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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This story was originally featured on Fortune.com

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