Alex Ossola

say business is humming along.

Dealmaking, trading and lending appear to all be going as planned, despite geopolitical unease that has rattled markets.

At a banking conference this week, JPMorgan Chase CEO Jamie Dimon said things are, quote, gung-ho.

Diamond said his bank might outperform the increase in markets and investment banking revenue that analysts are expecting for the current quarter.

Universal Music Group today rejected the $65 billion buyout offer from Bill Ackman's Pershing Square Capital.

Universal's board said the bid undervalues the music company.

Universal's largest shareholder is also opposed to the deal for the same reason.

A Pershing Square spokesperson declined to comment.

We've heard it from companies in ways large and small this year.

Employees need to start using AI more in their work.

The companies want to send a message to Wall Street that they won't be left behind in a coming wave of disruption.

But all that enthusiasm for AI has come at a big cost, specifically with the money they spend on tokens, the basic unit of measurement for AI computing.

Some businesses have hit their annual budget in just three months or seen their AI spending bills double or even triple.

Deputy Tech Bureau Chief Brad Olson has been following corporate use of AI and is here to tell us more.

Brad, why is it getting so expensive?

I mean, are the tokens themselves more expensive or are companies using more of them or is it both?

So the company's got to this place where they're not allocating the tokens in the right places.

So what are they doing to reduce their use of tokens?

That was WSJ Deputy Tech Bureau Chief Brad Olson.

Thanks so much, Brad.