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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This story was originally featured on Fortune.com