How they lost the cola wars: Pepsi generates twice the revenue of Coca-Cola, yet its market cap is only half as big

Good morning. On Fortune’s radar today:

• How Pepsi got crushed by Coca-Cola.
• Anthropic’s Claude obtained unauthorized access to U.S. voter data.
• Who knew? Anthropic doesn’t own “Claude Mythos” trademark.
• Markets: Looking up.
• An ominous decline in the architecture business.
• Can Apple sell 10 million foldable iPhone Duos?
• The numbers behind Elon Musk’s promise to give American children $10.5 billion of SpaceX stock.

This story was originally featured on Fortune.com