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

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.

The 2026 ranking is out: Most Powerful Women Asia

This year, our Most Powerful Women Asia list captures the women at the forefront of change in Asia. DBS Group CEO Tan Su Shan retains the No. 1 spot, while Lens Technology founder Zhou Qunfei makes the year’s biggest leap, climbing 25 places to No. 3. Nearly a quarter of the 100 women are newcomers. Collectively, they represent 14 markets across the region. Technology leads the list with 16 women, ahead of banking with 14—a reflection of Asia’s formidable strength in hardware, electronics, and advanced manufacturing. Together, they are shaping industries, companies, and markets far beyond the region.—Ashleigh Nghiem

See the list here: Most Powerful Women Asia - Fortune editors

How Christina Zhu turned Sam’s Club into Walmart’s unlikely growth engine in China - Nicholas Gordon

Why Oura pulled its IPO

Hours before Oura, the smart-ring maker behind one of the season’s most closely watched IPOs, was expected to price its shares, CEO Tom Hale delivered a stunning announcement: The company was calling off its public debut, citing “uncertainty in the IPO market.”

But no one takes that statement seriously, according to Fortune’s Morgan Chittum.

“What else are you gonna say? ‘We aren’t meeting our expectations.’ I mean, that’s just not a thing to say to the public,” Kat Siu of IPOX said. 

“They always blame it on market conditions,” said Jay Ritter, director of the IPO Initiative at the University of Florida. “They never say, ‘Uh, the reason we’re pulling the IPO is we had unrealistic expectations about how much we’re worth.’”

What Really Happened to Red Lobster? | Fortune Daily

The Future 120—How vital firms stay forever young - Ketil Gjerstad, Johann Harnoss, and Viacheslav Romanov

It’s ‘more likely than not’ humanity loses control: Former AI insiders testify safety fixes may be ‘duct tape that will fall off later’ -........

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