Good morning. On Fortune’s radar today:

- At Google, search ain’t what it used to be.

- Markets: Crude climbs, stocks shrug.

- With no end in sight, Trump considers new options in Iran war.

- Midterms: The Senate is a coin-flip, polls say.

- America’s curious thirst for raw milk.

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THE MARKETS

Stocks tread water. Oil does not.

- S&P 500 futures were flat this morning. The index closed flat yesterday, just a smidge under its all-time high.

- In Europe, the Stoxx 600 was down 0.1% in early trading and the U.K.’s FTSE 100 was up 0.88% before lunch.

- Asia: Japan’s Nikkei 225 was down 1.06%. India’s Nifty 50 was down 0.85%. China’s CSI 300 was flat.

- South Korea’s KOSPI slipped 1.38% today. (The KOSPI is up a staggering 53% for the year so far and the country's stock market is now worth more than the U.K.’s, Fortune’s Nicholas Gordon tells me.)

- Brent crude was $111 per barrel this morning.

- Bitcoin hit $76.2K.

Central bankers expect gold to go up. Goldman Sachs analysts Lina Thomas and Daan Struyven have reiterated their target price for gold reaching $5,400 per troy ounce by the end of 2026. (The price was $4,637 this morning.) Why? Goldman took a survey of 29 central bankers at a recent conference and found that 70% of them saw it increasing. Many central banks have added gold to their reserves recently.

ONE BIG THING

The future of Google may not be Google

Ever since Google was founded in 1998, its search engine has been the core of the company’s identity. For most of that time, search and search advertising have been the vast majority of the company’s business. Yesterday, that began to change, Fortune’s Alexei Oreskovic reports. Alphabet’s cloud computing business posted 63% revenue growth in Q1, for a total of $20 billion. Cloud is now 18% of the company’s business. Coupled with the growth of its Gemini AI business, it is almost possible to imagine a future in which Google search is no longer the company’s main gig.

- Microsoft, Meta, and Google just announced billions more in AI spending. Only Google convinced investors it’s paying off - Amanda Gerut

- Meta just bumped its 2026 capex forecast up to as much as $145 billion for the AI boom—and investors flinched - Amanda Gerut

- Big Tech’s AI capex spending plans rise to $725 billion - FT

Chips ahoy! Samsung reported 57.2 trillion Korean won ($38.6 billion) in operating profit for the first quarter of the year, an eightfold increase. As one of the world's largest producers of chips, including the high-bandwidth memory used in AI processors, Samsung is benefiting from spiking prices driven by heightened demand. Samsung shares are up almost 75% for the year, even as shares dipped around 1.5% today, Fortune’s Nicholas Gordon tells me.

IRAN

Bombing them back to the table?

Brent crude peaked at over $120 per barrel overnight on news that President Trump will consider returning to major combat operations against Iran. It sank back to $111 this morning.

U.S. Central Command has also asked if it can deploy the Dark Eagle hypersonic missile in the region, Bloomberg reports.

In addition, the U.S. is planning to launch diplomatic efforts to persuade European powers to join a coalition capable of reopening the Strait of Hormuz. Most NATO countries have been wary of getting dragged into yet another endless Middle East conflict. Defense Secretary Pete Hegseth has made few friends in Europe. Six days ago he said, “We are not counting on Europe, but they need the Strait of Hormuz much more than we do, and might want to start doing less talking and having less fancy conferences in Europe and get in a boat.”

- The takeaway: There is no end in sight to the conflict or the oil shock.

MIDTERMS

Senate on a knife-edge, new polling says

Democrats have a 98% chance of retaking the U.S. House of Representatives, 235-200, according to data crunched by The Economist. Republicans, by contrast, have a 53% chance of holding the Senate. The model—which combines polling and probability scenarios—predicts a 50-50 split of the upper house.

With no end in sight, Trump considers new options in Iran war—including the ‘Dark Eagle’ hypersonic missile