Jamie Dimon, chief executive officer of JPMorgan Chase & Co., at the Institute of International Finance (IIF) during the annual meetings of the IMF and World Bank in Washington, DC, US, on Thursday, Oct. 24, 2024.
Kent Nishimura | Bloomberg | Getty Images
San Francisco, famed for its abundance of hoodie-clad tech workers, was overrun by thousands of executives in suits this week for JPMorgan‘s annual health-care conference.
Leaders from major health systems, venture capital firms and companies around the globe clustered in hotel lobbies to talk business and strategy for 2025. The sunny skies were a welcome reprieve from the downpours of years past, but other absences were harder to ignore.
This year’s conference, colloquially known as JPM, took place a month after UnitedHealthcare CEO Brian Thompson was fatally shot in New York City. The news was welcomed by Americans with numerous social media posts expressing resentment toward the health-care industry, with many sharing stories about their negative experiences with insurers.
More than 10 companies, including Cigna and Walgreens, subsequently pulled their appearances at JPM, according to CNBC’s analysis of the conference agenda. There was a noticeably large police presence at the conference’s main venue, the Westin St. Francis Hotel, and many companies beefed up security at their private events and parties.
“The subterranean topic that I think people are talking about around the water and the cocktails is obviously what happened to the UnitedHealthcare CEO,” said Wei-Li Shao, president of metabolic health startup Omada. “What does that mean for health-care? What transformation should occur? And how do things get more responsible?”
Thompson’s murder was a “stunning, sad event” that has served as a wake up call for the health-care industry, said Erik Wexler, CEO of the nonprofit health system Providence, which is made up of 51 hospitals and 1,000 clinics across seven states.
“Why are we on a separate pathway here? Why are we fighting?” Wexler said. “Our job is to do good for people who desperately need us at the most important time of their lives, whether you’re the payer or you’re the hospital.”
While Thompson’s death loomed large over the conference, there was also palpable excitement and buzz about 2025. There was no shortage of discussions about the potential benefits of artificial intelligence and the blockbuster weight loss drugs called GLP-1s, and investors seem cautiously optimistic that the digital health market could turn a corner.
“There are so many amazing things on the horizon for health-care,” said Dexcom CEO Kevin Sayer.
“Drug companies and companies like ours, we try real hard to improve people’s lives, and we make a huge difference,” said Sayer, who knew Thompson well. “Be a little optimistic and give us a bit of a break, we’re all trying to do good stuff.”
Here are CNBC’s big takeaways from JPM 2025:
The Nvidia headquarters in Santa Clara, California, U.S., on Tuesday, Nov. 19, 2024.
David Paul Morris | Bloomberg | Getty Images
Generative AI stole the show
Generative AI was undoubtedly health-care’s “it girl” of 2024, and that seems unlikely to change in 2025.
Health systems in the U.S. are struggling to contend with burnout, staffing shortages and razor thin margins, so companies are racing to develop AI tools that can streamline some of the industry’s more tedious administrative tasks. The subject was practically impossible to avoid at JPM.
For instance, health-care payments company Waystar announced a new generative AI feature that aims to help doctors quickly fight insurance denials by automatically drafting appeal letters. Amazon Web Services and the venture firm General Catalyst announced a new partnership that aims to speed up the development and deployment of health-care AI tools. Health-care startup Abridge announced Mayo Clinic will roll out its AI-powered clinical documentation technology to around 2,000 clinicians across the entire enterprise.
“At the highest level, I don’t think it can be understated how much impact AI is already creating in health-care,” said Dr. Shiv Rao, founder and CEO of Abridge. “At least in our segment, the feedback that we get on a daily basis is just incredible, and the adoption rate demonstrates that this is a real thing.”
Nvidia, which makes the hardware that powers AI applications, was a particularly popular attendee at JPM this year. The company announced partnerships with several health-care organizations including the clinical research provider IQVIA, neurotech startup Synchron, genomics company Illumina and academic medical center Mayo Clinic.
“We’re well over a billion dollar business between direct revenue and revenue with our partners,” said Kimberly Powell, Nvidia’s vice president of health-care. She added that Nvidia sees more room for growth for AI health-care applications.
Containers of Ozempic and Wegovy seen at Children’s Hospital in Aurora, CO, Nov. 18, 2024.
Kevin Mohatt | The Washington Post | Getty Images
Executives are bullish on GLP-1s
At presentations and cocktail parties this week, CNBC spoke with executives who marveled about the benefits of the booming class of weight loss drugs known as GLP-1s.
Novo Nordisk’s and Eli Lilly’s diabetes and obesity treatments have been wildly successful at helping patients lose weight in recent years. A May study found that patients taking Novo‘s obesity drug Wegovy maintained an average of 10% weight loss for up to four years, for instance.
Research shows that GLP-1s could also help treat cardiometabolic disease, kidney disease and addiction, among other conditions. The U.S. Food and Drug Administration approved Lilly’s weight loss drug Zepbound as a treatment for sleep apnea in December.
Some analysts estimate that anti-obesity medications could grow into a $100 billion industry by the end of the decade.
“These drugs are remarkable, and they’re not going away,” Dexcom’s Sayer said.
Supply shortages are one of the big hurdles for companies in the market, as soaring demand has made it difficult for many patients to access the treatments. The drugs typically cost $1,000 per month without insurance, and coverage still varies for many Americans.
Even so, many health-care executives are optimistic that GLP-1s will meaningfully improve public health in the U.S.
“I have been joking, it’s been the two G’s, right? It’s like, GLP, GPT,” Omada CEO Sean Duffy said.
U.S. President-elect Donald Trump speaks after a meeting with Republicans in Congress at the U.S. Capitol building in Washington on Jan. 8, 2025.
Jeenah Moon | Reuters
Uncertainty around the Trump administration
Ahead of President-elect Donald Trump‘s Monday inauguration, executives at JPM had many unanswered questions about what his administration has in store for the health-care sector.
Health-care was not a big focus for Trump on the campaign trail, which means his policy aims for the industry are murky. Additionally, he’s made some controversial cabinet picks since the election.
Trump nominated vaccine skeptic Robert F. Kennedy Jr. to lead the Department of Health and Human Services, celebrity TV host Dr. Mehmet Oz to lead the Centers for Medicare & Medicaid Services and pancreatic surgeon Dr. Marty Makary to lead the Food and Drug Administration. All three nominees still need Senate confirmation.
“Until we have a little bit more visibility into this administration that’s coming in in the U.S., the market is going to be volatile and somewhat more depressed,” Rebecca Stevenson, HSBC’s head of health-care investment banking for the Americas, told reporters during a roundtable.
Owen Tripp, the CEO of the virtual care platform Included Health, said the Trump administration appears to be business friendly and has suggested it will push for increased access to care.
“It’s not even so much who’s in the White House, but actually the fact that you’ve got a Republican Congress and Senate that have on principle aligned with expanding access and transparency,” Tripp said. “I think you’re going to see more transparency on drug pricing and health care pricing too, which is also hugely positive.”
Hidden among the majestic canyons of the Utah desert, about 7 miles from the nearest town, is a small research facility meant to prepare humans for life on Mars.
The Mars Society, a nonprofit organization that runs the Mars Desert Research Station, or MDRS, invited CNBC to shadow one of its analog crews on a recent mission.
“MDRS is the best analog astronaut environment,” said Urban Koi, who served as health and safety officer for Crew 315. “The terrain is extremely similar to the Mars terrain and the protocols, research, science and engineering that occurs here is very similar to what we would do if we were to travel to Mars.”
SpaceX CEO and Mars advocate Elon Musk has said his company can get humans to Mars as early as 2029.
The 5-person Crew 315 spent two weeks living at the research station following the same procedures that they would on Mars.
David Laude, who served as the crew’s commander, described a typical day.
“So we all gather around by 7 a.m. around a common table in the upper deck and we have breakfast,” he said. “Around 8:00 we have our first meeting of the day where we plan out the day. And then in the morning, we usually have an EVA of two or three people and usually another one in the afternoon.”
An EVA refers to extravehicular activity. In NASA speak, EVAs refer to spacewalks, when astronauts leave the pressurized space station and must wear spacesuits to survive in space.
“I think the most challenging thing about these analog missions is just getting into a rhythm. … Although here the risk is lower, on Mars performing those daily tasks are what keeps us alive,” said Michael Andrews, the engineer for Crew 315.
Formula One F1 – United States Grand Prix – Circuit of the Americas, Austin, Texas, U.S. – October 23, 2022 Tim Cook waves the chequered flag to the race winner Red Bull’s Max Verstappen
Mike Segar | Reuters
Apple had two major launches last month. They couldn’t have been more different.
First, Apple revealed some of the artificial intelligence advancements it had been working on in the past year when it released developer versions of its operating systems to muted applause at its annual developer’s conference, WWDC. Then, at the end of the month, Apple hit the red carpet as its first true blockbuster movie, “F1,” debuted to over $155 million — and glowing reviews — in its first weekend.
While “F1” was a victory lap for Apple, highlighting the strength of its long-term outlook, the growth of its services business and its ability to tap into culture, Wall Street’s reaction to the company’s AI announcements at WWDC suggest there’s some trouble underneath the hood.
“F1” showed Apple at its best — in particular, its ability to invest in new, long-term projects. When Apple TV+ launched in 2019, it had only a handful of original shows and one movie, a film festival darling called “Hala” that didn’t even share its box office revenue.
Despite Apple TV+being written off as a costly side-project, Apple stuck with its plan over the years, expanding its staff and operation in Culver City, California. That allowed the company to build up Hollywood connections, especially for TV shows, and build an entertainment track record. Now, an Apple Original can lead the box office on a summer weekend, the prime season for blockbuster films.
The success of “F1” also highlights Apple’s significant marketing machine and ability to get big-name talent to appear with its leadership. Apple pulled out all the stops to market the movie, including using its Wallet app to send a push notification with a discount for tickets to the film. To promote “F1,” Cook appeared with movie star Brad Pitt at an Apple store in New York and posted a video with actual F1 racer Lewis Hamilton, who was one of the film’s producers.
(L-R) Brad Pitt, Lewis Hamilton, Tim Cook, and Damson Idris attend the World Premiere of “F1: The Movie” in Times Square on June 16, 2025 in New York City.
Jamie Mccarthy | Getty Images Entertainment | Getty Images
Although Apple services chief Eddy Cue said in a recent interview that Apple needs the its film business to be profitable to “continue to do great things,” “F1” isn’t just about the bottom line for the company.
Apple’s Hollywood productions are perhaps the most prominent face of the company’s services business, a profit engine that has been an investor favorite since the iPhone maker started highlighting the division in 2016.
Films will only ever be a small fraction of the services unit, which also includes payments, iCloud subscriptions, magazine bundles, Apple Music, game bundles, warranties, fees related to digital payments and ad sales. Plus, even the biggest box office smashes would be small on Apple’s scale — the company does over $1 billion in sales on average every day.
But movies are the only services component that can get celebrities like Pitt or George Clooney to appear next to an Apple logo — and the success of “F1” means that Apple could do more big popcorn films in the future.
“Nothing breeds success or inspires future investment like a current success,” said Comscore senior media analyst Paul Dergarabedian.
But if “F1” is a sign that Apple’s services business is in full throttle, the company’s AI struggles are a “check engine” light that won’t turn off.
Replacing Siri’s engine
At WWDC last month, Wall Street was eager to hear about the company’s plans for Apple Intelligence, its suite of AI features that it first revealed in 2024. Apple Intelligence, which is a key tenet of the company’s hardware products, had a rollout marred by delays and underwhelming features.
Apple spent most of WWDC going over smaller machine learning features, but did not reveal what investors and consumers increasingly want: A sophisticated Siri that can converse fluidly and get stuff done, like making a restaurant reservation. In the age of OpenAI’s ChatGPT, Anthropic’s Claude and Google’s Gemini, the expectation of AI assistants among consumers is growing beyond “Siri, how’s the weather?”
The company had previewed a significantly improved Siri in the summer of 2024, but earlier this year, those features were delayed to sometime in 2026. At WWDC, Apple didn’t offer any updates about the improved Siri beyond that the company was “continuing its work to deliver” the features in the “coming year.” Some observers reduced their expectations for Apple’s AI after the conference.
“Current expectations for Apple Intelligence to kickstart a super upgrade cycle are too high, in our view,” wrote Jefferies analysts this week.
Siri should be an example of how Apple’s ability to improve products and projects over the long-term makes it tough to compete with.
It beat nearly every other voice assistant to market when it first debuted on iPhones in 2011. Fourteen years later, Siri remains essentially the same one-off, rigid, question-and-answer system that struggles with open-ended questions and dates, even after the invention in recent years of sophisticated voice bots based on generative AI technology that can hold a conversation.
Apple’s strongest rivals, including Android parent Google, have done way more to integrate sophisticated AI assistants into their devices than Apple has. And Google doesn’t have the same reflex against collecting data and cloud processing as privacy-obsessed Apple.
Some analysts have said they believe Apple has a few years before the company’s lack of competitive AI features will start to show up in device sales, given the company’s large installed base and high customer loyalty. But Apple can’t get lapped before it re-enters the race, and its former design guru Jony Ive is now working on new hardware with OpenAI, ramping up the pressure in Cupertino.
“The three-year problem, which is within an investment time frame, is that Android is racing ahead,” Needham senior internet analyst Laura Martin said on CNBC this week.
Apple’s services success with projects like “F1” is an example of what the company can do when it sets clear goals in public and then executes them over extended time-frames.
Its AI strategy could use a similar long-term plan, as customers and investors wonder when Apple will fully embrace the technology that has captivated Silicon Valley.
Wall Street’s anxiety over Apple’s AI struggles was evident this week after Bloomberg reported that Apple was considering replacing Siri’s engine with Anthropic or OpenAI’s technology, as opposed to its own foundation models.
The move, if it were to happen, would contradict one of Apple’s most important strategies in the Cook era: Apple wants to own its core technologies, like the touchscreen, processor, modem and maps software, not buy them from suppliers.
Using external technology would be an admission that Apple Foundation Models aren’t good enough yet for what the company wants to do with Siri.
“They’ve fallen farther and farther behind, and they need to supercharge their generative AI efforts” Martin said. “They can’t do that internally.”
Apple might even pay billions for the use of Anthropic’s AI software, according to the Bloombergreport. If Apple were to pay for AI, it would be a reversal from current services deals, like the search deal with Alphabet where the Cupertino company gets paid $20 billion per year to push iPhone traffic to Google Search.
The company didn’t confirm the report and declined comment, but Wall Street welcomed the report and Apple shares rose.
In the world of AI in Silicon Valley, signing bonuses for the kinds of engineers that can develop new models can range up to $100 million, according to OpenAI CEO Sam Altman.
“I can’t see Apple doing that,” Martin said.
Earlier this week, Meta CEO Mark Zuckerberg sent a memo bragging about hiring 11 AI experts from companies such as OpenAI, Anthropic, and Google’s DeepMind. That came after Zuckerberg hired Scale AI CEO Alexandr Wang to lead a new AI division as part of a $14.3 billion deal.
Meta’s not the only company to spend hundreds of millions on AI celebrities to get them in the building. Google spent big to hire away the founders of Character.AI, Microsoft got its AI leader by striking a deal with Inflection and Amazon hired the executive team of Adept to bulk up its AI roster.
Apple, on the other hand, hasn’t announced any big AI hires in recent years. While Cook rubs shoulders with Pitt, the actual race may be passing Apple by.
Tesla CEO Elon Musk speaks alongside U.S. President Donald Trump to reporters in the Oval Office of the White House on May 30, 2025 in Washington, DC.
Kevin Dietsch | Getty Images
Tesla CEO Elon Musk, who bombarded President Donald Trump‘s signature spending bill for weeks, on Friday made his first comments since the legislation passed.
Musk backed a post on X by Sen. Rand Paul, R-Ky., who said the bill’s budget “explodes the deficit” and continues a pattern of “short-term politicking over long-term sustainability.”
The House of Representatives narrowly passed the One Big Beautiful Bill Act on Thursday, sending it to Trump to sign into law.
Paul and Musk have been vocal opponents of Trump’s tax and spending bill, and repeatedly called out the potential for the spending package to increase the national debt.
The independent Congressional Budget Office has said the bill could add $3.4 trillion to the $36.2 trillion of U.S. debt over the next decade. The White House has labeled the agency as “partisan” and continuously refuted the CBO’s estimates.
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The bill includes trillions of dollars in tax cuts, increased spending for immigration enforcement and large cuts to funding for Medicaid and other programs.
It also cuts tax credits and support for solar and wind energy and electric vehicles, a particularly sore spot for Musk, who has several companies that benefit from the programs.
“I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!” Trump wrote in a social media post in early June as the pair traded insults and threats.
Shares of Tesla plummeted as the feud intensified, with the company losing $152 billion in market cap on June 5 and putting the company below $1 trillion in value. The stock has largely rebounded since, but is still below where it was trading before the ruckus with Trump.
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Tesla one-month stock chart.
— CNBC’s Kevin Breuninger and Erin Doherty contributed to this article.