But if you look at this year’s list of Fortune’s 100 Fastest Growing Companies, you may think you’ve entered a time warp. Gone are the tech companies—Amazon and Facebook are off the list this year—as well as the many finance and health care companies that dominated past lists. What’s in their place? A variety of companies that make, mine and sell physical stuff. 

Both the top and the bottom of the list are marked by homebuilding—Builders FirstSource of Irving, Texas, is No. 1 on this year’s list while homebuilder TopBuild is No. 100. No. 2 on the list is Tesla, which of course makes cars. And then Encore Wire (No. 3), which makes, you guessed it, wire. Also in the top 10 is Steel Dynamics (No. 9), which makes and recycles steel, as does Olympic Steel (No. 13) and Nucor (No. 14). Mining and oil companies also rank high, like Civitas (No. 8), Pioneer (No. 16), and Arch Resources of St. Louis (No. 18). Exxon Mobil (No. 60), Chevron (No. 57) and Conoco Phillips (No. 34) all make an appearance, as do Freeport-McMoRan (No. 68) and Winnebago Industries (No. 84). Oh yes, and Crocs comes in at an impressive No. 20, which may make you reconsider this fashion trend. 

Does all this portend an end to dematerialization? I doubt it. I’d expect to see any number of AI firms popping up on the list in the coming years. But it does suggest that virtualization got a bit ahead of itself during the pandemic. There’s still plenty of money to be made the old-fashioned way.

Also this morning, we are publishing the first of three reports from our CEO Initiative annual meeting last month. Today’s piece, authored by Sanofi CEO Paul Hudson and Insight Enterprises CEO Joyce Mullen, explores how to use AI to empower people rather than replace them, and make companies more nimble and productive.

More news below. 

Alan Murray
@alansmurray
alan.murray@fortune.com

TOP NEWS

A different kind of collection

Some CEOs collect art or watches. Marc Rowan, Apollo Global Management CEO, collects restaurants. The private equity CEO got into the business after a restaurant in one of his properties went bust. Now, Rowan has what he calls “the best gastronomic job known to mankind:” He develops the concept and menus, then turns to an experienced manager for implementation. Fortune

Cancer drugs

Clinics and hospitals are rationing life-saving cancer treatments due to a shortage of generic drugs. Pharmaceutical companies often don’t bother to invest in expanding supply, citing low profits from generics. That makes it harder to ramp up production due to increased demand or another type of supply shock. Fortune

Evergrande’s last chance

Bankrupt Chinese property developer Evergrande is getting another shot at restructuring its debt, after a Hong Kong judge delayed a liquidation hearing by five weeks. The reprieve will likely be Evergrande’s last chance. The Hong Kong court signaled that it is “highly likely” to order the developer’s liquidation without a restructuring plan. Evergrande has about $327 billion worth of liabilities. South China Morning Post

AROUND THE WATERCOOLER

Panera founder says launching a company is like an addiction: ‘You don’t own the business. The business owns you’ by Ron Shaich

Extreme weather is a $23 billion problem for the housing market—and growing, but this analytics chief says ‘really encouraging’ investments are coming to market by Alena Botros

Wall Street is obsessed with AI. From the ‘new electricity’ to the next gold rush, here’s how top analysts see the tech revolution playing out by Will Daniel

OpenAI seals deal for San Francisco office space after CEO Sam Altman calls remote work ‘experiment’ one of tech industry’s worst mistakes by Steve Mollman

Sam Bankman-Fried blames everyone but himself for FTX’s approach to risk management, including a trillion-dollar trading disaster by Leo Schwartz

The ‘great wealth transfer’ isn’t $72 trillion but $129 trillion, BofA says—and the government gave most of it to baby boomers by Hillary Hoffower and Chloe Berger

This edition of CEO Daily was curated by Nicholas Gordon.