The book held. The hunt surfaced treatment-expansion candidates we have not promoted.

The afternoon did not strengthen the morning map; it corrected one part of it. Cheap-intercept capability is not merely hypothetical in U.S. procurement — a May 19 IDIQ already exists. The unresolved question is whether that vehicle converts into meaningful quantities and manufacturing scale.

What is forming. What is accelerating. What is still unproven.

Overnight did not add a new Level A print on the four live themes. That is Loop 1 — maintain. It is not the whole morning.

The scheduled hunt ran family clocks, scientific lanes, and underserved-conditions lanes. Loop 2 and Loop 3 produced frontier candidates **outside** yesterday's map. None cleared promotion today. They belong in this note anyway.

Momentum Map

AI / Technology — Strengthening (unchanged)
SLB–Kelvion and nVent–Maverick remain announced capital, not closed capacity. Interconnection clock empty after chase.

Critical Minerals / Industrial — Strengthening (unchanged)
Serra Verde and UK NWF packages stand. Hemerdon offtake unsigned.

Healthcare / Biotech — Emerging (unchanged)
Daraxonrasib: one labeled RAS(ON) use — confirmed, not a platform. Karyopharm selinexor headline in tripwire; not chased to primary. Ledger only.

Defense / Geopolitics — Strengthening (PM correction carried)
May 19 JIATF-401 cheap-intercept IDIQ is real. Scale versus PAC-3/THAAD frameworks still unconfirmed.

Gold / Monetary — Consensus carry

Consumer / Societal — No promoted Butterfly (hunt coverage incomplete on aesthetic/DTC synthesis)
Underserved-conditions lanes hit hair loss, dermatology, and DTC signals. Cross-domain synthesis produced a candidate below — not a world-quiet Dormant claim.

Corporate Distress — No promoted Butterfly (hunt complete)
UMH activist (~5% stake) in feed. Not promoted — activist ≠ distress without independent deterioration evidence.

Wildcards — No promoted Butterfly (hunt complete)

The Hunt — What Is Not Yet on the Map?

**Androgenetic alopecia / pattern hair loss — candidate / Cluster → Early Bridge**

Large U.S. and global affected population. Meaningful treatment dissatisfaction (finasteride side-effect profile, topical limitations, female options thin). Multiple public late-stage programs. DTC and aesthetic normalization reduce friction. Regulatory proximity possible on at least one oral program.

**Why not promoted:** competitive map (three lead public names), closest-to-FDA registration status, female-label expansion path, and theme-level capital chase not completed this pass. Expansion vs share-shift not yet tested.

**Also investigated, not promoted:** post-GLP-1 aesthetic adjacency headlines (body contouring, hair restoration demand) — attention/Belief only; no primary chase. Presbyopia / dry-eye pipeline mentions — Spark only.

Cross-Domain Anomalies

No single scientific headline screamed “new billion-dollar category.” The synthesis does:

clinical pipeline depth + undertreated prevalence + dissatisfaction + male/female aesthetic spend + DTC distribution + public-company competition + regulatory clock

→ **treatment-expansion Butterfly** in alopecia. Scientific hunt scored items individually and passed; cross-domain assembly is what surfaced it.

Maintain — existing themes (unchanged overnight)

AI power, minerals, RAS single indication, defense exquisite vs cheap-intercept scale — same clocks as Monday Close. Monday's correction on cheap intercept stands.

Scientific hunt (ledger)

Eight lanes hit. Item-by-item novelty promotion: none. Inputs retained for cross-domain synthesis above. Preprint ≠ confirmation.

What should happen next

**Frontier:** closest-to-FDA readout or filing on lead alopecia program; female oral label path; prescription/DTC adoption proxy if a launch prints.

**Maintain:** interconnection filing; signed Hemerdon offtake; cheap-intercept task orders with quantities; second RAS indication — not another single-tumor headline.

What would invalidate

Alopecia: Phase 3 miss, weak vs generics, safety that blocks adoption, or launch that only steals finasteride share without expanding treated population.

Maintain themes: unchanged from Monday Close invalidation set.