Eric relays his dispatch from Dimension Capital’s biotech summit in Park City, where the crowd was much more academic than the conferences we usually attend. Biotech stocks aren’t doing great, meanwhile university funding cuts could spell trouble for drug research. Still, people were rosy about AI tools. We also took a temperature check on the state of fintech, which investors tell us is mixed. Everyone’s hopeful about IPOs and streamlined stablecoins, but the dollar getting destabilized by the tariffs has some investors skittish. Later in the episode, Madeline explains how Trump’s crackdown on immigration is spooking startup founders and employees. Timestamps: