Inside Google’s quiet internal war against its own anti-military activist employees

Good morning. On Fortune’s radar today:

• Google’s internal war against its anti-Pentagon employees.
• Markets: Happy with a record high.
• Iran vows to strike any U.S. vessel in the Strait of Hormuz.
• The fight over one word—“additional”—at the Fed.
• AI hyperscalers are carrying $400 billion in debt.
• Bank of America: “Boom loop” could open “door to doom.”

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