Good morning. On Fortune’s radar today:
- Bond vigilantes blow through Scott Bessent’s red lines .
- Does Iran have Trump cornered?
- The markets: Ugh.
- Robot maker Unitree’s IPO gives it $66 billion market cap.
- This chart might— might —predict when the AI bubble bursts.
- OpenAI and Anthropic now out-earn Windows and Office.
- Why there are always fewer than 100 emails in Siemens CEO Roland Busch’s inbox .
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