AI is starting to transform biotech. New platforms for protein, small molecule, and drug design are emerging after a long “biotech winter.” These tools speed up drug discovery and reduce inefficiencies in clinical trials. They’re attracting interest and capital, but the hype cycle hasn’t yet peaked, which reflects a broader pattern of five-year psychological cycles in markets. At the same time, biotech is shifting its focus. Instead of only fixing illness, it is moving toward upgrading healthy people and enhancing performance. Variant, for example, identifies outlier individuals with unique traits to develop not just medicines but also performance enhancers. The potential market has expanded from patients to anyone seeking improvement. The industry is moving from one-size-fits-all drugs to highly personalized “N-of-1” therapies and from treating decline to engineering longevity. Public biotech stocks have underperformed, down 23% over five years compared to the S&P 500’s +95%. But in private markets, this looks like a Darwinian moment: companies that survive may turn today’s risks into tomorrow’s advantages. With enough funding and patience applied strategically, time itself can become an asymmetric advantage. [[TechBio MoC]]