At the June 26 reconstitution of the Russell US indexes, California biopharmaceutical firm BridgeBio is expected to graduate to the Russell 1000.

Analysts at Mizuho have emphasized that the move would be long-term positive for BridgeBio’s stock price, and Nasdaq studies show that index inclusion almost always brings new long-term investors into a company’s shareholder base.

The annual Russell Index reconstitution is a once-a-year process in which FTSE Russell reviews the US equity market and reshuffles companies across its indexes, based largely on market capitalisation.

Historically, the Russell 2000 index has served as a launchpad for future large-cap leaders, with high-profile stocks such as Nvidia, Amazon, Costco, Netflix, Adobe, Etsy and Intuit joining the Russell 2000 before later graduating to the Russell 1000.

What would graduating to the Russell 1000 mean for BridgeBio?

Overall, the expected graduation to the Russell 1000 reflects BridgeBio’s sustained growth since its founding in 2015 and suggests the market is increasingly recognizing the scale and maturity of its pipeline and commercial outlook.

BridgeBio currently stands out in the R2000 index with a market cap of over $13 billion, roughly 12 times the index median, making it one of the largest companies in the index.

The expected graduation to the R1000 is a long-term positive for the stock, as it expands BridgeBio’s investor base. BridgeBio‘s expected move to the Russell 1000 could create some short-term selling pressure at reconstitution. This is because some funds explicitly follow the R2000, and when companies leave the index, they are obliged to sell.

Analysts at Mizuho explained that this would only cause short-term volatility and emphasized that it is a technical dynamic rather than a reflection of BridgeBio’s fundamentals. The analysts highlighted that any volatility would be a good entry point for investors.

Overall, BridgeBio has strong fundamentals, and its expected graduation to the Russell 1000 on June 26 reflects its continued growth, reinforcing Mizuho’s Outperform rating on the stock.

What is BridgeBio?

BridgeBio is a commercial-stage biopharmaceutical company founded in 2015 and headquartered in Palo Alto, California. It was co-founded in 2015 by Neil Kumar, Ph.D., Frank McCormick, Ph.D., and Andrew Lo, Ph.D., among others, with the aim of delivering transformative medicines for patients with genetic diseases.

BridgeBio operates an integrated model that spans target identification, preclinical research, clinical development and commercialization, aiming to streamline the process from bench to bedside.

BridgeBio has won three FDA approvals to date, though Attruby is the only one it still markets. Nulibry (Fosdenopterin) received FDA approval in February 2021 and has been shown to improve survival in children with molybdenum cofactor deficiency (MoCD). The treatment has also been shown to reduce levels of SSC, one of the compounds that builds up and is thought to cause seizures and severe brain abnormalities in patients with MoCD Type A. BridgeBio sold Nulibry to Sentynl Therapeutics in March 2022.

BridgeBio’s approved drug, Attruby (Acoramidis), is used to treat adults with cardiomyopathy caused by wild-type or variant transthyretin-mediated amyloidosis (ATTR-CM). In a 30-month clinical study, people treated with Attruby did significantly better than those who did not receive it, reducing the risk of death and hospitalization.

In May this year, BridgeBio also presented late-stage data which showed patients taking Attruby had a 34% lower rate of cardiovascular hospitalizations than those on tafamidis, the ATTR-CM treatment manufactured by Pfizer and sold under the name Vyndamax. These figures come from an indirect, matched comparison. According to the study, all-cause mortality risk was 28% lower, although that result was not statistically significant.

Attruby generated $362.4 million in its first full year on the market. Jefferies analysts forecast peak annual sales for the drug of more than $3 billion. The ATTR-CM treatment market is projected to reach $16.5 billion by 2030.

Acoramidis is also sold in Germany by Bayer and marketed as Beyonttra. Germany was the first European country where BridgeBio’s ATTR-CM treatment was launched. Speaking at the 2026 Leerink Partners Global Healthcare Conference, Chinmay Shukla, BridgeBio’s SVP of Strategic Finance, said Bayer has reported “north of 50% treatment-naive share” there, which he contrasted with the US environment, citing Germany’s single-payer system and fewer access hurdles.

Shukla added that the next European launch of Acoramidis is expected to be Denmark, followed by other markets including Spain, Italy, and France. He noted it has been disclosed that Bayer “won the bid in Denmark.”

BridgeBio’s current pipeline is extensive and spans investigational drugs which aim to treat the following conditions: Canavan disease, Hypochondroplasia, achondroplasia, Chronic Hypoparathyroidism-NIH IIR, Autosomal Dominant Hypocalcemia Type 1, Limb-Girdle Muscular Dystrophy Type 2I/R9, and Early-Stage Variant Transthyretin Amyloidosis. Three of these programs have reported positive Phase 3 results and are now at or near FDA submission: BridgeBio has filed NDAs for BBP-418 in limb-girdle muscular dystrophy type 2I/R9 (which was granted Priority Review) and encaleret in ADH1, and plans to submit oral infigratinib in achondroplasia in the second half of 2026.

The company currently has a market cap of over $13 billion, and reported $502.1 million in full year revenue in 2025.

Agriculture is the backbone of the UK’s food security, but it also holds a sobering title: it is statistically one of the most dangerous industries in the country.

Year after year, Health and Safety Executive (HSE) reports highlight that agriculture has a fatal injury rate exponentially higher than ordinary manufacturing or construction. For farm operators and business managers, such a high prevalence of accidents poses significant risks of workplace injury liability. Operating a farm entails dealing with uncontrollable natural elements and using powerful industrial equipment, making farm management a risky task, both legally and operationally. The need for having proper representation for injured victims in such accidents becomes extremely important. It is necessary to understand the reasons behind liability claims on farms in order to understand how to handle such situations effectively.

A Toxic Mix of Heavy Machinery and Unpredictable Environments

Unlike a controlled factory floor or a structured office building, a farm is a constantly shifting workplace. This inherent lack of predictability is a primary driver of injury liability.

• Powerful, Complex Machinery: Farm workers handle enormous pieces of equipment such as tractors, combine harvesters, and slurry tankers, which are inherently hazardous. The majority of claims arise due to machine failure, improper use of machine guards, and lack of training in handling specific parts of the machinery. If left open, PTO shafts can result in severe injuries within seconds.
• Working with Livestock: Cattle or bulls are naturally unpredictable creatures. Workers can be subjected to injury risks from trampling, crushing, or kicking. Employers who fail to provide proper facilities, such as handling pens and flight zones, could be liable for any damages suffered by workers as a result of these conditions.
• Falls from Height and Falling Objects: Agricultural work frequently requires maintaining barn roofs, stacking giant straw bales, or working on silos. Falls from ladders or fragile roofs remain a leading cause of severe injury and death in the sector.

A Risk Associated with Casual Labor and Poor Training

There is yet another significant issue that makes liability in the agricultural industry much higher than average in the UK. This relates to the character of the farming labor force itself, often casual and seasonal.

In accordance with UK legislation, employers have identical obligations to their permanent and temporary employees, including contractors. An entrepreneur who fails to conduct a thorough safety induction will incur significant liability. If language barriers affect comprehension of safety information and instructions provided through signs, instruction books, and oral communication, the owner may incur liability in the event of preventable accidents.

HSE Oversight and Strict Legislation

In the UK, there are very strict regulations aimed at ensuring employee safety, most importantly the Health and Safety at Work etc. Act of 1974. Since the agricultural sector is among the most dangerous, HSE is very active in this sector.

When a serious injury occurs on a farm, an HSE investigation almost always follows. If investigators discover that the business owner failed to conduct robust risk assessments, neglected equipment maintenance, or ignored prior safety warnings, the legal consequences are severe. Beyond substantial civil compensation claims from the injured worker, farm owners can face crippling corporate fines and even criminal prosecution, which can destroy a multigenerational family business.

Protecting Livelihoods Through Proper Management

The high liability risks in UK agriculture are a direct reflection of the demanding, diverse, and hazardous nature of working the land. Farm owners must treat health and safety not as an administrative burden, but as a core component of their daily operational strategy.

Conclusion

While investing in modern safety gear, regular machinery maintenance, and thorough worker training requires time and capital, the cost of negligence is infinitely higher. When safety systems fail, and life-altering accidents occur, having access to specialized legal representation for injured victims ensures that the full scope of a worker’s losses is recognized. Ultimately, building a culture of rigorous compliance is the only way agricultural businesses can protect their workers, secure their livelihoods, and keep the nation moving forward safely.

The Russell 2000 rose 8.07 points, or 0.27%, to close at 2,994.70, extending a remarkable 2026 rally for small-cap stocks that has been fueled by the index’s annual reconstitution, easing geopolitical tensions, and renewed optimism about Federal Reserve policy.

A Banner Year for Small Caps

The iShares Russell 2000 ETF has given small-cap holders a year worth celebrating. IWM is trading at $296, up 20% year to date and 41% over the trailing 12 months, breaking the three-year range trade that defined the Russell 2000 from 2022 through most of 2025.

That outperformance has been notable relative to large-cap benchmarks throughout the year. The ultra-popular iShares Russell 2000 ETF has gained nearly 19% so far this year as of June 24, 2026, outpacing the gain of 7.4% for the broad market State Street SPDR S&P 500 ETF Trust.

The Annual Reconstitution Reshapes the Index

Much of the recent trading activity surrounding the Russell 2000 has centered on FTSE Russell’s annual index reconstitution, a process that rebuilds the index based on market capitalizations as of May 31 each year. While the changes to Russell Indexes will not take effect until June 26, 2026, FTSE Russell has released preliminary data that allows analysts to estimate their magnitude. With the Russell 3000 Index up 29% over the 12 months through May, many companies have seen significant shifts in market capitalization and may no longer fit their current index assignments. According to FTSE Russell, the maximum cutoff for the small-cap Russell 2000 Index will be $5.7 billion, up from $4.6 billion in 2025 — a 24% jump that reflects the broader expansion of the U.S. equity market over the past year.

A Shift Toward a Semi-Annual Schedule

In a separate structural change to how the index operates going forward, FTSE Russell has announced that the reconstitution of the Russell U.S. Indexes will change from an annual to a semi-annual schedule beginning in 2026, following market consultation with index users.

Growth Evident Across the Market-Cap Spectrum

The scale of the broader market’s expansion has been reflected across companies of every size within the Russell universe. At the top end, Nvidia became the largest company in the Russell universe with a market capitalization of $4.8 trillion, compared with Apple’s $3.2 trillion position as the largest constituent at the June 2025 reconstitution. At the other end of the market, the smallest member of the Russell 2000 increased from $119 million to $146 million.

That growth at the top has translated into unprecedented concentration among the largest companies. All 10 of the largest Russell constituents exceeded $1 trillion in market capitalization at the June 2026 reconstitution, compared with seven companies a year earlier. Collectively, the top 10 companies grew from $17.9 trillion to $26.4 trillion in market capitalization, an increase of 48% since last year’s reconstitution.

New Names Entering the Index

Among the companies set to join the Russell 2000 as part of this year’s changes, several have drawn particular attention from investors positioning ahead of the rebalance. The companies will begin trading on the Russell indexes on Monday, June 29. Sidus Space, an end-to-end space-as-a-service company with a market cap of around $225 million, is one name poised to enter the index, having reported a year-over-year revenue gain of 51% in its first-quarter 2026 results due to new customer contracts.

Why Investors Watch the Rebalance So Closely

Trading on reconstitution days has historically seen massive volumes, with billions changing hands in the final moments of sessions, as passive index funds adjust their holdings to match the newly reconstituted index. Some of the most visible changes occurred at the very top of the Russell U.S. Indexes universe, though preliminary reconstitution data also points to improving breadth across the broader U.S. equity market, with the Russell 2000 outperforming the Russell 1000 over the one-year period ending on rank day.

The Iran Diplomacy Factor

Beyond the technical reconstitution dynamics, easing geopolitical tensions tied to the U.S.-Iran situation have also provided a meaningful tailwind for small-cap stocks specifically. Recent negotiations between the United States and Iran in Switzerland should act as a catalyst for the small-cap space. The United States issued a rollback of Iran oil sanctions, with the broader expectation that if a long-standing deal materializes, the Strait of Hormuz issue may be resolved and ensure safe passage for oil tankers, potentially bringing down energy prices and helping the broader market alongside small-cap stocks specifically.

A Stronger Dollar Has Also Helped

The same geopolitical dynamics have supported the U.S. dollar, which has provided an additional benefit for small-cap companies given their generally more domestically focused business models. As the pint-sized companies and their stocks are more focused on the domestic economy, a stronger U.S. dollar proved favorable for their businesses throughout the year.

Valuation Concerns Persist

Despite the strong performance, some analysts have flagged that small caps now trade at a premium relative to historical norms and even relative to some large-cap benchmarks. Per Wall Street Journal data, the Russell 2000 is currently trading at a price-to-earnings ratio of 38.42 versus the year-ago level of 31.72. The Russell 2000 is trading at a premium to both the Nasdaq 100, at 34.47 times earnings, and the S&P 500, at 25.18 times earnings — a dynamic that shows small caps are now overvalued compared with their bigger peers by at least this measure.

A Softer Reading on Small Business Sentiment

Despite the strong stock market performance, on-the-ground sentiment among small business owners has shown some signs of softening. The NFIB Small Business Optimism Index in the United States fell to 95.3 in May 2026, the lowest since October 2024, compared to 95.9 in April and forecasts of 96 — a divergence between Main Street sentiment and Wall Street’s enthusiasm for small-cap stocks that bears watching in the months ahead.

Looking Ahead to the Second Half of 2026

With the Fed on an extended pause and the annual Russell reconstitution landing this month, IWM holders head into the second half of 2026 with catalysts that will decide whether this rally continues or stalls. If the Fed cuts rates by September and the yield curve steepens, the post-reconstitution Russell 2000 is built to outperform with its heavier financial and cyclical weights. If the Fed stays on hold into 2027 and the curve inverts again, the same rebalance becomes a liability instead

With the final reconstitution changes set to take effect after the June 26 close and new constituents beginning to trade on the Russell indexes starting Monday, June 29, investors will be watching closely for how the index’s shifting composition — toward more financials and regional banks, and away from some outgoing tech and biotech names — affects its sensitivity to interest rate movements going forward. Given the index’s already premium valuation relative to large-cap peers and the softening reading on small business optimism, the durability of this year’s small-cap rally will likely depend heavily on whether the Federal Reserve moves to cut rates in the coming months, as many investors are currently positioning for.

This article was written by

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Apple has raised the price of its iPads and MacBooks by as much as 25 per cent, conceding that it can no longer shield customers from the spiralling cost of memory and storage chips, the very components now being hoovered up by the artificial intelligence industry’s relentless data centre build-out.

The increases spare the iPhone, still comfortably the company’s biggest earner. They do, however, land squarely on the MacBook Neo, the entry-level laptop Apple launched to prise market share away from cheaper Windows and Chrome machines. Its starting price has jumped from $599 to $699 just months after it went on sale, blunting much of the pricing advantage that made it such a disruptive proposition in the first place.

That even Apple, a company whose supply-chain muscle is the envy of the technology world, has been forced to act tells you how acute the squeeze has become. The world’s most valuable consumer electronics maker is not immune to a memory price surge that has darkened the outlook for the entire hardware sector.

The numbers behind the retreat are sobering. The research firm IDC expects the global smartphone market to suffer its steepest-ever annual decline this year, falling close to 14 per cent, while the PC market is forecast to shrink by 11.3 per cent. According to IDC’s latest analysis, the memory crisis is the single biggest factor dragging shipments lower, with average selling prices being pushed to record highs even as fewer devices leave the shelves.

The root of the problem lies upstream. Memory makers such as Micron have spent recent months prioritising orders from AI chipmakers like Nvidia, a strategy that has delivered record profits but left precious little supply for the manufacturers of phones, tablets and laptops. Those firms have, in turn, been left with little choice but to raise prices.

Apple did not dress up the situation. “We have never seen a component price increase this much, this quickly,” the company said on Thursday. “We have shielded our customers from these increases so far, but we have now reached a point where we need to begin raising prices on a number of products. We know this is not welcome news, and we are working tirelessly to find solutions.”

The repricing is broad. A MacBook Air with 512 gigabytes of storage has climbed 18 per cent, from $1,099 to $1,299, while the MacBook Pro with 1 terabyte of storage has risen by a similar margin, from $1,699 to $1,999. The sharpest jump falls on an iPad Air with 128 gigabytes of storage, up just over 25 per cent from $599 to $749.

Apple had seen this coming. In April the company said existing inventories had helped it keep gross margins above Wall Street’s expectations, but warned that “significantly higher” memory costs would start to catch up by the end of this month, with profitability expected to dip. On a call with analysts, chief executive Tim Cook was blunt about the road ahead: “Beyond the June quarter, we believe memory costs will drive an increasing impact on our business.” It is a theme we explored when Cook first signalled the rises were unavoidable.

The scale of the underlying shock is extraordinary. The price of dynamic random access memory, or DRAM, found in virtually every modern gadget, rose by as much as 98 per cent in the first quarter of 2026 and is set to climb by a further 58 to 63 per cent this quarter, according to market research from TrendForce, which has repeatedly revised its forecasts upward as the imbalance deepens.

This so-called RAMageddon has been driven by the boom in AI data centre construction, with Nvidia and its peers signing long-term deals to lock in supply. Micron said on Wednesday it had secured $22 billion (£16.7 billion) in such long-term commitments, a sum that underlines just how much capacity is being diverted away from consumer devices and towards the AI build-out, the same demand fuelling the latest generation of AI-focused silicon.

Ben Bajarin, chief executive of the technology consulting firm Creative Strategies, sees little relief on the horizon. “The memory environment is tough and remains structurally tough for the foreseeable future,” he said. “We had already had signals Apple would need to raise prices, and with their supply chain as good as anyone, there is concern the rest of the industry may have to raise prices even more than Apple.”

For Apple, the timing is awkward. The MacBook Neo had helped underpin a bullish sales forecast for the June quarter and prompted some industry watchers to revise their PC estimates upward. It has now surrendered a meaningful chunk of its price advantage over rivals such as the latest Chromebooks from Lenovo and Asus, and the XPS 13 laptop unveiled by Dell last month.

The wider lesson is harder to ignore. If the most formidable buyer in consumer electronics, fresh from posting record iPhone numbers, cannot hold the line on pricing, the smaller manufacturers further down the chain have even less room to manoeuvre. For consumers, and for the small businesses that kit out their teams with this hardware, the era of steadily cheaper computing power may, at least for now, be on pause.

Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.

The next prime minister must back companies rather than tax them if Britain is to lift a “cost of doing business crisis” that is throttling growth, the head of the British Chambers of Commerce will warn this week.

Shevaun Haviland, director-general of one of Britain’s big five business lobby groups, will address political and corporate leaders at the BCC’s annual conference in London on Thursday, against a backdrop of mounting speculation that Andy Burnham will enter No 10 next month following Sir Keir Starmer’s resignation on Monday.

Rachel Reeves, the shadow chancellor Sir Mel Stride and Andy Haldane, the BCC president, are also due to speak, alongside senior figures from Reform UK, the Liberal Democrats and the Green Party. Haldane, the Bank of England’s former chief economist, has been appointed to lead the BCC and is understood to be advising Burnham as the Greater Manchester mayor races to build out a policy platform.

Reeves is expected to tell delegates that the government remains focused on delivering economic stability and certainty, and to restate the growth opportunities she set out in her Mais Lecture in March, including the Oxford-Cambridge technology supercluster.

In her own address, Haviland is expected to warn the next administration that further business taxes “would be a road to ruin” and the “quickest way to destroy the fragile confidence that we have left”.

She will say: “The difficult truth is, whoever leads the UK, the primary challenge remains the same: delivering growth. Despite all our strengths, we are failing to fulfil our potential. Businesses can feel it and voters can feel it too.”

Haviland is expected to single out policy choices over the past decade for making “doing business even tougher”. She will say: “At a time of huge economic shocks and global headwinds, successive UK governments have chosen to pile more and more cost on companies. That is no way to run an economy.”

Her intervention chimes with survey evidence showing business confidence sinking to a two-year low amid tax rises and global trade tensions, a backdrop that has left many firms reluctant to commit to new investment.

Haviland will warn that whoever sits in No 10, or the Treasury, must grasp that a lack of confidence is undermining the country’s ambition, ideas, talent and, ultimately, its growth.

“Weak confidence reduces appetite for risk, which reduces investment, which hampers growth, which knocks confidence further,” she will say. “And this circular crisis of confidence is now shackling ambition, blocking the actions needed to invest, innovate and trade.”

She will add: “Businesses can only deliver growth if the environment they operate in gives them the confidence to act. And that is where political leadership can make all the difference.”

The director-general, who leads an organisation representing tens of thousands of companies through its national network of accredited chambers, will also repeat calls for co-operation between government and unions to stop the Employment Rights Act having a “similar confidence crushing effect”.

Her warning lands amid a chorus from other large business groups. The Confederation of British Industry has cautioned this week that the cost of doing business is nearing a “tipping point”, with its leadership pressing for stability and against further tax rises on firms.

The concern across the sector is consistent: that the cumulative weight of taxation and regulation is eroding the very investment the country needs. Research has previously suggested that Reeves’s tax plans risk driving businesses overseas, a flight that would compound rather than cure Britain’s growth problem.

For Haviland, the message to the incoming prime minister is blunt. Growth will not be legislated or taxed into existence; it has to be earned by giving companies a reason to believe again.

Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.

Jonathan Shar
Chief Executive Officer

Good morning, everyone, and thank you for joining us. I’m Jonathan Shar, CEO of Barnes & Noble Education. On behalf of the entire leadership team, we’re excited to welcome you to our Investor Day live from the New York Stock Exchange. During the course of today’s discussion, we’ll provide a deeper look into our business, the transformation underway across BNED, the opportunities we see ahead and how we’re positioning the company to drive long-term shareholder value.

You’ll hear directly from the leaders responsible for executing our strategy. Before we begin, I’d also like to recognize the thousands of BNED employees and our campus partners across the country. Their commitment to serving students, faculty and institutions is what makes our success possible and has positioned the company for the progress we’ll discuss today. Our goal today is simple, to help you better understand why we believe BNED is uniquely positioned at the intersection of higher education, digital learning, omnichannel retail, affordability and student success and why that position creates meaningful opportunities for long-term growth and shareholder value creation.

Before we begin, I’ll briefly note that today’s presentation includes forward-looking statements and references to non-GAAP financial measures. Please review the disclosures contained in this presentation and our SEC filings for additional information regarding risks and assumptions. With that, let’s get started.

I’d like to begin with who we are, what we’ve become and why we believe our position within higher education is stronger today than at any point in our history. I’d also like to introduce the leadership team joining me today: Jason Snagusky, our Chief Financial Officer; Celeste Risimini-Johnson, our