The morning map largely stands. The alopecia candidate did not promote.

The afternoon did not strengthen the morning map. It validated it. The alopecia candidate from the frontier hunt remains under investigation — not promoted.

The afternoon did not strengthen the morning map. It did not contradict it either.

This is a validation pass, not a rewrite.

What changed since the morning

AI power — unchanged. Cooling and switchgear announcements stand. Interconnection clock empty after chase.

Critical minerals — unchanged. Hemerdon offtake still unsigned. No third package dated today.

Healthcare / Biotech — unchanged. One labeled RAS(ON) use; platform unconfirmed. FDA-week clock hit in hunt; no second indication promoted.

Defense / Geopolitics — unchanged. May 19 cheap-intercept IDIQ stands from Monday Close correction. No task orders or quantities printed this session.

Gold — consensus carry.

Consumer / Societal — frontier candidate unchanged. Androgenetic alopecia remains Cluster → Early Bridge — investigated, not promoted. Competitive map and capital chase still open.

Corporate Distress — no promotion. UMH activist in feed; not distress without independent deterioration evidence.

What should happen next

**Frontier:** registrational readout or FDA filing on lead alopecia program; three-name competitive map; prescription/DTC adoption if launch proximity.

**Maintain:** interconnection filing; signed Hemerdon offtake; cheap-intercept task orders with quantities; second RAS indication.

What would invalidate

Unchanged from the morning invalidation set. Alopecia: Phase 3 miss, weak vs generics, safety that blocks adoption, or launch that only steals finasteride share.