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Market leadership still "early cycle" --> Delta-plus not creating "delta" vs base case as European delta-plus not driving severe hospitalizations

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STRATEGY: Delta-plus surge not creating "delta" in our base case

US daily case trends are still positive -- 7D avg 67,355 or 58% off recent peak
US daily case trends continue to be promising.  And as we noted earlier this week, it is 9 states seeing some type of rise but 41 are seeing steep declines.  Including multiple states with >80% declines in cases.

Th...

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