‘We take the unpopular stance that a bond-market crisis would be a good thing’: Wall Street is losing its patience with government debt

Photo: Riots in France. (Credit: Photo by Muhammed Said Tako/Anadolu via Getty Images)

Good morning. On Fortune’s radar today:

• Asia’s most powerful women: See the 2026 list here .
• Oura pulled its IPO citing “uncertainty in the IPO market”— but no one believes that .
• Markets: A break in the drama.
• France’s bonds are now riskier than those of Italy or Greece.
• Why stocks are blissfully unconcerned about the turmoil in bonds.
• Mortgage applications are down 37% in the U.S.
• There won’t be enough energy to power AI.
• Dead keyboard typing: In the future, we’ll talk to computers rather than write on them , some say.