Until recently bosses encouraged employees to binge on artificial intelligence, with spending seen as a sign of innovation. Employees could even take pride in burning through tokens—the chunks of text that models process and a common unit of AI pricing. Now, though, companies are scrambling to rein in soaring AI bills. Tokenmaxxing is no longer a badge of honour.

And we’ve previously covered the Donroe doctrine—or delusion. But what about the Donroe dividend? As it turns out, Latin America has been unusually well placed to benefit from the chaos of Donald Trump’s second term.

What to expect in the week ahead:

▸ World leaders arrive in the French lakeside town of Evian-les-Bains on Monday for a G7 summit, which runs until Wednesday. The official agenda focuses on global economic imbalances, but discussions will probably be dominated by geopolitics, including the war in Ukraine and the crisis in the Strait of Hormuz. Barring a last-minute upset, Donald Trump is expected to attend. Much will depend on his attitude—last year he left a G7 get-together in Canada early.

▸ Kevin Warsh will chair his first interest-rate-setting meeting as head of America’s Federal Reserve on Tuesday and Wednesday. Mr Trump wants lower rates, and appointed Mr Warsh in January because he, too, favoured them. But the case for rate cuts has crumbled. Higher oil prices, the result of Mr Trump’s war with Iran, pushed annual inflation to 4.2% in May, a three-year high.

▸ A by-election in Britain on Thursday promises to be the most consequential in years. Andy Burnham, a challenger to Sir Keir Starmer, the prime minister, will return to Westminster if victorious. The current mayor of Greater Manchester would then claim to Labour Party members that his success shows he is the best man to lead them into the next general election.