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.

Arsenal’s Mikel Arteta on why he’s going public about having his DNA mapped

Mikel Arteta is known for strict discipline and for a management approach that follows the “aggregation of marginal gains” rule. Each incremental improvement may seem insignificant, but together they make the difference between winning and losing, and in Arteta’s world, there isn't much of an alternative. As Bill Shankly, one of the all-time great managers in English football, once said: “If you are first, you are first. If you are second, you are nothing.” 

For Arteta, health is a “foundational” part of elite-level leadership. That is why he agreed to have his whole genome sequenced to better understand how his body works and potential future health risks.

Arteta—who had a serious heart condition when he was young—said the test revealed an increased likelihood of celiac disease and a level of lactose intolerance. 

Read more: Why has Mikel Arteta decided to go public on having his own DNA mapped? - Kamal Ahmed

HMRC opened probe into Man City’s tax affairs in 2018 - FT

The McStruggle is real: McDonald’s CEO Chris Kempczinski is fighting to revamp the dominant burger chain

The $5 Sausage McMuffin meal didn’t do the trick. Neither did the mix-and-match deal that let customers choose, say, the Filet-O-Fish and Chicken McNuggets for $6. Growth has slowed. Customer visits have reportedly dropped. Wall Street has taken notice: McDonald’s shares are now down 32% from an all-time high in February.

CEO Chris Kempczinski has been trying to convince customers to return to the Golden Arches. But so far, the company’s barrage of new meal deals and aggressive marketing to promote them have come up short. 

What’s worse, some of its efforts to repair those downward trends have backfired, Fortune’s Phil Wahba reports.

The Future of Financial Advice ft. Penny Pennington | Fortune Daily

OpenAI’s human rights lead: What the military could do with AI ‘keeps me up at night’ - Emily Forlini

A $13 billion property mogul is the latest to flee Britain’s new taxes for Monaco, a warning sign as California votes on a billionaire tax - Sydney Lake

Citi shortens its analyst program to two years as Wall Street fights private equity for young talent - Sasha Rogelberg

Patagonia’s CEO is worried about political apathy—so the company offered 112,000 people $100 to help 3 friends plan to vote - Tatiana Sataua

‘AI Snake Oil’ author sees chatbots evolving into a ‘truth oracle’—and journalism heading somewhere it hasn’t been in 200 years - Nick Lichtenberg

Retired Warren Buffett now spends his evenings glued to........

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