Aerobic glycolysis in yeast and cancer cells produces pyruvate beyond oxidative needs, a paradox noted by Warburg almost a century ago. To address this question, we reanalyzed extensive measurements from 13 C magnetic resonance spectroscopy of yeast glycolysis and the coupled pathways of futile cycling and glycogen and trehalose synthesis (which we refer to as the glycogen shunt). When yeast are given a large glucose load under aerobic conditions, the fluxes of these pathways adapt to maintain homeostasis of glycolytic intermediates and ATP. The glycogen shunt uses glycolytic ATP to store glycolytic intermediates as glycogen and trehalose, generating pyruvate and ethanol as byproducts. This conclusion is supported by studies of yeast with a partial block in the glycogen shunt due to the cif mutation, which found that when challenged with glucose, the yeast cells accumulate glycolytic intermediates and ATP, which ultimately leads to cell death. The control of the relative fluxes, which is critical to maintain homeostasis, is most likely exerted by the enzymes pyruvate kinase and fructose bisphosphatase. The kinetic properties of yeast PK and mammalian PKM2, the isoform found in cancer, are similar, suggesting that the same mechanism may exist in cancer cells, which, under these conditions, could explain their excess lactate generation. The general principle that homeostasis of metabolite and ATP concentrations is a critical requirement for metabolic function suggests that enzymes and pathways that perform this critical role could be effective drug targets in cancer and other diseases.Warburg effect | glycogen synthesis | Pasteur effect | glycolysis | homeostasis A challenge to contemporary biological research was sounded by Steve McKnight, who noted (1) that "the low lying fruit that could be picked by molecular biologists without considering the metabolic state of the cell, tissue or organism is largely gone." He proposed that now we must seek an understanding of the reciprocity between the regulatory state driven by signals from transcription factors and the dynamics of metabolic control. This was a timely call because the interactions of genetics and metabolism, developed in yeast research (2), was becoming paradigmatic in cancer studies (3-5). Because both cancer cells and yeast derive metabolites and energy from glucose, the relations of yeast metabolism with genetic expression, rather well understood in the glucose pathways, are providing an informative parallel for the study of cancer cells (6, 7).The traditional approach attributes cellular metabolism to the kinetic properties of the component enzymes, as summarized in the comprehensive biochemistry textbooks, and then correlates changes in enzyme activity with differences in cell phenotype (3, 4). In our opinion, this approach neglects the interconnected nature of biochemical pathways that can be measured noninvasively, using magnetic resonance spectroscopy (MRS) (8-13), and the ability to quantitatively understand the sharing of biochemical control betw...