Alan Joyce Qantas
Qantas CEO, Alan Joyce

Business can be a Darwinian game and survival instincts are starting to emerge during the COVID-19 crisis.

Take the global ear implant giant Cochlear which was valued by the stock market at $9.7 billion on Monday night when its shares closed at $168.

For a company that floated at $2.90 a share in 1995 and only reported borrowings of $230 million in its latest half-year result, Cochlear is the last ASX50 company you would expect to be desperately raising $930 million of fresh equity in the middle of a crisis.