Moderna's stock skyrocketed more than 176% on Wednesday after the company and partner Merck announced that their personalized mRNA cancer vaccine, when combined with Keytruda, met key goals in a late-stage melanoma trial. The positive data marks a significant step forward in the emerging field of individualized cancer immunotherapy.
The phase three study enrolled 1,137 patients with high-risk stage IIB to stage IV melanoma whose tumors had been surgically removed. Interim results showed the treatment reduced cancer recurrence—the primary endpoint—and also met the secondary goal of preventing metastasis. The vaccine, known as Intismeran, is designed using genetic information from each patient's tumor to train the immune system to attack cells carrying specific mutations.
Professor Georgina Long, the study's principal investigator, called the results “a landmark moment for adjuvant melanoma treatment.” Moderna and Merck plan to present the full findings at an upcoming medical conference and share the data with regulators. The trial remains ongoing, and analysts at Barclays project the melanoma therapy could eventually generate around $3 billion in annual sales by 2035. Merck's shares also rose more than 12% on the news. The surge in Moderna also fueled a short squeeze in other biotech names, as seen in Tempus AI's 50% jump from its July low.
Marvell gains on Google warrant deal
Marvell Technology shares advanced 9% after the company expanded its partnership with Google, which is seeking more custom AI chips. Under the agreement, Marvell issued Google a warrant to purchase up to 58.97 million shares at an exercise price of $206.58 per share. If fully exercised, the warrant would be worth about $12.18 billion, representing roughly 7% of Marvell's outstanding shares.
Most of the potential stake is tied to revenue generated through the partnership. Only 1.36 million shares vest during the first year, with the remaining shares split into 240 tranches. One tranche vests for every $500 million in eligible custom-products revenue from Google's business. The collaboration covers AI inference accelerators, storage controllers, network interface controllers, memory interface controllers, and near-memory compute products.
Marvell is competing with Broadcom for a larger role in Google's custom silicon needs as tech giants ramp up AI infrastructure spending. The deal structure aligns incentives and could significantly boost Marvell's revenue if the partnership meets its targets. For more on the stock's reaction, see Marvell's 7% surge on the Google warrant.
Bitcoin climbs above $68,000
Bitcoin rose about 5.8% over 24 hours to $68,370, its highest level since June. The cryptocurrency gained support from lower Treasury yields after the US Treasury announced plans to at least double its bond buyback operations to $4 billion or more per operation. Large holders have also returned to accumulation, with CryptoQuant data showing they added roughly 43,000 tokens over the past 60 days—worth about $2.75 billion at current prices.
BlackRock described Bitcoin's roughly 50% decline from its October 2025 peak as a “positioning correction rather than a change in its investment case.” However, spot Bitcoin ETFs continued to see outflows, with combined outflows reaching $267.2 million in the week through Aug. 14. The rally in Bitcoin and gold comes as the dollar weakens, a trend that often supports hard assets.
Gold surges to $4,500
Gold prices jumped 4% to $4,509.54 an ounce, their highest level since June 4, while US gold futures gained nearly 3% to $4,562. The rally followed the Treasury's decision to double the size of its liquidity-support buyback operations for longer-dated bonds. That move pushed the 30-year Treasury yield down more than nine basis points to 5.19%, and the 10-year yield fell nearly six basis points to 4.645%.
The US Dollar Index declined 0.8% to 98.84, making dollar-priced gold cheaper for international buyers. Silver, platinum, and palladium also advanced, gaining 4.3%, 5%, and 3.1%, respectively. The simultaneous rally in Bitcoin and gold underscores a broader shift toward assets perceived as hedges against currency debasement and fiscal uncertainty. For more on the gold move, see gold's 3.7% surge to $4,495.
This article is for informational purposes only and does not constitute financial advice.
