Plus: How A High-Tech Chair Could Revolutionize Cancer Radiation Therapy |
Good morning,
Luxury fashion saw an investor resurgence on Wednesday, as French conglomerate LVMH reported an increase in quarterly sales growth for the first time this year.The CAC 40, a French stock market index featuring Hermès, Kering and LVMH, among others, closed up nearly 2% on Wednesday. LVMH’s rise also added to chairman Bernard Arnault’s fortune by more than $18 billion. The performance of LVMH, which includes brands like Louis Vuitton, Christian Dior and Sephora, will “likely set a positive tone for the upcoming luxury reporting season,” analysts said. A positive turnaround for sales in China drove the gains, Reuters reported.
Let’s get into the headlines, |
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| Despite ongoing trade tensions, the Chinese government said Apple would boost investment in the country, though it did not provide details on the size of the investment. The company’s CEO Tim Cook made a trip to China this week, even as President Donald Trump has threatened 100% tariffs on the country after it enacted export controls over rare earths. A federal judge temporarily blocked the Trump Administration from laying off workers during the government shutdown, meaning those employees will have their jobs secured for at least two more weeks. Federal workers’ unions had argued the layoffs were being used as an unlawful pressure tactic against Democrats, and the judge said Wednesday that the government is using the shutdown to “assume all bets are off, the laws don’t apply to them anymore.” |
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 | | Leo Cancer Care cofounder and CEO Stephen Towe Courtesy of Leo Cancer Care |
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| For decades, Stanford Health Care had been trying to install a state-of-the-art proton therapy machine to add to its array of high tech cancer treatments. But try as it might, it just couldn’t find a place to put one. Three years ago, Stanford found an alternative: Startup Leo Cancer Care had developed a variation on the standard proton therapy machine design. Instead of rotating the radiation beam around a patient laying flat in a bed, it used a chair in which a seated patient rotated around the beam. That seemingly simple change had transformative consequences. It helped trim the space required for the machine to about 1,700 square feet from more than 29,000 square feet—a more than 90% reduction. That made it significantly less expensive and easier to fit where they wanted it. So Stanford teamed up Leo Cancer Care, which makes the chair and imaging technology, with Mevion Medical Systems, which had developed a small proton accelerator, and in 2024 they started building out the new facility. It’s still early days for Leo Cancer Care, and this is a hard and capital-intensive business. But the company, which has raised a total of $150 million at a valuation of $280 million, including a recent $40 million round led by Catalio Capital Management, is gaining traction. Revenue reached $11 million last year, and is expected to more than double this year. |
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| The number of proton therapy machines in use today is tiny: There are only 46 proton centers in the U.S. and just over 100 worldwide, Leo Cancer Care cofounder and CEO Stephen Towe said, while the global need for them is closer to 2,000. Proton therapy provides greater targeting in cancer treatment, allowing patients to receive effective therapy with less damage to normal tissue and lower radiation risk, but its cost has been prohibitive. |
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| WEALTH + ENTREPRENEURSHIP |
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| As the One Big Beautiful Bill Act limits student loans for parents and graduate students, the nation’s Historically Black Colleges and Universities, whose students rely more heavily on federal loans, are bracing for impact. But some billionaires are stepping in and supporting the institutions—including Atlanta Falcons owner and Home Depot cofounder Arthur Blank, who this week committed $50 million in scholarships for students at four Atlanta HBCUs. |
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| Andy Slavitt left his government job and set out to use technology to improve healthcare for underserved and low-income communities in 2018 through healthcare-focused VC firm Town Hall Ventures. Since then, the firm has invested in 35 companies and started seven others. Now, Town Hall Ventures told Forbes it has raised $440 million for a fourth fund, bringing its total assets under management to $1.4 billion. A Colorado couple raked in millions in sales for a device that claims to help stop people from choking to death. The Dechoker was marketed as FDA-approved—but the government agency had not only never approved the device, it told the Carvers to stop selling the product entirely in 2023, records show. Anti-choking devices have been shown to be potentially more harmful than helpful, and Amazon began removing the Dechoker and rival unapproved suction devices after Forbes asked the retailer about them. |
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| Brown University became the latest institution to reject a deal with the Trump Administration that would have provided special federal funding considerations in exchange for widespread changes to its policies. In a letter to government officials, the school’s president said the deal would “restrict academic freedom” and undermine the autonomy of its governance. |
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| The U.S. military is considering land strikes against Venezuelan drug cartels, President Donald Trump told reporters Wednesday, a potential escalation of the controversial military operations aimed at curbing drug smuggling into the U.S. The president also said he had authorized the CIA to conduct covert operations in the country, and alleged that Venezuela’s top officials have “emptied their prisons into the United States of America.” |
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| Inflation and tariff disruptions have had a big impact on the cost of your morning cup of joe, as coffee prices have risen more than 20% since August 2024, according to the Bureau of Labor Statistics. In July, President Donald Trump imposed tariffs of 50% on Brazil and 20% on Vietnam, the two countries that together produce more than half of the world’s coffee beans. |
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No. 12 | The U.S. passport’s ranking on the index | |
| 180 | The number of countries Americans can travel to visa-free around the world | |
| ‘That isolationist mindset is now being reflected’ | said Annie Pforzheimer, senior associate at the Center for Strategic and International Studies |
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| Freelancing is becoming increasingly popular, but if you’re thinking about making the leap, it’s important to be specific about your goals, particularly around the time you want to put in and your desired income. From there, research whether the skills or services you can offer are currently in demand. Remember that you will be running a small business—but it’s okay if it starts off as a part-time side hustle. |
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