Good Morning. Today, three things changed for good: your cholesterol, your downtown, and the deal you thought stocks always offered.

We also include a near-zero risk premium, China's space embryos, and BP's third chairman out (forwarded this email? Join 523k readers).

Eli Lilly is preparing a phase 2 trial for VERVE-102, a one-time gene editor acquired from Verve Therapeutics. The highest dose cut LDL cholesterol by 62% in patients, a reduction sustained for up to 18 months across 35 participants. Lilly paid $1.3 billion for Verve in 2025 amid analyst skepticism.

The treatment permanently switches off PCSK9, a cholesterol-producing gene, using base editing that flips a single DNA letter without breaking the double helix. That edges out existing PCSK9 inhibitors like Repatha, which typically lowered cholesterol between 50% and 60%.

Roughly half of patients quit standard cholesterol drugs within a year, making a one-and-done option appealing for younger people with inherited high cholesterol. Enrollment for the next trial phase is expected to begin by year-end. See chart.

▲ Lilly Agrees to Buy Trio of Vaccine Developers

A closely watched market gauge just hit its weakest level since the dot-com crash. The equity risk premium, the gap between the S&P 500's earnings yield and 10-year Treasury yields, has nearly vanished as of late May.

Translation: stocks now promise barely more than ultrasafe government bonds. The cause is a bond selloff driven by inflation fears, with the Iran conflict and the Strait of Hormuz closure pushing oil up roughly 60% this year. The 10-year yield hit 4.57%.

Historically, a thin premium has signaled weak future stock returns. Yet investors keep buying, betting AI profits justify the prices. Skeptics counter that sustaining these valuations requires years of earnings growth few believe is achievable.

Developer Asher Luzzatto is attempting one of America's boldest urban experiments in Denver, where nearly 40% of downtown offices sit vacant, the highest rate among the top 50 cities. He plans to convert four buildings into roughly 1,100 apartments (WSJ).

The economics hinge on dirt-cheap prices. He grabbed the 785,000-square-foot Energy Center complex for about $5 million, a stunning 97% below what a prior owner paid in 2013. In March, a local authority approved its largest loan ever, $63 million.

His vision includes a bookstore, art gallery, children's museum, and daycare to make the core livable. The bigger bet is convincing suburban workers to reverse-commute. Nationwide, office-to-apartment conversions hit 90,300 units, up 28% in a year. 386 Units Proposed for $100M Office-to-Residential Conversion.

Six-time Mr. Olympia Dorian Yates took Andrew Huberman through a back session at Gold's Gym Venice, and the lesson was not about lifting heavier. It was about feeling the right muscle work (Video).

Huberman thought he had trained his lats for years. He had not. Wide-grip pulldowns with a leaned-back torso mostly hit the upper back, not the lats. Yates's fix: every movement goes "down and back," keeping the bicep out of it.

Three things worth stealing:

The takeaway is on his shirt: say less, do more. Form beats ego every time. Tomorrow, Huberman feels every part of his back. That is the point.

Dr. Michio Kaku, a leading theoretical physicist working on string theory, discusses the future shaped by physics, from immortality and space travel to quantum computing and AI. He explores humanity's origins through the Big Bang, the nature of reality including parallel universes and black holes, and the question of extraterrestrial life. Throughout, he emphasizes that we stand at a critical juncture where physics gives us power to create either paradise or catastrophe.

Podcast | Notes

▲ China launches human embryo models to space to test if babies can be made off-world

▲ US offers weapons-grade plutonium to five startups for reactor fuel, enough material for 2,000 nuclear bombs

▲ NASA targets full-time moon base by 2032 at $20B, taps Bezos's Blue Origin for first lander | Andy Weir’s moon base book

▲ BP ousts third chairman in three years over conduct issues, shares fall 10%

▲ AI-native grads out-skill 20-year veterans as firms hire them while cutting entry-level jobs

Nvidia CEO: what kids should study in AI age [Video]

98th Scripps National Spelling Bee starts [Live]

New trailer for Jimmy Stewart biopic [Video]

World’s simplest productivity trick [YouTube]

Zach Braff lied his way to star in Scrubs [Video]

Tom Segura on making a story land [Video]

The satisfaction gap nobody talks about [Partner*]