Around the world certainly, inflation is not just a US problem, it is global. A big reason has been energy costs and another supply lines, then the war and China’s total chaos with the pandemic and its other serious problems. Also there has been a massive asset bubble that is rapidly deflating in crypto and real estate and that bubble also affected many tech stocks. I do not see the bubble as having been part of the biotech story however. If anything, biotech is still deflated. There was a moment for COVID vaccine related companies. And some are still reaping incredible revenues from it, but it was not broad inflation in this asset class in my opinion.
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