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Speculative Bubbles in the Recent AI Boom: Nasdaq and the Magnificent Seven
Full text linkThe recent artificial intelligence (AI) boom covers a period of rapid innovation and wide adoption of AI intelligence technologies across diverse industries. These developments have fueled an unprecedented frenzy in the Nasdaq, with AI-focused companies experiencing soaring stock prices that raise concerns about speculative bubbles and real-economy consequences. Against this background the present study investigates the formation of speculative bubbles in the Nasdaq stock market with a specific focus on the so-called ‘Magnificent Seven’ (Mag-7) individual stocks during the AI boom, spanning the period January 2017 to January 2025. We apply the real time PSY bubble detection methodology of Phillips et al. (2015a,b), while controlling for market and industry factors for individual stocks. Confidence intervals to assess the degree of speculative behavior in asset price dynamics are calculated using the near-unit root approach of Phillips (2023). The findings reveal the presence of speculative bubbles in the Nasdaq stock market and across all Mag-7 stocks. Nvidia and Microsoft experience the longest speculative periods over January 2017 – December 2021, while Nvidia and Tesla show the fastest rates of explosive behavior. Speculative bubbles persist in the market and in six of the seven stocks (excluding Apple) from December 2022 to January 2025. Near-unit-root inference indicates mildly explosive dynamics for Nvidia and Tesla (2017–2021) and local-to-unity near explosive behavior for all assets in both periods
Sibling Rivalry in the Financial Safety Net: Governance Arrangements for Bank Resolution and Deposit Insurance (2025)
Full text linkLessons Learned: Fabrizio López-Gallo
No full textFabrizio López-Gallo served as the Bank of Mexico’s director general of financial stability during the COVID-19 pandemic, having been financial sector specialist and risk analysis and special projects manager for the central bank during the 2007–09 Global Financial Crisis (GFC). The Mexican government declared a health emergency at the outbreak of the pandemic and implemented a general economic shutdown. The Bank of Mexico intervened by cutting rates and initiating extraordinary measures, such as adding bond swaps and loosening rules for minimum deposits at commercial banks to provide liquidity. It gave flexibility to commercial banks to grant forbearance on mortgage payments and other loans. López-Gallo was responsible for the development and oversight of strategies, research, and policy recommendations on financial stability. He was also the executive secretary of the Financial System Stability Council and a member of the Basel Committee on Banking Supervision
United States: Citigroup Emergency Liquidity Program, 2008
Full text linkBy November 21, 2008, against the backdrop of heavy losses during the Global Financial Crisis, Citigroup counterparties were substantially pulling back from the firm. On November 23, the US Department of the Treasury, Federal Deposit Insurance Corporation (FDIC), and Federal Reserve announced a support package for Citi composed of a capital injection and a loss-sharing arrangement on 39.5 billion in losses on a mutually agreed upon pool of risky assets; the Treasury and FDIC provided 1.7 billion; and the Fed provided residual financing in the form of a loan facility to Citi to cover any losses on the guaranteed assets that exceeded 10.2 billion, and the guarantees provided by the three agencies were never triggered
New Horizons In Hepatitis B Therapy: Antigen Reduction And Immune Modulation Approaches
Full text linkChronic hepatitis B (CHB) remains a significant global health burden despite advances in antiviral therapy. Current treatments, including nucleoside analogs (NAs) and pegylated interferon (Peg-IFN), effectively suppress viral replication but rarely achieve functional cure, defined as sustained hepatitis B surface antigen (HBsAg) loss. Emerging therapeutic strategies focus on antigen reduction and immune modulation to overcome the limitations of existing therapies.
Antisense oligonucleotides (ASOs) and small interfering RNAs (siRNAs) offer promising approaches by directly targeting viral RNA to reduce HBsAg levels. Clinical trials of ASOs such as bepirovirsen and siRNAs such as JNJ-3989 and VIR-2218 have shown substantial HBsAg declines, but post-treatment rebounds remain a challenge. In parallel, immune-modulatory therapies, including therapeutic vaccines, checkpoint inhibitors, and toll-like receptor (TLR) agonists, aim to restore HBV-specific immune responses. Trials combining bepirovirsen or siRNA therapies with Peg-IFN have yielded mixed results, with limited sustained efficacy but increased adverse effects. Novel agents such as therapeutic vaccines (VTP-300, BRII-179) and HBsAg-targeting antibodies (Tobevibart) are under investigation to enhance immune clearance.
This review evaluates the latest advances in CHB therapy clinical trials, highlighting the need for combination regimens targeting both viral suppression and immune restoration. While significant progress has been made, achieving a functional cure will likely require multi-modal approaches integrating direct antiviral agents with immunotherapies to sustain long-term viral control
Social Media Influences On Youth Substance Use, Sexual Health, And Mental Health In Paterson, New Jersey: A Rapid Qualitative Analysis
No full textIntroduction: Social media use among youth has become a topic of concern among public health professionals and policymakers. Youth have grown to rely on social media for communication and entertainment, but are exposed to negative health behaviors with the potential to model them in their lives. In this study, we investigated youth’s perspectives on social media content and the impact it has on their health and lives.Methods: We conducted a rapid qualitative analysis of individual interviews of youth from Paterson, New Jersey. Among the sample (n=20), the mean age was 16 years, 80% identified as male, and 30% were justice-involved. For ethnoracial identities, 55% of the youth identified as Black/African American, 25% identified as Afro-Latino, and 15% identified as Hispanic/Latino. Results: Six total themes were identified during analysis. The themes for substance use were 1) Increased exposure to substance use content may influence behavior, and 2) Need more authentic substance use prevention messaging. The themes for sexual health were 1) Awareness of HIV and STIs varied and sometimes limited, and 2) Discussions about sex shaped by privacy concerns and lack of positive messaging. The themes for mental health were 1) Mental health content present but varied accuracy and influence, and 2) Impact on youth mental health remains complex. Conclusion: Researchers and policymakers must collaborate with youth at all steps in the research and lawmaking process to best center their perspectives and rights working to ensure healthy behaviors and safe social media consumption among this population
Epidemiological Changes In Shiga Toxin-Producing Escherichia Coli (stec) Pre- And Post-Covid In Connecticut, 2018–2019 And 2023–2024
Full text linkBackground: Shiga toxin-producing Escherichia coli (STEC) causes over 265,000 infections, 3,600 hospitalizations, and 30 deaths annually in the U.S.. While STEC O157 is the most common serotype, the increased use of culture-independent diagnostic tests (CIDT) led to a rise in non-O157 serotypes detected. Nationally, STEC incidence declined during the COVID-19 pandemic but has since surpassed pre-pandemic levels. An analysis was conducted to determine the changes that occurred in STEC infections in Connecticut from pre-pandemic to post-pandemic and to identify differences between culture-confirmed cases and CIDT-only/untyped cases.Methods: A descriptive analysis using STEC surveillance data collected in Connecticut was performed to identify changes in STEC infections, comparing cases reported in 2018–2019 (N = 238) to 2023–2024 (N = 342) by demographic characteristics, testing method, and exposure history. A case-case analysis was conducted among post-pandemic infections to identify differences between serotyped/culture-confirmed cases (N = 126) and CIDT-only/untyped cases (N = 216). Results: The overall incidence of STEC infections increased post-pandemic (RR 1.44, 95% CI 1.22-1.70). Incidence in the Hispanics/Latinos doubled (RR 1.98, 95% CI 1.40-2.79), driven by adults 18-64 years of age, to a rate that was nearly double that of any race/ethnic group. The proportion of culture-confirmed infections halved from pre-pandemic to post-pandemic (OR 0.49, 95% CI 0.35-0.63). Among confirmed infections, O157 decreased (26.9% pre-pandemic to 15.1% post-pandemic) while non-O157 increased (71.5% pre-pandemic to 80.2% post-pandemic). Farm animal exposure increased (OR 4.15, 95% CI 1.20-14.34). CIDT-only infections compared to culture-confirmed infections were 27.0% as likely to have bloody diarrhea (27.0% vs 51.3%) but were just as likely to have HUS and to be hospitalized. CIDT-only cases were also more likely (p\u3c0.05) to be ≥65 years old (29.6% vs 14.3%), less likely to have attended or worked at a daycare (3.3% vs 12.1%), and be outbreak-associated (0% vs 17.5%). Conclusions: STEC incidence increased post-pandemic, driven by a rise in non-O157 serotypes and greater use of CIDT methods, with the most substantial increases among Hispanic/Latino adults and older populations. Changes in incidence highlight the need for continued surveillance
Cross-Sectional Study On The Distribution And Epidemiology Of Plasmodium Ovale Species In Asymptomatic And Symptomatic Individuals In Gulu, Uganda
Full text linkDespite global progress in malaria control, Plasmodium ovale remains an under-recognized contributor tothe malaria burden in sub-Saharan Africa. Its ability to form dormant liver-stage hypnozoites enables silent, recurrent transmission that often escapes detection by routine diagnostics. This cross-sectional study investigated the prevalence, species distribution, and clinical profile of P . ovale infections in Gulu, Uganda, comparing asymptomatic individuals from the community to symptomatic patients presenting at Gulu Regional Referral Hospital. Molecular diagnostics, including qPCR, nested PCR, and hemi-nested PCR, were used to detect and differentiate P . ovale curtisi and P . ovale wallikeri. Geographic sampling was conducted across 33 parishes in five districts, utilizing a population-proportional stratified design. A total of 600 community samples and 102 hospital samples were collected. Results revealed that P . ovale mono-infections were more prevalent in the community (8.7%), whereas co-infections with P . falciparum were predominant in the hospital (3.9%). Logistic regression analysis demonstrated that P . falciparum co-infection significantly increased the odds of hospitalization among P . ovale-positive individuals (OR = 3.5, 95% CI: 1.2–5.8, p = 0.01). Spatial clustering was observed in Omoro District, particularly in Lukwir Parish, suggesting localized transmission dynamics. Species differentiation using nested PCR confirmed two P . ovale curtisi and two P . ovale wallikeri infections among hospital cases. Additionally, four qPCR-positive hospital samples exhibited faint bands in hemi-nested PCR, indicating low-density infections that were undetectable by standard nested PCR alone. These ambiguous results emphasize the limitations of traditional methods in low-parasitemia settings and underscore the value of employing red diagnostic strategies. The findings suggest that P . ovale is sustained in the community as a largely asymptomatic reservoir and may be contributing to ongoing transmission despite control efforts targeting P . falciparum. Integrating species-specific molecular diagnostics, liver-stage treatments, and broader surveillance of non-falciparum species is essential for achieving comprehensive malaria elimination in Uganda
Survey of Bank Holidays and Fund Suspensions
Full text linkIn this paper, we analyze seven case studies involving bank holidays and two involving mutual fund suspensions produced by the Yale Program on Financial Stability. Our main purpose is to assist policymakers who are considering utilizing a bank holiday in designing the most effective program as efficiently as possible. We find that a bank holiday may be most useful when designing and implementing a comprehensive remedy to an underlying problem distressing banks, particularly when an exogenous shock rather than balance sheet weaknesses is the cause of general distress to the system. A holiday is also useful to “ring-fence” one or more banks and differentiate them from banks that are not distressed. In either case, the holiday only pauses the run. For a successful outcome, and to avoid a restart of runs, policymakers should be prepared to implement corrective actions to address the fundamental problem and commit to reopening only viable banks. However, we also conclude that, given the nature of bank holidays and depositor expectations regarding access to runnable assets, in most cases, the utility of a bank holiday is limited by the high risk of contagion and depositor behavior. For the banking sector, authorities are best advised to establish credible ex ante deposit insurance, effectively communicated and bolstered by a rigorous bank supervisory regime and a tailored resolution process, to prevent bank runs from occurring in the first place. We also find that suspensions of mutual fund investors’ withdrawals can function similarly to bank holidays and carry a stigma that may lead administrators to avoid implementing them
United States: Rhode Island Limited Bank Holiday, 1991
Full text linkIn 1990, the Rhode Island Share and Deposit Indemnity Corporation (RISDIC) was a private mutual deposit insurance corporation funded by member institutions. Late that year, after the failures of two of its insured institutions in July and October, other RISDIC member institutions faced large depositor withdrawals, as concerns began to focus on the financial health of RISDIC itself. RISDIC had maintained inadequate reserves, and on December 31, 1990, it found itself lacking the resources to cover depositor withdrawals from member institutions. RISDIC leadership requested a state-appointed conservator, which meant that all its member institutions no longer had the deposit insurance that Rhode Island law mandated. On January 1, 1991, to prevent an uncontrolled run on financial institutions that no longer had deposit insurance, incoming Governor Bruce Sundlun declared a bank holiday for the 45 banks and credit unions that RISDIC had insured. Management remained in place at the closed institutions; state authorities encouraged them to seek federal deposit insurance or merge with healthier institutions. Twenty-two credit unions reopened on January 7 with federal deposit insurance after federal examiners had reviewed their assets and capital adequacy; a further four reopened by the end of January. On February 8, the governor signed legislation creating the Depositors Economic Protection Corporation (DEPCO) to facilitate liquidations or sales of banks that could not access federal insurance. Most depositors had been repaid within 18 months of the governor’s executive order, supported by asset sales; 125 million received a federal guarantee; and $190 million in clawbacks from insiders and others implicated in RISDIC’s failure. Ultimately, all depositors recovered 100% of their deposits