New iPhone 17 Pro Max photos are incompatible with Mac

I take a photo on the new iPhone, and if I try to Airdrop, send via email, or Messages, the photo won't open. If I try to import it into Photos on the Mac I get:

In Messages, I can see the preview, but if I double click it to see the larger version, I get a black window.

I can Airdrop the file, but it won't open.

I've tried various photo settings on the Mac. Currently set to create .jpg.

It opens and saves correctly on another iPhone running the latest iOS. Running Sequoia 15.3.1 on the Macs I've tried.

Anyone seen and fixed this?

[Edited by Moderator]