A conjecture of Komlós states that the combinatorial discrepancy of any matrix $A\in\mathbb R^{m\times n}$ whose columns have Euclidean norm at most one is bounded by a universal constant. We prove that the combinatorial discrepancy of every such matrix is at most $O((\log n)^{1/4}(\log\log n)^{7/4})$. This is the first asymptotic improvement over the $O(\sqrt{\log n})$ bound established by Banaszczyk [Banaszczyk, Random Struct.\ Algorithms, 1998], and it refutes a conjecture of Hajela [Hajela, European J.\ Combin., 1988] that a lower bound of order $Ω(\sqrt{\log n})$ should hold.

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