Backchannel talks between U.S. and Iran offer Trump an off-ramp—if he wants it

Good morning. In today’s Fortune:

• There are backchannel talks between U.S. and Iran.
• In the markets, some welcome relief.
• Trump says he wants to ‘take’ Cuba.
• Nvidia’s Jensen Huang crowns himself the ‘token king.’
• Chart: Global equities pummeled by the war.
• Byron Allen is now a streaming mogul—he just took an aggressive stake in Starz.
• Exclusive: How boards lowered the bar for CEO bonuses.

This...