Good morning. Hurricane Milton is hammering Florida. Conflict in the Middle East is still running hot. Fair to say we have already had several October surprises. Let’s hope CPI, out this morning, is not another. Email us with your fears: robert.armstrong@ft.com and aiden.reiter@ft.com.

Is there a GLP-1 bubble?

AI gets a lot of attention. There have been thousands of think pieces on how it will transform society, and almost as many arguing that AI hype has driven tech stocks into bubble territory. Glucagon-like peptide-1 (GLP-1) obesity drugs get a lot of attention, too, for their impact on fashion, exercise and health. But almost no one seems to be wondering if there is a GLP bubble.

Eli Lilly and Novo Nordisk, which make the leading GLPs on the market, have wildly outperformed the S&P 500 for the past five years: