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Good morning. President Donald Trump's "big beautiful bill" is heading for a final vote in the US House of Representatives. BI has broken down how it could affect your wallet, if it passes, from an increase in the child tax credit to a repeal of student loan forgiveness.

In today's big story, Sean "Diddy" Combs may have dodged a possible sentence of life in prison, but he's not a free man yet.

What's on deck

Markets: A new report attempts to answer one question hanging over everyone on Wall Street.

Tech: Amazon's performance review process is getting a new key metric.

Business: What media and politics insiders are saying about Paramount's settlement with Trump.

But first, the jury has reached a verdict.

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The big story

Diddy's empire on the line

Cheers erupted in the courtroom as the verdicts were announced.

Sean "Diddy" Combs was found guilty on two felony counts of transporting people for prostitution. He avoided convictions on steeper charges: two counts of sex trafficking and one of racketeering.

"Love you!" Combs shouted to his family with a beaming smile after the verdict was read. "I'm gonna be home soon!"

Not as soon as he'd like. Combs was denied bail and ordered to remain in jail until his sentencing, with the judge citing his history of violence.

The verdict came after 14 hours of jury deliberations and more than six weeks of testimony from 34 government witnesses, including the R&B singer Cassie Ventura, who dated Combs for 11 years.

What does the verdict mean for the hip-hop mogul's business empire and his fortune?

Well — what's left of them, anyway.

As a result of the criminal indictment, emotionally-charged courtroom testimony, and the wave of civil sex abuse lawsuits against Combs, he's become persona non grata in the industries that once made him very wealthy, BI's Madeline Berg and Natalie Musumeci write.

His income streams and reputation have been dealt a blow.

For example, Diageo, Combs' partner in Cîroc vodka and DeLeón tequila, cut ties with him in 2023. The move officially ended a relationship that, according to the company, netted the music tycoon nearly $1 billion since he was named the face of Cîroc in 2007.

"Mr. Combs is well-aware that these lawsuits make it impossible for him to continue to be the 'face' of anything," Diageo lawyers wrote in 2023.

Beyond his criminal case, Combs is still facing more than 50 civil lawsuits accusing him of sexual assault, rape, drugging, and other forms of violence. And if any of the plaintiffs win, the financial impact could be steep.

3 things in markets

1. Tough times for Tesla. The EV maker's delivery numbers came in just as bad as Wall Street predicted, representing a 13.5% year-over-year decrease from Q2 2024. Early Tesla investor-turned-bear Ross Gerber called Elon Musk's latest spat with President Trump another "nail in the coffin" that could tank the stock as much as 50% if the market reevaluates it.

2. Why the economy is doing worse than we thought. The job market is tough, real GDP dropped more than initially thought, and consumer spending fell. These warning signs indicate there's trouble in the US economy, but that doesn't mean a recession is guaranteed.

3. A new report measures exactly how much AI will reshape banking. Unsurprisingly, the report found tech, engineering, and infrastructure would change the most, with a projection of 55% of the work being redefined by 2030. Front office functions are projected to see huge changes, too.

3 things in tech

1. Behind Microsoft's new AI-focused sales strategy. Microsoft's chief commercial officer Judson Althoff is revamping the sales unit to become "the frontier AI Firm," according to an internal memo viewed by BI. The memo was sent out a day before Microsoft cut less than 4% of its workforce, which affected many salespeople.

2. Amazon's performance reviews are getting stricter. Employee evaluations will now formally include the company's long-standing "Leadership Principles." Managers will use a new three-tiered system to evaluate how well employees reflect the company's values, according to an internal document BI obtained.

3. How much Meta pays top talent across its broader workforce. Software engineers at Meta can make up to $480,000, and even product designers and researchers can make $200,000, according to federal filings. Here's what Meta pays employees across various key roles.

3 things in business

1. More layoffs at TikTok. The company notified some e-commerce workers that their roles were being cut as part of "organizational and personnel changes," according to two employees and an internal email viewed by BI. US e-commerce sales performance has been mixed this year amid new tariffs on China.

2. Paramount's settlement with Trump sets a new media precedent. The media giant is paying $16 million to settle a lawsuit Trump brought over a "60 Minutes" segment that aired last fall. Here's what top people in media and politics, from Sen. Bernie Sanders to veteran White House reporter John Harwood, are saying about the agreement.

3. Corona beer is losing a key group of drinkers. Constellation Brands, the parent company, said first-quarter spending was soft in areas with "larger Hispanic populations." CEO Bill Newlands said this demographic makes up about 50% of the beer's consumer base.

In other news

• How Meta is training its chatbots to message you first, remember your chats, and keep you talking, according to internal documents obtained by BI.
• Citadel hires a chief medical officer as Ken Griffin's empire adds investment bank-like benefits.
• Tesla competitor BYD axes Mexico factory plans.
• KPMG partners share how to turn your Big Four summer internship into a job offer.
• National security-focused VC firm America's Frontier Fund is raising $315 million for its debut fund.
• Over 900 ETFs were launched in the last year. Here are nine of the most innovative.
• Four reasons forecasters are bullish on the market's smallest stocks after years of underperformance.
• What Babbel's new CEO has learned about leadership from his previous roles.
• Why a famed financial advisor thinks crypto should be up to 40% of your portfolio.
• Elon Musk is threatening their political careers. Republicans say they aren't sweating it.

What's happening today

• Bureau of Labor Statistics releases monthly employment report.

• US financial markets close early ahead of Independence Day.

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  Hallam Bullock, senior editor, in London. Meghan Morris, deputy bureau chief, in Singapore. Akin Oyedele, deputy editor, in New York. Grace Lett, editor, in New York. Amanda Yen, associate editor, in New York. Lisa Ryan, executive editor, in New York. Ella Hopkins, associate editor, in London. Dan DeFrancesco, deputy editor and anchor, in New York (on parental leave).

White House envoy Steve Witkoff is planning to meet Iranian Foreign Minister Abbas Araghchi in Oslo next week to restart nuclear talks, according to two sources familiar with the discussions.

Why it matters: The sources said a final date hasn't been set, and neither country has publicly confirmed the meeting. But if it happens, it would mark the first direct talks since President Trump ordered an unprecedented military strike on Iran's nuclear facilities last month.

• "We have no travel announcements at this time," a White House official told Axios.
• The Iranian mission to the UN declined to comment.

Behind the scenes: Witkoff and Araghchi have been in direct contact during and since the 12-day war between Israel and Iran, which ended in a U.S.-brokered ceasefire, according to the sources.

• Omani and Qatari officials have also been involved in mediating between the two sides.
• In the immediate aftermath of the war, the Iranians were reluctant to engage with the U.S., but that position has gradually softened.
• Israel's Channel 12 was the first to report on the planned meeting.

What to watch: A key issue in any future talks will be Iran's stockpile of highly enriched uranium, which includes 400 kilograms enriched to 60%.

• Israeli and U.S. officials say the material is currently "sealed off from the outside world" inside the three nuclear sites attacked during the joint strikes: the enrichment facilities at Natanz and Fordow, and the underground tunnels at the Isfahan site.
• Iran is unable to access the stockpile for now due to damage from the strikes, but it could be recovered once the rubble is cleared.

State of play: Iran announced earlier this week that it has begun implementing a new law passed by parliament that suspends all cooperation with the International Atomic Energy Agency (IAEA).

• Araghchi wrote on X Thursday that Iran remains committed to the Nuclear Non-Proliferation Treaty and its Safeguards Agreement.
• "In accordance with the new legislation by [parliament], sparked by the unlawful attacks against our nuclear facilities by Israel and the U.S., our cooperation with the IAEA will be channeled through Iran's Supreme National Security Council for obvious safety and security reasons," he wrote.

• Trivago CEO Johannes Thomas tries to keep his mornings free from meetings.
• Thomas's routine involves blocks of 90 minutes to two hours to enhance focus and efficiency.
• Trivago tells workers to limit morning meetings so there can be "shared flow time."

Johannes Thomas, CEO of the hotel-search company Trivago, tries to keep his mornings free so he has time to chew on big ideas.

Thomas wakes early and tries not to take meetings before 11 a.m. so that he can structure the start of his workdays around blocks of time lasting 90 minutes to two hours.

The idea, he said, is to create time for "undivided attention" that can lead to high levels of productivity. It's what Thomas and others often refer to as "flow."

"I just focus on a problem, think it through, and really go into deep thinking," he told Business Insider.

That way, Thomas said, by lunch he's already accomplished a good deal of work. After that, he makes time for meetings. Thomas said the afternoon is generally more structured because that's the part of the day when "cognitive function goes down for most people."

Finding ways to squeeze more productivity out of workdays overrun by calendar reminders, email pings, and DMs can be a challenge for many workers. Yet, corralling meetings to certain days or times can boost productivity.

'Shared flow time'

Thomas said the 30-minute meetings that often punctuate corporate calendars can make things worse, "taking you out of these deep thinking modes that are extremely important for productivity."

That's why Trivago recommends that employees at the company, based in Düsseldorf, Germany, rely on the morning-afternoon split by trying to keep their calendars free from meetings before 11 a.m.

"We call it shared flow time," Thomas said, who returned in 2023 to the company where he'd started as an intern in 2011.

Thomas, 38, said having the routine also helps prime his brain for how he'll use those blocks of time when he starts his day. He tends to reserve one block for learning, which might involve getting his head around some aspect of artificial intelligence. Other times, it's going in-depth on some aspect of the company.

"Everything that demands cognitive function — it comes into these sessions," Thomas said.

In the afternoon, he'll make time to respond to emails "because that's usually not hard cognitive function," he said. If an email requires more dedicated attention, Thomas said, he'll slot it into his focus time.

Learning from the boss

Employees often take cues from leadership, so when those in charge model ways of working that might limit distractions, that can benefit organizations broadly, Kate Walker, a human resources consultant and executive coach in California, told BI.

The reverse can also be true, she said, if workers observe constant fire drills.

"If you see a leader at the top who's scattered and running around and reactive, then maybe you're more inclined to be operating in that way," Walker said.

She often recommends to her clients that they block time on their calendars for focusing and taking breaks. Walker also said workers can ask their bosses which meetings they might not need to attend.

Having too many meetings on the books can be a sign of cultural dysfunction within an organization, Nir Eyal, author of the book "Indistractable: How to Control Your Attention and Choose Your Life," previously told BI. In essence, he said, it can indicate that leaders and others don't value workers' time properly.

Ultimately, Trivago's Thomas said, having a good time management strategy gives him peace of mind. While he has a plan and strong intentions, Thomas estimates that his morning setup works about 70% of the time. So, he tries to be flexible when necessary.

"I have three kids," he said. "The world is a bit chaotic. Things happen."

• Utilities are using AI to modernize the aging grid with tools to manage growing energy demands.
• Predictive maintenance and genAI assistants are predicting grid risk and reducing repair time.
• This article is part of "How AI Is Changing Everything," a series on AI adoption across industries.

After decades of wear and tear, the US energy grid is starting to reach its breaking point.

The traditional grid system was designed for a time when electricity demand was steady and less intense. Today, the grid faces a mountain of unprecedented stressors. Accelerating electrification, a surge in energy-hungry AI infrastructure like data centers, and the intensifying impacts of extreme weather fueled by climate change are pushing grid infrastructure to its limits, destabilizing the already vulnerable energy system.

These disruptions could result in blackouts that could cost American businesses up to $150 billion each year, according to the US Department of Energy, potentially leaving millions of consumers without reliable electricity.

In response, utilities are cautiously starting to embrace artificial intelligence as a tool to help stabilize grid operations. Once seen as just a budding technology, AI is emerging as one part of utilities' strategies to anticipate disruptions, protect the grid's equipment, and better serve a rapidly changing energy landscape.

AI is enhancing predictive maintenance

AI is sharpening the tried-and-tested tools utilities have been using to prevent failures across the energy grid.

One is predictive maintenance, where sensors and software are used to monitor the condition of grid equipment, like transformers and power lines, and spot issues to fix before they cause outages.

Predictive maintenance isn't new. But integrating machine learning into the process has made detecting faulty equipment faster and more precise, according to Somjyoti Mukherjee, a consulting partner at Cognizant, an IT consulting firm.

Sensors embedded in circuit breakers, switch gears, and transmission lines feed real-time data into AI systems, which then analyze patterns to forecast when components are likely to fail.

"Predictive maintenance is delivering the fastest returns," Mukherjee, who leads grid modernization efforts for North America's utilities sector, told Business Insider.

Murkherjee pointed to one utility client with outdated systems that left field-technician crews wasting hours daily because they couldn't catch issues in time. After switching to an AI-driven maintenance system, the software recommended tools, suggested equipment replacements, and located defects in real time, allowing crews to work "smarter and faster," Murkherjee said.

Duke Energy, an American energy provider, is also tapping into AI to identify grid vulnerabilities. The Fortune 500 utility provider developed a hybrid AI system that blends machine learning with expert diagnostics to flag high-risk equipment. The tool is designed to monitor the health of Duke's transformer fleet, a connected web of circuits that transmit electricity from one board to another.

Duke's hybrid approach combining human expertise with AI-powered insights has led to "more consistent identification of problematic equipment" and "improved planning decisions," said Matt Carrara, the president of Doble Engineering.

Some startups are pushing AI's capabilities even further.

Rhizome is working with Seattle City Light, Vermont Electric Power Company, and other US grid operators to map out climate-driven risks before they strike. Co-founded by CEO Mishal Thadani, the platform uses AI to analyze historical grid data, outage causes, and environmental threats, such as wildfires, storms, and vegetation growth, down to the level of individual poles and wires.

The result is a digital risk map that guides where to invest in upgrades and maintenance for the biggest impact per dollar. One utility in Texas, for example, used Rhizome's predictive model to identify which circuits in its energy system were at high risk of impact by storm activity so the utility could invest capital into improving vulnerable equipment. In doing so, the Texas utility reduced storm-induced outages by 72%, according to Rhizome.

As utilities face tighter budgets, rising insurance costs, and increasing pressure from climate change and power-hungry data centers, Thadani said platforms like Rhizome can help them make more strategic investments into grid improvements.

"More utilities need to be very conscious about the investments they're making," Thadani told BI, adding that big capital decisions must be "justified with data and evidence to show that ratepayer value."

Energy providers are exploring new AI tools

Beyond maintenance, utilities are adopting new AI tools to better understand and manage physical equipment in the field.

Peter Nearing, a principal advisor at Stantec, an engineering consulting group, pointed to one of his firm's utility clients that deployed cameras with image recognition to automatically capture, identify, and digitize equipment data. Doing so improved the quality and speed of data collection, leading to less time spent gathering intel, better decision-making on equipment fleets, and, in turn, fewer manual site visits.

Implementing computer vision technology into the grid is part of a larger shift toward using AI for pattern recognition and data-heavy tasks, such as forecasting demand, mapping outages, and streamlining upgrades.

"This is where AI shines," Nearing told BI regarding the technology's data-handling capabilities.

Some utilities are now turning to generative AI to make fieldwork easier, too. In March, Avangrid, a US renewable energy supplier, launched "First Time Right Autopilot," a genAI tool trained on the company's internal manuals, troubleshooting guides, and other internal documents. Accessible on mobile devices through voice or text, the chatbot can answer technicians' repair questions in real time.

For instance, if a wind turbine goes offline, a technician can ask the AI assistant how to fix it. The tool analyzes the issue using contextual data on the turbine's equipment and provides step-by-step instructions.

Since implementing the AI tool, Avangrid has seen faster repairs and reduced downtime, according to Avangrid's chief information officer Nelly Jefferson.

"It empowers our workforce by providing field technicians with real-time access to expert-level support," Jefferson told BI.

Still, managing energy demand — especially during peak hours — remains a tough feat for AI to address, given the grid's outdated infrastructure. It's why most utilities are still in pilot mode when it comes to AI-driven load management, according to Vivian Lee, a Boston Consulting Group managing director with expertise in the energy sector.

Lee says that some are experimenting with short-term load forecasting, using real-time data like weather, usage trends, and local events to predict electricity demand hours or days in advance. Others are testing AI to control distributed energy resources like smart thermostats, EV chargers, and home batteries to slightly reduce or shift energy use during high-demand periods, easing strain on the grid.

These tools remain largely rule-based, where they only work when given instructions for specific use cases, limiting their widespread applications. But Lee sees long-term potential in AI to manage energy loads.

"Broad adoption of AI in load management is still in its early days," Lee told BI.

Roadblocks stand in the way of AI adoption

Despite rising optimism, the energy experts who spoke to BI said utilities companies are still finding it tough to adopt AI.

Many are still working with legacy IT and operational systems that don't integrate easily, making it hard to pull together clean, usable data for AI to draw insights.

"Data quality and availability remain major hurdles," said Lee.

Talent shortages add more friction. A lack of AI literacy across the workforce could make an organization more resistant to embracing new technologies, according to Nearing.

Regulatory bottlenecks make that transition even harder. The absence of clear guidelines on AI deployment in the energy sector creates hesitation among utilities, and utilities are required to navigate legal frameworks to ensure AI applications comply with data protection laws.

The Trump administration's tariffs on imported components like transformers and metals have also spiked costs, further complicating project timelines, Carrara said.

Utilities turn to AI with caution

Still, many of these obstacles are no longer deal-breakers. Mukherjee says that utilities are making progress by migrating to the cloud, training employees how to use AI, and engaging with regulators to encourage technological change.

"Regulators are responding," Mukherjee said, pointing to agencies like the US Federal Energy Regulatory Commission that are hiring technical experts and "leaning into innovation."

Building trust is also key. Mukherjee, Nearing, and Lee emphasized starting small, focusing on low-risk, explainable use cases to build internal momentum, and involving frontline workers from day one.

Looking ahead, utility experts say energy providers are eager to continue exploring AI's potential to modernize the grid to reduce strain.

But they have a long way to go before they can fully embrace AI with open arms.

"AI won't replace core grid functions," Lee said. "But it will increasingly act as an accelerant."