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'The demographic dividend of the last 40 years is ending': J.P. Morgan says the world is running out of the two things that kept interest rates down

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Jensen Huang made his $172 billion fortune on AI chips. His family's $75 million gift to Vanderbilt argues art decides what technology is for

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The $39 trillion U.S. national debt isn’t as high as Japan’s and Singapore’s relative to economy size—and yet it's still worse somehow

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'The demographic dividend of the last 40 years is ending': J.P. Morgan says the world is running out of the two things that kept interest rates down

2

Jensen Huang made his $172 billion fortune on AI chips. His family's $75 million gift to Vanderbilt argues art decides what technology is for

3

The $39 trillion U.S. national debt isn’t as high as Japan’s and Singapore’s relative to economy size—and yet it's still worse somehow
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Fortune Magazine Masthead: June-July 2020 (Vol. 181, No. 6)

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June 1, 2020, 1:00 AM ET
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FOUNDER Henry R. Luce (1898-1967)

Editorial

EDITOR-IN-CHIEF Clifton Leaf
DEPUTY EDITOR Brian O’Keefe
EXECUTIVE EDITOR Adam Lashinsky
DIGITAL EDITOR Andrew Nusca
SENIOR FEATURES EDITOR Matthew Heimer
FEATURES EDITOR Kristen Bellstrom
DEPUTY DIGITAL EDITOR Rachel Schallom
EXECUTIVE EDITOR, ASIA Clay Chandler
CHAIR, MPW SUMMIT & COFOUNDER Pattie Sellers
SENIOR EDITORS AT LARGE Geoff Colvin, Nina Easton, Shawn Tully
CREATIVE DIRECTOR Peter Herbert
DIRECTOR OF PHOTOGRAPHY Mia J. Diehl
DIRECTOR OF VIDEO Mason Cohn

SENIOR EDITORS Daniel Bentley, Lee Clifford, Scott DeCarlo (lists), Verne Kopytoff, Beth Kowitt, Ellen McGirt, Bernhard Warner (Rome), Claire Zillman (Hong Kong)
SENIOR WRITERS Maria Aspan, Eamon Barrett (Hong Kong), Erika Fry, Robert Hackett, Michal Lev-Ram, David Meyer (Berlin), Jeremy Kahn (London), Aaron Pressman, Jeff John Roberts, Phil Wahba, Jen Wieczner
EDITORS Lydia Belanger (production); Rachel King; Radhika Marya; Karen Yuan (newsletters); Tamara El-Waylly, Jake Meth (commentary)
AUDIENCE ENGAGEMENT EDITORS John Buysse, McKenna Moore (assistant editor)
ASSOCIATE EDITORS Katherine Dunn (London), Emma Hinchliffe, Lance Lambert (analytics)
SENIOR SPECIAL CORRESPONDENTS Susie Gharib (New York), Vivienne Walt (Paris)
WRITERS Danielle Abril, Naomi Xu Elegant (Hong Kong), Nicole Goodkind, Aric Jenkins, Grady McGregor (Hong Kong), Rey Mashayekhi, David Z. Morris, Sy Mukherjee, Lucinda Shen, Anne Sraders, Jonathan Vanian
LIST TEAM Rhona Altschuler, Douglas G. Elam, Kathleen Smyth
CONTRIBUTORS Jeffrey Ball, Brian Dumaine, Katherine Eban, Ezekiel Emanuel, Dinah Eng, Adam Erace, Kate Flaim, Ellen Florian, Verne Harnish, Carol Loomis, Roger Lowenstein, Sheila Marikar, Rita McGrath, Bethany McLean, Jeffrey Pfeffer, David Sloan, Jeffrey Sonnenfeld, Lindsey Tramuta
INFORMATION GRAPHICS DIRECTOR Nicolas Rapp
ART DIRECTOR Josue Evilla
PHOTO DEPARTMENT Armin Harris (associate photo director), Michele Taylor (associate photo editor), Alexandra Scimecca (assistant photo editor)
SENIOR VIDEO PRODUCERS Megan J. Arnold, Chris Joslin
VIDEO PRODUCERS Devin Hance, Ross Kohan, Jesse Rogala
EXECUTIVE ASSISTANTS Sharon Lawrence, Carmen Melendez, Hildegarde P. Vilmenay
COPYROOM Maria Carmicino, Lauren Goldstein
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Business Leadership

CHIEF EXECUTIVE OFFICER Alan Murray

CHIEF OPERATING OFFICER Lisa Cline
CHIEF REVENUE OFFICER & PUBLISHER Michael Schneider
CHIEF FINANCIAL OFFICER Anastasia Nyrkovskaya
CHIEF TECHNOLOGY OFFICER Jonathan Rivers
CHIEF MARKETING OFFICER Michael Joseloff

VP, ADVERTISING Lindsey Kintner
SVP, SALES AND MARKETING, ASIA-PACIFIC AND MIDDLE EAST Khoon-Fong Ang
SALES, NEW YORK Tim Mullaly, Elizabeth Parks, Hannah Showak, Sarah Weitzman, Ron Moss (business development director), Joel Baboolal (business development manager), Marisa Bertrando (sales assistant)
SALES, MIDWEST Gina Czupryna, John Winterhalder
SALES, WEST Julia Keefe, Monica Sembler, Dannygail Dean (sales assistant)
SALES, SOUTHEAST Courtney Cofield (WNP Media)
SALES, SOUTHWEST Kailey Klatt (WNP Media)
SALES, ASIA-PACIFIC Eric Cheung (director, Hong Kong), Amanda Shao (director, Beijing), Ivy Qu (director, Asia-Pacific), Amy Wu (assistant)
SALES, EUROPE Rupert Turnbull
PARTNERSHIP MARKETING Sheyna Bruckner (vice president), Giselle Peled (director), Kimberly Kam (director, Asia-Pacific), Heather Albano (associate director), Alice Naser (manager), Celia Chan (Asia-Pacific), Andersen Chen (Beijing)
FORTUNE BRAND STUDIO & COMMERCIAL CREATIVE SERVICES David Lennon (executive creative director), Megan Gilbert (executive editorial director), Lauren Chomiuk (managing editor); Kim Coyle, Gregory Leeds (design directors); Kelly Smith (associate content producer)
CONSUMER GROWTH & CRM Julie Sun (executive director), Melissa Cook (director), Kelly Doherty (senior manager)
REVENUE OPERATIONS & ACCOUNT MANAGEMENT Jean Kim (director); Austin Kopplin (senior manager); Breanna O’Neill, Sarah Williamson (managers)
LIVE MEDIA Terence Burke (SVP, content), Delwyn Gray (VP, production), Elizabeth Tighe (VP, marketing and member services), Paul Casey (executive director, marketing), Ashley Alebiosu, Holly Brockerhoff, Diana Connors, Janis Foerster, Andrea Harasymowicz, Nikki Lustrino, Huyi Mai, Katie Mandara, Ann Roche, Cindy Shieh, Sarah Worob, Fiona Xu (Asia-Pacific)
COMMUNICATIONS Alison Klooster
HUMAN RESOURCES Mike Kiley (SVP)
LEGAL Steven Weissman (general counsel), Laura Bowman (paralegal)
VP, OPERATIONS Stephanie Perry
FINANCE Alison Fried (VP of strategic initiatives & finance), Melissa Goldman (controller), Daniel Seon (director of financial planning), Alan Wong (director of finance, Asia-Pacific), Paula Esposito (comp finance and HR manager), Kevin Tang (accounting manager), Tyler Cristy (senior associate), Irene Wong (finance manager, Asia-Pacific), Caroline Lee (assistant finance manager, Asia-Pacific), Maisy Kwok (accounts and administration manager, Asia-Pacific), Janet Sin (accounting associate, Asia-Pacific)
HUMAN RESOURCES, ASIA-PACIFIC Doris Lee (manager)
PARTNERSHIPS, LICENSING & SYNDICATION Jim Jacovides (VP, licensing & development), Nadine Ghosn (digital content manager)
DIGITAL PRODUCT & ENGINEERING Shameel Arafin (VP, product), Brandon Allen, Jeff Billark (head of IT), Russell Brown, Brian Caterfino, Madeline Cleary, Dave Geller, Shawn A. Lewis, Sarah Shin, Johrten Sternberg, Benny Wong (head of engineering)
CIRCULATION, ASIA-PACIFIC Jessie Cheung (marketing/retention manager), Winnie Ng (marketing services manager), Wing Mak (production manager)
PRODUCTION Elizabeth Mata (senior manager)

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