Business
Fortune’s MPW: Meghan, Duchess of Sussex, Selena Gomez, and the IMF—all on the same stage
Good morning from Washington. Today is Day 2 of Fortune’s Most Powerful Women Summit. From the speed of AI to the shifting policy environment, the theme of Leading in a Dynamic World resonates. There’s cause for concern: Angela Williams, the CEO of United Way Worldwide, the world’s largest privately-funded philanthropy, told me that global uncertainty is prompting a “wait-and-see” approach among donors at a time of growing need. But I’m also struck by the optimism of women leaders here. At a dinner hosted by the U.S. Chamber of Commerce CEO Suzanne P. Clark last night, there was talk about the entrepreneurial energy being channeled into small business and the opportunities right now to disrupt policy for the better.
IMF Managing Director Kristalina Georgieva, who joined us fresh from the first day of the annual World Bank-IMF meetings, talked about how “the private sector is more agile, more adaptable” in this environment, comparing global trade to water: “You put [up an] obstacle, it goes around it.”
SAIC chief Toni Townes-Whitley talked about the need to keep up with U.S. adversaries that are operating in “multiple modes” and can “use their entire industrial base.”
And bestselling author Brené Brown talked about the need to develop new skills and reimagine leadership essentials for this new era, in a conversation that we recorded for the Leadership Next podcast. In her latest book, Strong Ground, Brown makes a compelling case that we’re not wired for this level of uncertainty, and risk losing focus on the core values of courageous and sustainable leadership. It’s a deeply human perspective that emphasizes the kinds of connections we create at events like this.
Be sure to check out our latest Leadership Next podcast that drops today on Apple and Spotify: Ramp CEO Eric Glyman talks to Fortune editor-in-chief Alyson Shontell about how the fintech upstart has scaled to more than $1 billion in annualized revenue by encouraging companies to spend less and creating a culture of urgency and speed at Ramp. The goal of business, in his view, is “companies working to make their customers better off, and customers genuinely choosing the provider that’s helping them grow.”
For more inspiration from the front lines of business, join us at MPW via livestream. Among many others, we will hear from Best Buy CEO Corie Barry, Land O’Lakes CEO Beth Ford, Dame Emma Walmsley of GSK, Nubank Brazil chief Livia Chanes, Ulta Beauty CEO Kecia Steelman, NYSE Group President Lynn Martin, DBS Group CEO Tan Su Shan, Abercrombie CEO Fran Horowitz, Dina Powell McCormick of BDT & MSD Partners, GoodRX CEO Wendy Barnes, Nordstrom’s Alexis DePree, Palantir’s Shannon Clark, Procter & Gamble’s Monica Turner, Lisa Caputo of Travelers, Prudential Financial’s Yanela Frias, Gina Mastantuono of ServiceNow, Airbnb’s Ellie Mertz, and Jamie Dimon of JPMorgan Chase—along with Meghan, Duchess of Sussex, former Vice President Kamala Harris, Rep. Lisa McClain (R-Michigan), Washington Mayor Muriel Bowser and Selena Gomez.
Contact CEO Daily via Diane Brady at diane.brady@fortune.com
Top news
China wants to ‘pull everybody else down,” Bessent says
China’s export controls on rare earth minerals are “a sign of how weak their economy is, and they want to pull everybody else down with them,” Treasury Secretary Scott Bessent told the FT. “Maybe there is some Leninist business model where hurting your customers is a good idea, but they are the largest supplier to the world,” he said. “They are in the middle of a recession/depression, and they are trying to export their way out of it.” Reality check: China imposed the controls after the U.S. imposed tariffs on its exports; and China’s economic growth is stronger than America’s.
All living Gaza hostages are now free
20 living hostages were returned to Israel by Hamas after being held in underground tunnels with little food, water, or medical care for two years. Hamas also returned 4 dead bodies but said it was having difficulty locating 24 other corpses it kept during the war. Israel returned 1,700 Palestinian prisoners. President Trump addressed the Israeli parliament and urged the president to pardon Prime Minister Benjamin Netanyahu, who has been charged with corruption. Trump also complained about the way his hair looked on the cover of Time magazine.
Google to build $15 billion AI center in India
Google Cloud CEO Thomas Kurian announced Google’s biggest AI hub outside the U.S. on Tuesday. Google has forecast that it will spend $85 billion on AI this year.
LendingTree CEO dies
Doug Lebda, the founder of LendingTree, was killed in an ATV accident on his family’s farm. He was 55. He will be replaced by COO Scott Peyree, the company said.
Strava intends to go public
Exercise-tracking app Strava intends to “go public at some point,” according to a new Financial Times interview with CEO Michael Horbath. The app was most recently valued at $2.2 billion thanks to a wave of Gen Zers turning to exercise, and running in particular.
Logitech CEO says those not using AI are “missing out”
Also from Fortune’s Most Powerful Women conference, Logitech CEO Hanneke Faber stated that she uses AI bots in almost every meeting and would be open to an AI board member. “If you don’t have an AI agent in every meeting, you’re missing out on some of the productivity,” Faber said.
Most major news brands decline Pentagon censorship rules
A dozen or more major media companies, including conservative-leaning newsrooms, have refused to sign a pledge to only report officially approved news from the Pentagon. Defense Secretary Pete Hegseth has said he will revoke the press credentials of any news brand that refuses to obey the rules.
The markets
S&P 500 futures were down 0.75% this morning. The index closed up 1.56% in its last session. STOXX Europe 600 was down 0.47% in early trading. The U.K.’s FTSE 100 was flat in early trading. Japan’s Nikkei 225 was down 2.58%. China’s CSI 300 was down 1.2%. The South Korea KOSPI was down 0.63%. India’s Nifty 50 was down 0.42% before the end of the session. Bitcoin was down to $111.8K.
Around the watercooler
Top analyst warns that ‘larger than expected correction is likely’ if Trump and China don’t kiss and make up by Nick Lichtenberg
‘Scandalous’: Top economist Jeremy Siegel says U.S. sleepwalked into rare earths crisis as China tightens its grip by Eva Roytburg
Former Apple CEO says ‘AI has not been a particular strength’ for the tech giant and warns it has its first major competitor in decades by Sasha Rogelberg
Peter Thiel says he warned Elon Musk to ditch donating to The Giving Pledge because Bill Gates will give his wealth away ‘to left-wing nonprofits’ by Jessica Coacci
CEO Daily is compiled and edited by Joey Abrams and Jim Edwards.
