BYD overtakes Tesla on Fortune’s Global 500 as once-dominant U.S. companies feel heat from foreign rivals

Our flagship Fortune 500 list of U.S. companies is published about two months earlier due to financial reporting deadlines. And many of the world’s largest companies are American, accounting for six of the top 10 spots. Walmart is No. 1 on both lists for 12 straight years.

There are fascinating shifts, especially as you move down the list. AI chipmaker Nvidia moved up 156 spots to No. 66 while Chinese electric vehicle manufacturer BYD was up 52 spots to No. 91.  As my colleague Vivienne Walt reports, BYD has passed Tesla (No. 106) in the electric-car race and is now taking on Volkswagen (No. 12) in Europe.

What goes up can also come down, as once-dominant players struggle to compete in a new era. Twenty years ago, BP was No. 2 on the Global 500 and a pioneer in the green energy transition. Today, as Jordan Blum reports, it’s No. 33 and struggling to regain ground as its pivot to clean energy backfired. 

I’d also point you to a feature on Ping An Insurance (No. 47) by Nicholas Gordon. It’s a fascinating look at how an insurer with 242 million retail customers—dwarfing No. 7 UnitedHealth Group’s 152 million customers—is innovating to cater to China’s ageing consumers. It’s another reminder that the global business landscape is full of companies that are finding plenty of opportunity outside the U.S.

Contact CEO Daily via Diane Brady at diane.brady@fortune.com

Top news

Mass shooting rocks Blackstone HQ

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BofA analysts are optimistic

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Fortune 500 Power Moves

Procter & Gamble announced on Monday that COO Shailesh Jejurikar will become the company’s next CEO on Jan. 1, 2026, succeeding current CEO Jon Moeller. The leadership change comes just a month after the consumer goods giant announced layoffs for 5% of its non-manufacturing workforce.

Trump’s oil deal is hogwash, oil execs say

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Total U.S. tariffs are nearing the Smoot-Hawley level

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Trump says he never went to Epstein’s island

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Maxwell appeals to Supreme Court

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The markets

S&P 500 futures were up 0.25% this morning, premarket, after the index closed up 0.018% on Monday, hitting another new all-time high at 6,389.77. STOXX Europe 600 was up 0.56% in early trading.  The U.K.’s FTSE 100 was up 0.29% in early trading. Japan’s Nikkei 225 was down 1.10%. China’s CSI 300 Index was up 0.39%. The South Korea KOSPI was up 0.66%. India’s Nifty 50 was up 0.50%. Bitcoin is holding above $118K.

From the analysts

Macquarie on the Fed: “More generally, the US-EU deal may reduce some of the uncertainty that has tormented central bankers. …. It may also leave Jay Powell at the Fed with one less excuse to not reduce the Fed Funds Rate target by September, although December remains our economists' baseline point in time,” per Thierry Wizman and Gareth Berry.

JPMorgan on earnings beats and misses: “With 32% of S&P 500 companies having reported, 77% are beating 2Q earnings (vs. 73% avg. last 4Qs, … and 75% are beating revenue estimates (vs. 60%). Roughly 62% of companies have had double beats (i.e. sales and net income, vs. 48% last 4Qs on constant constituents) and 10% of companies have had both revenue misses and earnings misses,” per Dubravko Lakos-Bujas and team.

EY-Parthenon on jobs: “We anticipate the U.S. economy added only 40,000 jobs in July, following a 147,000 gain in June. While private-sector industries are expected to contribute 88,000 new jobs, public sector employment is projected to decline by 48,000. The unemployment rate likely edged higher by 0.1pp to 4.2% while the labor force participation rate likely held steady at 62.3% amid a tight labor supply,” per Gregory Daco.

JPMorgan on business sentiment: “Tariffs are a tax hike on U.S. purchases of foreign goods, but this tax drag is not likely to be large enough to derail the U.S. expansion. However, we have expressed concern that this drag would be magnified by a slide in U.S. and global business sentiment,” Bruce Kasman et al.

Around the watercooler

Trump-supporter CEO calls out administration’s ethane export ban to China: ‘These kinds of actions rarely hurt the intended target and often backfire’ by Jordan Blum

Facing Russia’s war on Ukraine, the EU couldn’t risk fighting a trade war with the U.S., analyst says by Jason Ma

Google CEO is the newest billionaire: He tells Gen Z the secret to success is putting yourself in uncomfortable situations by Preston Fore

A copyright lawsuit over pirated books could result in ‘business-ending’ damages for Anthropic by Beatrice Nolan

CEO Daily is compiled and edited by Joey Abrams and Jim Edwards.