The art of the bail: Iran got what it wanted. Did the U.S.? Everyone is judging Trump’s MIA MOU

Good morning. On Fortune’s radar today:

• Did Iran win the war? Some people think so.
• Markets: It’s a mixed bag, tbh.
• Regime change at the Fed—what to watch for.
• Global military spending is on the rise.
• AI is changing what students choose to major in.
• Gen-Z’s addiction to “slop bowls.” 

This story was originally featured on Fortune.com