Five US banks reported earnings this morning, with all results described as "terrific." Lex editor John Foley joined Rob Armstrong to discuss these stunning results and their connection to the ongoing AI boom. The conversation also touched on other topics, including Count Binface and the trend of hog farms being repurposed as data centers.

This episode of the Unhedged podcast, hosted by Robert Armstrong and Katie Martin, offers insights into the current financial landscape. For listeners interested in a deeper dive, a free 30-day trial to the Unhedged newsletter is available at ft.com/unhedgedoffer. The podcast episode can be accessed via MP3 download or through a transcript available on FT.com.