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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