Really solid synthesis here. The XBI recovery angle caught my attention tho. 85% from April lows is impressive, but the more interesting part is how AI-accelerated discvoery is changing the biotech investment thesis itself. I've been watching how the timeline compression from years to months affects valuations. When a startup can validate a drug target in 6 months instead of 3 years, suddenly the discount rate math changes completely. Stanford's CRISPR-GPT is kinda the sleeper story here becuase it's not just faster discovery, it's democratizing gene therapy development to smaller labs who couldn't afford traditional timelines.