Republic of Korea with a Europe Regional Office in Sweden, a Country Office in Austria, and Collaborating Centers in Ghana, Ethiopia, and Madagascar. 39 countries and the WHO are members of IVI, and the governments of the Republic of Korea, Sweden, India, Finland, and Thailand provide state funding. For more information, please visit https://www.ivi.int.

 

CONTACT

Aerie Em, Global Communications & Advocacy Manager
+82 2 881 1386 | aerie.em@ivi.int


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US Spent More Than Double What It Collected In February, As 2024 Deficit Is Second Highest Ever… And Debt Explodes

US Spent More Than Double What It Collected In February, As 2024 Deficit Is Second Highest Ever… And Debt Explodes

Earlier today, CNBC’s…

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US Spent More Than Double What It Collected In February, As 2024 Deficit Is Second Highest Ever... And Debt Explodes

Earlier today, CNBC's Brian Sullivan took a horse dose of Red Pills when, about six months after our readers, he learned that the US is issuing $1 trillion in debt every 100 days, which prompted him to rage tweet, (or rageX, not sure what the proper term is here) the following:

We’ve added 60% to national debt since 2018. Germany - a country with major economic woes - added ‘just’ 32%.   

Maybe it will never matter.   Maybe MMT is real.   Maybe we just cancel or inflate it out. Maybe career real estate borrowers or career politicians aren’t the answer.

I have no idea.  Only time will tell.   But it’s going to be fascinating to watch it play out.

He is right: it will be fascinating, and the latest budget deficit data simply confirmed that the day of reckoning will come very soon, certainly sooner than the two years that One River's Eric Peters predicted this weekend for the coming "US debt sustainability crisis."

According to the US Treasury, in February, the US collected $271 billion in various tax receipts, and spent $567 billion, more than double what it collected.

The two charts below show the divergence in US tax receipts which have flatlined (on a trailing 6M basis) since the covid pandemic in 2020 (with occasional stimmy-driven surges)...

... and spending which is about 50% higher compared to where it was in 2020.

The end result is that in February, the budget deficit rose to $296.3 billion, up 12.9% from a year prior, and the second highest February deficit on record.

And the punchline: on a cumulative basis, the budget deficit in fiscal 2024 which began on October 1, 2023 is now $828 billion, the second largest cumulative deficit through February on record, surpassed only by the peak covid year of 2021.

But wait there's more: because in a world where the US is spending more than twice what it is collecting, the endgame is clear: debt collapse, and while it won't be tomorrow, or the week after, it is coming... and it's also why the US is now selling $1 trillion in debt every 100 days just to keep operating (and absorbing all those millions of illegal immigrants who will keep voting democrat to preserve the socialist system of the US, so beloved by the Soros clan).

And it gets even worse, because we are now in the ponzi finance stage of the Minsky cycle, with total interest on the debt annualizing well above $1 trillion, and rising every day

... having already surpassed total US defense spending and soon to surpass total health spending and, finally all social security spending, the largest spending category of all, which means that US debt will now rise exponentially higher until the inevitable moment when the US dollar loses its reserve status and it all comes crashing down.

We conclude with another observation by CNBC's Brian Sullivan, who quotes an email by a DC strategist...

.. which lays out the proposed Biden budget as follows:

The budget deficit will growth another $16 TRILLION over next 10 years. Thats *with* the proposed massive tax hikes.

Without them the deficit will grow $19 trillion.

That's why you will hear the "deficit is being reduced by $3 trillion" over the decade.

No family budget or business could exist with this kind of math.

Of course, in the long run, neither can the US... and since neither party will ever cut the spending which everyone by now is so addicted to, the best anyone can do is start planning for the endgame.

Tyler Durden Tue, 03/12/2024 - 18:40

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