Tuesday, March 10, 2026

The world’s most dangerous inheritance

Nuclear weapons, obviously.
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Today's Agenda

Nuclear Families

As the teenage daughter of Kim Jong Un, Kim Ju Ae has experienced what may be the most intense "bring-your-kid-to-work day" on the planet, featuring North Korea's finest selection of sniper rifles and missile tests. While some have framed the dictator as a proud "girl dad," the 50 nuclear warheads in Kim's arsenal are not just for performative photo ops with a potential successor.

Photographer: STR/AFP

Watching Israel's strikes on Iran, Karishma Vaswani says that North Korea's leader will draw a dangerous conclusion: "Nuclear weapons are the ultimate guarantor of regime survival." Given the turmoil in the Middle East, she adds, his daughter is now all the more certain to inherit the nukes if she becomes the face of North Korea's dynasty.

Which brings us to Iran's new Supreme Leader Mojtaba Khamenei, the second-eldest son of Ali Khamenei. Marc Champion says "it is hard to imagine a scenario" in which the Khamenei heir's "ascent turns out to be a good outcome for America's latest war of choice in the Middle East, or for Iranians. Far from regime change, his selection as supreme leader represents regime consolidation. It makes any transition to a less confrontational Iran — let alone a secular democracy — still less likely than it was before."

According to Bloomberg News' Golnar Motevalli, Khamenei, a seminarian-turned-real estate mogul with limited political experience, is set to continue his father's hardline approach to rule: "Prioritizing Islam and an anti-US foreign policy above all else. He could also use his leadership to avenge the killing of his father, mother and wife in the Feb. 28 strikes."

He's also in deep with the Islamic Revolutionary Guard Corps — more so than even his dad. "The nexus of ideological glue, military muscle and financial control that has been the secret to this otherwise incompetent regime's ruthless durability remains intact," Marc warns. "Only a fortune teller can say whether the IRGC and other institutions of the Islamic Republic can endure the extraordinary levels of punishment that US and Israeli jets and missiles are meting out," Marc writes, "but what's clear is that Trump has failed to understand their rules for the game."

Khamenei's father spent decades preparing for a fight. Iran, Marc says, "expected to be outclassed in the air. It expected decapitation strikes and had succession and decentralization plans in place." Even with the patriarch gone, he argues, "such a regime is unlikely to collapse or split. It is ready for a long war."

Bonus Iran Reading: How does this war end? The US needs a better answer. — Bloomberg Editorial Board

Fake Brain Surgery

According to Lisa Jarviswhat doomed outgoing Food and Drug Administration chief Vinay Prasad wasn't his leaked Covid memo. Nor was it his refusal to consider a novel flu vaccine, or the toxic workplace culture he fostered at the department, or his very public dispute over a treatment for Duchenne muscular dystrophy — although that was a close call. It was his request that some Huntington's disease patients undergo fake brain surgery to test UniQure's gene therapy.

"The FDA last month told the company that data from its study of the treatment would be insufficient for approval, despite earlier agency guidance suggesting it was on the right course. Now, Prasad wanted a trial that compared the drug to a placebo," — a suggestion that Lisa says left the Huntington's disease community "stunned."

According to UniQure, the sham procedure would involve about 10 hours of anesthesia. During the fake surgery, doctors would "superficially drill a hole on the skull" without going through the bone. The FDA disputes that timeframe, suggesting it would take less than 30 minutes and require "one to three nicks in the scalp."

Even if it's the latter, what patient with a fatal neurological condition would go under the knife without guarantee of actual treatment? "When Prasad was appointed, I wondered if he could put aside the hot takes that brought him to this administration's attention and approach the job with humility," writes Lisa. "After all, he would be weighing decisions that for patients and their families are literally the difference between life and death." Let's hope his successor proves to be a different story.

Telltale AI Charts

Behind most of today's leading AI labs is a deep-pocketed Big Tech patron. OpenAI has Microsoft. DeepMind has Google. But Dario Amodei's Anthropic is an outlier. As Parmy Olson writes, it "has no single Big Tech backer it can call a proxy (not yet anyway) and it has shunned the Silicon Valley 'blitzscaling' mantra of shipping fast to dominate a market and patch problems on the fly." Since the advent of ChatGPT, the market caps of the Magnificent Seven tech stocks have ballooned to $12 trillion, in part because they're gobbling up the little guys. "Anthropic has somehow avoided that fate," Parmy notes. "The company, whose flagship chatbot Claude is beloved by software engineers and startup founders in Silicon Valley, has significant financial backing from Big Tech that has yet to translate to operational influence."

In China, many e-commerce giants have joined the AI horse race, but Juliana Liu says Meituan, the country's biggest food-delivery operator, is in last place. Over the Lunar New Year, its competitor — Alibaba — dumped $400 million on a food-and-drink campaign to attract new customers to its app Qwen, which allows users to shop through its AI chatbot. "According to Reuters, the number of daily active users on Qwen jumped from seven million to 58 million as a result," Juliana writes. "While Meituan has launched a new app that helps order meals and make restaurant reservations, it may not be able to fend off Alibaba. It needs to redouble efforts to develop agentic AI tools because the public embrace is embracing them."

Further Reading

Bill Ackman is pioneering the 'buy-5-get-1-free' hedge fund IPO. — Chris Hughes

JD Vance is flip-flopping his way out of favor. — Nia-Malika Henderson

The White House is still flirting with financial chaos. — Paul J. Davies

This oil shock is testing the limits of US energy dominance. — Liam Denning

The euro's sudden lurch makes central bankers nervous. — Marcus Ashworth

When stocks go down, bonds go up? Not so fast. — Nir Kaissar

Democrats want to reclaim patriotism from the right. — David M. Drucker

ICYMI

Another suspicious device at Gracie Mansion.

Men aren't happy about Uber's new feature for women.

Meta acquired Moltbook, the AI bot social network.

Kickers

A sexy piano.

A rare swan.

A real superhero.

A tranche renaissance.

Notes: Please send curvaceous keys and feedback to Jessica Karl at jkarl9@bloomberg.net.

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