Good morning. On Fortune’s radar today:

• OpenAI missed its targets for revenue.
• Inside Meta’s Manus fiasco: “Killing the chicken to scare the monkeys.”
• AI capex will hit $660 billion this year.
• Markets: New record highs but oil is $111.
• 🚢 A tanker escaped from the Strait of Hormuz.
• Moving house is now a “luxury good.”

This story was originally featured on Fortune.com