Dozens of biotech companies are running low on cash and face an uphill struggle to raise fresh funds, Fidelity’s little-known passive investment business Geode Capital Management surged to $1tn in assets last year. Plus, the FT’s US business editor, Andrew Edgecliffe-Johnson, explains why Peloton’s latest turmoil makes it an attractive acquisition target. 

Mentioned in this podcast:

Bursting ‘Biotech bubble’ inflicts pain on tourist investors and innovators

Fidelity’s index fund business Geode hits $1tn in assets

Turmoil at Peloton makes it opportunistic target for Nike and Amazon

Chipotle: burrito index reflects inflationary guac attack

The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber and Gavin Kallmann. The show’s theme song is by Metaphor Music. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. 

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