CVS Health rose more than 8% in premarket trading after it reported earnings that beat Wall Street estimates and raised its full-year guidance.
The company posted earnings per share of $2.25, more than the $1.70 analysts polled by FactSet were expecting. It also reported $94.5 billion in revenue, higher than the $93.6 billion analysts estimated. The company now expects full-year earnings of $6 to $6.20 per share, up from $5.75 to $6 per share.
CVS’s insurance arm, Aetna, said that in 2026 it will withdraw from the Affordable Care Act exchange business, which is losing money. It also announced that its pharmacy benefit manager, CVS Caremark, partnered with Novo Nordisk to “increase access” to Wegovy, the blockbuster weight-loss drug.
In economics, the most famous of the genre was developed by Fleming and Mundell, which posits that you can only successfully achieve two of the following three objectives: the free flow of capital, a fixed exchange rate, and independent sovereign monetary policy.
George Pollack, senior US policy analyst at Signum Global Advisors, proposed a trilemma of his own to describe the Trump administration’s competing policy aims as a red-hot AI boom devours power and leaves households miffed by rising electricity bills.
He wrote:
“This note flags what we believe to be a simple reality whose salience will continue growing in US politics in coming months: the Trump administration, in its remaining three years will face a trilemma as the nation waits for its energy bet to play out — proving able to achieve two, but not all three, of the following objectives:
-Fulfill AI’s energy-appetite. -Keep repressing renewable sources of energy. -Appease American electricity consumers.”
As for evidence that the Trump administration is taking a fossil fuels-first approach while stunting renewables, Pollack pointed to the One Big Beautiful Bill Act, which shrinks access to tax credits for green energy, as well as the end to the federal pause on liquefied natural gas export permits. However, it would be “inaccurate and unfair” to blame President Trump’s policies for surging electricity prices in recent months, he added.
While the government has pursued the expansion of nuclear power as a way to solve this trilemma, the long lead times involved are incongruent with a short-term fix.
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