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Wall Street piles into ‘NACHO’ bet on looming oil shortages in June
Good morning. On Fortune’s radar today: AI’s rampant token fraud problem. Markets: Stocks fall as shooting resumes in the Gulf. The ceasefire is still in effect, Trump says. Wall Street’s new “NACHO trade.” Oil begins to run out in June, J.P. Morgan warns. The surprisingly good news about unemployment. The economics of being unhappy. Quick note: Subscribe to the forthcoming Fortune Gulf Brief. Every Tuesday, this new newsletter will deliver clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world’s most consequential regions, written for the people who need to act on it. Sign up here. This story was originally featured on Fortune.com
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