Game over for 20% of Xbox staff as Microsoft hits reset: We ‘didn’t focus on the core business,’ CEO says. ‘We simply spread ourselves too thin.’

Good morning. On Fortune’s radar today:

• Exclusive: Xbox CEO on why she is laying off 20% of her staff as Microsoft hits reset.
• Markets: Selloff in Asia.
• “Doom loop”? Strategy is selling bitcoin while hoping it also goes up.
• The very rich are different from you and me—as this household spending stat shows.
• The cost of AI as hyperscalers enter their negative cash flow era.
• Foreign fans at the World Cup are gorging themselves on the American foods they don’t get at home.

This story was originally featured on Fortune.com