Good morning. On Fortune’s radar today:
- Exclusive: The inside story of the reshuffle around Demis Hassabis at DeepMind.
- OpenAI’s revenues are plateauing.
- Profits are not showing up at AI labs.
- Iran and the U.S. wait each other out over the Strait of Hormuz.
- U.S. unemployment would be 5% if people weren’t giving up on work.
- The Fed’s Warsh won a round vs. his critics.
- President Trump’s love of grass.
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