Game over for 20% of Xbox staff as Microsoft hits reset: We ‘didn’t focus on the core business,’ CEO says. ‘We simply spread ourselves too thin.’

Everything you need to know before you reach the office this morning.

Good morning. On Fortune’s radar today:

• Exclusive: Xbox CEO on why she is laying off 20% of her staff as Microsoft hits reset.
• Markets: Selloff in Asia.
• “Doom loop”? Strategy is selling Bitcoin while hoping it also goes up.
• How David Senra built the podcast the world’s most powerful CEOs can’t stop listening to.
• Dow CEO gets a big pay bump.
• The very rich are just different—as this household spending stat shows.
• The cost of AI as hyperscalers enter their negative cash flow era.
• Foreign fans at the World Cup are gorging themselves on the American foods they don’t get at home.

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This story was originally featured on Fortune.com