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The Latest Breaking News from Fortune

As banks post blowout results, CEOs reckon with America’s inequality gap

Also: All the news and watercooler chat from Fortune.

Fortune

Exclusive: Disney’s cruise ship fleet generated $3 billion in the last fiscal year—and the company plans to add 5 more in a $60 billion expansion

The company has historically declined to break out financials for its ships—but the numbers can be found via a mysteriously named shell company that does not use the “Disney” name.

Fortune

The MacKenzie Scott paradox: How a bull market lets billionaires give away tens of billions without getting poorer

MacKenzie Scott has donated $26 billion, but is still worth more than $35 billion.

Fortune

From analysis to the latest developments in health,
read the most diverse news in one place.

Klook cofounder Ethan Lin thinks the U.S. can help grow one of Asia's largest travel platforms

"The U.S. is actually one of our largest markets, especially as Americans are taking a growing interest in APAC destinations."

Fortune

IBM shares plunge 25% after CEO admits company fell behind

The impact on IBM is double,” Constellation Research’s Holger Mueller told Fortune, saying that IBM’s data really “shows the AI pull.

Fortune

Scott Bessent says $1 coin with Trump's face on it will 'honor the enduring legacy of liberty' with a 'lasting symbol of patriotism'

Federal law bars a living person's portrait from appearing on U.S. currency. Treasury cites the Circulating Collectible Coin Redesign Act of 2020.

Fortune

Why IBM just suffered its worst stock crash of all time—and what it says about the 'dual bubble' in markets

The earnings behind AI stock may never have been real in the first place.

Fortune

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LAPD was one of Flock Safety's biggest government customers. Now it’s renegotiating its partnership over ‘serious concerns around civil liberties’

The department recently announced it would not renew its contract due to how Flock collects and shares data.

Fortune

Chipotle Is trying to take over Mexico through its softest border town

Dominos was “an affront to Italian culture, bastardizing pizza beyond belief,” Jeffrey Pilcher told Fortune about Domino’s, but not Chipotle in Mexico. “I don't think that's quite the same thing.”

Fortune

OpenAI wants its speaker to feel alive. Apple says it's a stolen idea

The device designed by former iPhone guru Jony Ive would reportedly use ChatGPT to answer questions and make the device “human-like.”

Fortune

It's now cheaper to buy a new home than a used one, thanks to builder incentives and baby boomers who don't want to sell on the low

There are deals to be had in the housing market right now as home builders offer incentives to move more inventory.

Fortune

Mamdani's $50 World Cup jersey stunt proves some of the oldest criticisms of socialism correct: 'The odds are extremely stacked against you'

Democratic socialism stresses "affordability," but is a $50 World Cup jersey that almost nobody can buy really affordable?

Fortune

The $21 billion company behind Eventbrite, Vimeo, and AOL has just revealed how it picked 286 out of 800,000 job applications

The $21 billion company behind Eventbrite, Vimeo, and AOL has just revealed how it picked 286 out of 800,000 job applications.

Fortune

Blackstone’s president tells Gen Z that just being nice could land them a promotion because ‘people want you to win if you treat them in a good way’

Jon Gray, Blackstone's president and COO, says elite degrees may get you in the door, but caring more will set you apart for success.

Fortune

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Fortune

The national debt is over 100% of GDP and most of Congress is ignoring wishes to rein it in. It’s time to amend the Constitution

Today, U.S. debt held by the public currently stands at a staggering $31.68 trillion, a little more than 100% of GDP. According to the nonpartisan Congressional Budget Office (CBO), if Washington continues to embrace its standard operating procedure, that figure is projected to climb to a stunning 175% of GDP…

Fortune

Cantor Fitzgerald eyes blockchain-based IPO shares in new tie-up with Securitize

The move is likely to provide a boost for those pushing for companies to issue some of their stock on blockchain.

Fortune

Exclusive: Cyclops raises $20 million to help payment companies settle faster with stablecoins

The Miami-based startup, whose clients include MasterCard, raised a Series A led by Nava Ventures.

Fortune

Bank of America's AI bet is starting to pay off, its CFO says

AI‑enabled productivity, not just cost‑cutting, is showing up in the bank’s efficiency ratio and returns, CFO Alastair Borthwick says.

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Fortune

Is your AI really working? Why productivity isn't the same as progress

One question I hear repeatedly from Fortune 500 executives is: "If AI is making our teams more productive, why doesn't the business feel any faster?"

Fortune

France will walk away from the World Cup with at least $27 million—but Kylian Mbappé hasn't kept a cent of his national team earnings since 2018

Defeated France will still take home millions in prize money from the World Cup—and their star player Kylian Mbappé is set to give away his entire share.

Fortune

He sold his last company to Palantir. Now he's betting $32 million that robots can fix construction's labor crisis

Monumental founder Salar al Khafaji is bringing his fleet of autonomous bricklaying robots to the U.S. this year, backed by a new Khosla Ventures-led round.

Fortune

Kleiner Perkins, John Doerr, and UCSF Health think healthcare AI has been built all wrong

UCSF Health is teaming up with Kleiner Perkins and Doerr Capital on a new accelerator that puts founders inside one of America's leading health systems before they build.

Fortune

‘Redollarization,’ not ‘dedollarization’: Standard Chartered thinks U.S. dollar fears are overstated

“We’re not really in this de-dollarization camp,” said Divya Devesh, the bank's co-head of FX research for ASEAN and South Asia.

Fortune

Jamie Dimon on why people are anti-rich: 'We have, in fact, left the lower-income folks behind' and 'that's kind of annoying'

"If you were the average citizen here and you say, 'These wealthy people are getting unbelievably wealthy, and this segment's been left behind,' that's kind of annoying," Dimon said.

Fortune

Trump threatens Iran with more bombing as U.S. missile stockpiles decline, the Strait of Hormuz slams shut, and there’s no endgame in sight

Everything you need to know before you reach the office this morning.

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