Good morning from Riyadh, where I’m attending the eighth annual conference of the Future Investment Initiative (FII) Institute. This is a nonprofit foundation backed by Saudi Arabia’s Public Investment Fund (PIF) that’s popular with global leaders in tech and finance, many of whom have partnered with the kingdom in some way.
Some highlights include a conversation with TikTok CEO Chew Shou Zi, whose platform has been so vilified in the U.S. that I feel we never get to hear about his actual business. (Zhang Yiming, cofounder of TikTok’s parent company ByteDance, is now the richest person in China.) Ditto for Masayoshi Son of SoftBank, whose bold bets and business philosophy have made him one of the most enigmatic investors of our time. Son believes Nvidia is undervalued and humans are entering a golden era where robots will do the work—he’s about to open a factory with the Saudis to build them. Will that propel us towards delight or disaster? Watch the interview here.
And Elon Musk joined by video to chat with Xprize founder Peter Diamandis, predicting $20,000 humanoids will outnumber humans by 2040 and he’ll send humans to Mars within four years. This is the visionary who’s transforming industries, the CEO who treats shareholders as fans, and the influencer who says we need a “maximally truth-seeking” AI that loves humanity while embracing trolls and dangerous lies on X. While I would have liked more debate, it was good to hear a conversation. Musk is a role model whose brand is under threat. My son’s passion for chess as a kid diminished when he read about Bobby Fischer’s descent into conspiracy theories. He and his Gen Z friends used to love Musk; now, he says they don’t know what to make of him.
As I listened to Jeffrey Sachs lay out simplistic solutions to end tensions with Russia, China, and the Middle East, I was reminded that nuance matters. Saudi Arabia is a fossil-fuel power that’s a leader in the energy transition. Inflation is not fully captured in the numbers. The U.S. dollar is strong but diminishing as a reserve currency. The “global south” will drive significant GDP growth, with or without the “north.” It’s refreshing to hear new voices in the conversation.
Plenty to come, here and in New York next month at the Fortune Global Forum.
More news below.
Diane Brady
diane.brady@fortune.com
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TOP NEWS
Former prominent CEOs gather behind Harris
In a commentary piece published by Fortune yesterday, 19 former CEOs of some of the biggest companies in America described why they’re planning to vote for Kamala Harris instead of Donald Trump. The group, which includes former LinkedIn CEO Reid Hoffman and former Merck CEO Ken Frazier, say Trump’s policies are anti-business while Harris has a record and promise of economic stability.
Former Bezos advisor explains WaPo move
Former Jeff Bezos advisor and ex-Amazon PR chief Craig Berman told Fortune that the entrepreneur blocked his publication, the Washington Post, from endorsing Kamala Harris because he wants the benefits of a close relationship with Trump. Bezos wrote an op-ed in the paper on Monday stating that endorsing either candidate would fuel the public’s distrust of the media.
Jamie Dimon: Path to WWIII has begun
In a recording obtained by Fortune, JPMorgan Chase CEO Jamie Dimon expressed his belief that the dominoes for World War III are already falling as conflicts escalate in Ukraine and the Middle East. The comments were made at the Institute of International Finance last week, where Dimon emphasized the importance of geopolitical tension over short-term economic outlook.
The Fortune Global Forum
Fortune has long promoted the importance of having a global mindset. It’s at the heart of the Fortune Global Forum, which will take place this year in New York on November 11-12. We’re excited to welcome CEOs like AT&T’s John Stankey, Brian Cornell of Target, Tapestry’s Joanne Crevoiserat, Chris Hyams of Indeed and many more. We also have former U.S. Secretary of State Mike Pompeo and former Defense Secretary Leon Panetta, the IMF’s Gita Gopinath, Jing Ulrich of JPMorgan Chase, Tom Brady, and many more. Click here for the agenda and here to request an invite.
AROUND THE WATERCOOLER
Apple CEO Tim Cook says Steve Jobs taught him a vital lesson in decision-making—and it’s a skill few leaders have by Natalie McCormick
Researchers disagree about the speed of gen AI adoption. But one thing’s clear: The tech is increasingly everywhere by Sharon Goldman
TikTok’s founder is now China’s richest person by Sasha Rogelberg
Exclusive: An ‘AI coworker’ for CFOs startup just raised a $8.7 million seed round led by General Catalyst by Sheryl Estrada
Ethereum giant Consensys slashes workforce by 20% as CEO blames ‘abuse of power’ by SEC by Jeff John Roberts
This edition of CEO Daily was curated by Joey Abrams.