Good morning. On Fortune’s radar today:
Google’s internal war against its anti-Pentagon employees. Markets: Happy with a record high. Iran vows to strike any U.S. vessel in the Hormuz. The fight over one word—“additional”—at the Fed. AI hyperscalers are carrying $400 billion in debt. Bank of America: “Boom loop” could open “door to doom.”Quick note: Subscribe to the forthcoming Fortune Gulf Brief. Every Tuesday, this new newsletter will deliver clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world’s most consequential regions, written for the people who need to act on it. Sign up here.
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