Good morning. On Fortune’s radar today:

• Anthropic’s $2 trillion IPO prospectus leaked.
• Markets: Oil and bonds are driving the drama.
• The equity risk premium on stocks over bonds has collapsed.
• Private credit lenders are girding for trouble.
• What would happen if they closed the Panama Canal?
• AI hyperscalers need $300 billion in revenue to cover their costs.
• Stinking rich: The infamously smelly durian fruit is a $7.4 billion industry.

This story was originally featured on Fortune.com