Sign up for our daily briefing

Make your busy days simpler with the Axios AM and PM newsletters. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to the Axios Closer newsletter for insights into the day’s business news and trends and why they matter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios Pro Rata

Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with the Axios Sports newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with the Axios Des Moines newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with the Axios Tampa Bay newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Austin news?

Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Atlanta news?

Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Philadelphia news?

Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Chicago news?

Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top DC news?

Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Sarah Grillo/Axios

The coronavirus outbreak may be "at the brink" of a global pandemic, Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, tells Axios.

What's new: Signs people are infecting each other in a more sustainable fashion in China, an uptick in confirmed cases in Japan and Singapore, and research showing people without symptoms may be able to infect each other are fueling concerns that COVID-19 will develop into a pandemic.

The state of play: The virus has killed more than 2,000 people and infected more than 75,000 others, mostly in mainland China. Five deaths and more than 800 infections have been confirmed in 28 other nations and territories.

  • Countries are furiously racing to contain the virus by issuing travel restrictions, imposing quarantines and isolation methods, and tracing contacts of people with known infections.
  • The World Health Organization has an international team in China, trying to help the country learn more about the virus, while China is testing some experimental treatments.

The latest: Based on Chinese data from more than 44,000 confirmed cases published Monday, the WHO says early indications are...

  • More than 80% of people who catch the infection experience mild symptoms, 14% have severe disease-like pneumonia and shortness of breath, and 5% come down with a critical disease like sepsis, multi-organ failure, and respiratory failure.
  • About 2% of people infected with the virus die from it — much less than other coronavirus outbreaks, SARS (~14%) and MERS (~35%).
  • "[T]he risk of death increases the older you are," noted the WHO, while adding researchers were trying to determine why this is the case. Young children appear not to experience as severe symptoms as older adults.

Yes, but: Fauci said there remain many unknowns — where the virus originated from, how transmissible it is, how deadly it is, and if people without symptoms are infectious.

  • "I would strongly suspect there are asymptomatic people transmitting [infection], but I don't think that's a major driver," Fauci said.
  • He adds it's too early to determine the death rate, as there is not enough data yet.

What they're saying: "There are these huge looming issues, on whether this can be contained or not. And, if it's going to spread, are we prepared to respond and mitigate it in our own country and other vulnerable places, particularly Africa?" Stephen Morrison of the Center for Strategic and International Studies told Axios last week.

  • Tension between economic pressures to re-open the pharmaceutical, auto and aviation factories underpinning global supply chains and markets, and the need to quarantine and control the disease could lead to a "period of stop-go, stop-go" that could worsen the situation, Morrison said.
  • "There's a cascade of challenges and unknowns."

What to watch: Despite efforts to prepare the American health care system for a pandemic, Morrison said the U.S. is not ready, pointing to the 2017-2018 flu season that killed at least 80,000 Americans as an example of when a sudden increase of cases "really overwhelmed the system."

  • "We'd be very quickly in trouble" if there was a sudden influx of ill people during a pandemic, Morrison said.

Go deeper:

Go deeper

14 mins ago - Technology

3D printing's next act: big metal objects

Chief Scientist Andy Bayramian makes modifications to the laser system on Seurat's 3D metal printer. Photo courtesy of Seurat Technologies.

A new metal 3D printing technology could revolutionize the way large industrial products like planes and cars are made, reducing the cost and carbon footprint of mass manufacturing.

Why it matters: 3D printing — also called additive manufacturing — has been used since the 1980s to make small plastic parts and prototypes. Metal printing is newer, and the challenge has been figuring out how to make things like large car parts faster and cheaper than traditional methods.

Rising rates may hammer the stock market

Illustration: Sarah Grillo / Axios

Stocks are much more vulnerable to interest rate swings than they used to be.

Why it matters: A sharp rise in rates in early 2022 is the key reason the stock market is off to an ugly start. And with the Federal Reserve making noise about trying to keep inflation in check, rates could go higher.

Ina Fried, author of Login
59 mins ago - Technology

Microsoft's Activision Blizzard deal complicates Big Tech regulation

Illustration: Megan Robinson/Axios

Microsoft's surprise $68 billion deal to buy Activision Blizzard is adding a fresh twist to the heated debate over which tech companies have monopolies that need to be reined in.

The big picture: The deal could force a question the company has happily ducked for a decade: whether its size and power make it just as deserving of regulatory scrutiny as its Big Tech rivals.