AI is heading toward a cash-flow negative inflection point, and spending will slow in 2027, Wall Street thinks

Good morning. On Fortune’s radar today:

• Arsenal’s Mikel Arteta on having his DNA mapped.
• Inside CEO Chris Kempczinski’s struggle to regain McDonald’s sizzle.
• AI is heading toward a cash flow negative inflection point, Wall Street believes.
• Markets: On hold. (Also: Dan Ives is back!)
• In France’s ‘egregious’ bond situation, the ‘sell-off risks becoming self-fulfilling.’
• Sniffling? You’re in good (or at least common) company.
• Singapore’s government employee breeding program.

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