Wall Street no longer believes Kevin Warsh can do what President Trump wants

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

Good morning. On Fortune’s radar today:

• Markets: Full steam ahead!
• Wall Street simply doesn’t believe Kevin Warsh can deliver a cut.
• AI data center companies are stealing water.
• There is no jet fuel shortage, this CEO says.
• It took 8 years to create Google Sheets. AI cloned it in days.
• Chart: AI is a convenient excuse for CEOs doing layoffs.

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This story was originally featured on Fortune.com