By Alan Murray and Geoffrey Smith
October 16, 2017

Good morning.

This week is the deadline for cities to submit their proposals to become home to Amazon’s second headquarters. The company has said the new headquarters will be as large as its current Seattle operation, and could bring as many as 50,000 skilled jobs to the winner of the sweepstakes. And there’s even more at stake than that. The rising role of intellectual property in today’s business means human capital has become the biggest determinant of business success. Talent seems to move in herds. Whoever wins the Amazon headquarters will instantly establish itself as a critical tech hub, and a magnet for more talent.

This morning, New York City is throwing its hat into the ring. In an early copy of a public letter provided to CEO Daily, a long list of New York business leaders boasted a series of benefits that they say can’t be matched by places like Boston, Atlanta, Denver or Los Angeles. Among them:

  • 100 universities that awarded 18,000 post-secondary STEM degrees last year;
  • 2.3 million residents with graduate or professional degrees;
  • $2.9 billion in R&D spending by academic institutions last year;
  • 47 Fortune 500 headquarters.

Among the signatories to the letter are Morgan Stanley CEO James Gorman, Guardian CEO Deanna Mulligan, American Express CEO Ken Chenault, Citigroup CEO Michael Corbat, IAC Chairman Barry Diller, Infor CEO Charles Phillips, and Blackstone CEO Stephen Schwarzman. A previous letter from tech executives also touted New York for the honor.

Meanwhile, former Fortune colleague Allan Sloan predicts in his Washington Post column that Toronto will get the nod—given moves to restrict immigration here in the U.S..

Other news below.

Alan Murray
@alansmurray
alan.murray@fortune.com

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