- In today’s CEO Daily: Diane Brady announces a new forum for debating how the U.S. can foster innovation.
- The big leadership story: How Jeffrey Epstein cracked Bill Gates’ inner circle.
- The markets: Mixed globally as the price of oil inches back above $90.
- Plus: All the news and watercooler chat from Fortune.
Good morning. For many people around the world, including me, moving to the U.S. can feel like coming from a culture of why to a culture of why not? At its best, the U.S. is a country that inspires trust in its allies and optimism in its own people. It rewards risk-taking, invention, ambition and hard work, creating a dynamic ecosystem of innovation over the past 250 years that’s been a role model for the world.
What better time to look at the players and policies that will shape the next era of innovation in the U.S.? That’s why today Fortune is announcing that we’re hosting the Fortune 500 Innovation Forum in Detroit on Nov. 16 and 17. There we will convene CEOs and other C-suite leaders at Fortune 500 companies alongside startup founders, investors, policymakers and nonprofit and cultural leaders to explore new paths to prosperity and innovation. We’ll also include a special focus on those companies that have thrived for a century or more.
Held under the theme “America Leads,” the Forum will serve as the capstone event of a year-long editorial initiative in which we’ll explore the companies, leaders, and ideas shaping the next era of business. Part of what has made this country an unparalleled engine of innovation and growth has been its ability to attract and partner with the best from around the world. Some worry that we’re squandering what should be a golden era for the U.S.; others contend that we’re creating conditions to unleash it. Those debates and the ability of leaders to not only adapt to a fast-changing environment, but to shape it and profit from it, is a big part of what fuels America’s dynamism.
American innovation has never been the preserve of one group or one part of the country. The automobile industry was born in Detroit, a city that became the engine for a new century of growth and the rise of a new middle class. With its revitalized downtown and entrepreneurial energy, it’s a testament to the power and importance of reinvention. What better place to host this two-day gathering, where I’ll be joined by an editorial team that includes Alyson Shontell, Fortune’s editor-in-chief and chief content officer, along with fellow journalists Ellie Austin, Andrew Nusca and Ruth Umoh, as well as my co-chairs: Lee Clifford, Matt Heimer and Kristin Stoller. I’m also excited to work with the U.S. Chamber of Commerce and other partners.
I’ve long believed that companies—and countries—rise and fall on the strength of their leadership. For 96 years, Fortune has produced award-winning journalism on the most impactful trends and people, especially those at the helm of Fortune 500 companies, our annual ranking of the largest U.S. companies that’s now in its 72nd year. To do that, we’ve had to disrupt ourselves while staying true to the values that have made Fortune the premier media brand for global business leaders. That means telling great stories, building powerful communities, and convening conversations that make all of us smarter about what matters—and what’s next.
Click here if you’d like to find out more about the Fortune 500 Innovation Forum. I look forward to getting your ideas and feedback on this exciting editorial initiative.
Contact CEO Daily via Diane Brady at diane.brady@fortune.com
Top leadership news
How Epstein infiltrated Bill Gates’ inner circle
Justice Department files show how the late financier and sex offender Jeffrey Epstein courted Bill Gates’ confidantes in an attempt to gain access to the billionaire philanthropist. A new Fortune report details how Epstein pulled off the years-long pressure campaign, which included Epstein earning $1 million to help negotiate a Microsoft executive’s exit agreement.
Oracle stock jumps on strong sales
Oracle stock soared after-hours after the company reported a 22% jump in quarterly revenue, with cloud infrastructure revenue up 84%. Despite the market exuberance, the enterprise software giant is blowing through cash, with free cash flow clocking in at negative $24.7 billion over the trailing 12 months. AI-heavy capital expenditures have rocketed to a guided $50 billion this fiscal year.
No, you can’t microchip your employees
Washington state is poised to become the 14th U.S. state to ban employers from microchipping workers. “Employers should compete for talent through wages, benefits, and working conditions—not through invasive monitoring technologies,” the bill says. Its sponsor frames the legislation as an effort to get ahead of technology; it’s awaiting the governor’s signature.
The markets
S&P 500 futures are down 0.22% this morning. The last session closed down 0.21%. The STOXX Europe 600 was down 1.10% in early trading. The U.K.’s FTSE 100 was down 0.97% in early trading. Japan’s Nikkei 225 was up 1.43%. China’s CSI 300 was up 0.64%. Hong Kong’s Hang Seng was down 0.24%. South Korea’s KOSPI was up 1.40%. India’s NIFTY 50 was down 1.67%. Bitcoin was up to $69K.
Around the watercooler
Google and OpenAI employees back Anthropic in a legal fight that could redefine military use of AI by Beatrice Nolan
Peter Thiel dumped Nvidia and invested $45 million into Microsoft and Apple—sending a strong signal about who will win the AI race by Tristan Bove
Trump’s immigration crackdown is backfiring by hurting the U.S.-born workers it was meant to help, data shows by Sasha Rogelberg
‘It’s so impossible to live with’: Former Goldman Sachs CEO Blankfein says the Iran war won’t last long by Marco Quiroz-Gutierrez
CEO Daily is compiled and edited by Joey Abrams, Claire Zillman and Lee Clifford.
