Trump weighs ‘massive attack’ on Iran as Tehran’s chokehold on oil gets tighter

**Good morning. On Fortune’s radar today:**

AI is costing more money than it earns—and Wall Street hates it.
Markets: Buying the dip.
Are IPOs indicating we’re in a bubble? Yes and no.
Yet more tariffs.
White House preps ‘massive attack’ on Iran.
Meanwhile, Iran’s chokehold on oil gets tighter.
Younger people are comfortable letting AI play with their money.
Japan’s new prime minister says she sleeps only ‘zero-to-three hours’ per night.

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