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What does power look like today? In this episode of Fortune Daily, Ellie Austin takes you inside Fortune’s Most Powerful Women Summit in Santa Barbara.
First, Ellie and MPW Editor Emma Hinchliffe break down the summit's biggest themes- who is in the room, what top leaders are discussing, and what lies ahead for female leadership.
Then, we hear from two women redefining wealth and influence on their own terms: 
- Lucy Guo, once named the world’s youngest self-made female billionaire, on why walking away and retiring early proved harder than building a tech empire.
- Olivia Ferney, a luxury travel fixer for billionaires, on turning viral behind-the-scenes content into a thriving multi-million-dollar business and disrupting a notoriously secretive industry.
Subscribe to Fortune: https://fortune.com/subscribe/ 

00:00 Fortune Most Power Women Preview
09:29 Lucy Guo on early retirement
12:41 Olivia Ferney

Additional images courtesy of Getty Images

The New Blueprint for Power: MPW Kicks Off | Fortune Daily

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We're here in California for the 2026 Fortune Most Powerful Women Summit, and we're gonna be taking you behind the scenes of everything that's going on. We're also gonna be sitting down with some of our headline interviewees, all of that to come over the next few days. But first, I'm bringing on Emma Hinchcliffe, 14 most powerful women editor, to tell us who's gonna be in the room, what they're thinking about, and what we should expect from this year's summit. From beautiful Santa Barbara, I'm Ellie Austin, and this is Fortune Daily. Emma, hello, we have made it to day one of the 14 NPW summit 2026. Can you believe it? I can't, it feels like we've been working on this forever, but here we are. So this is the 28th NPW summit that 14 has ever done. How many of those have you been at, cause you're a bit of a veteran. OK, I believe I've been to 9, plus a few NPW NextGens and NPW Internationals. I think you've probably been to more than most people here today, so congratulations on that. Now you obviously weren't there at the first NPW summit in 1999-ish whenever it was, but tell us a bit about how the summit has evolved over time. We've seen the NPW summit evolve with the business world. I think at one point it was extremely, extremely focused on power defined in a corporate lens, and that's still the core of what we do, but we're seeing an expansion of that definition. So in addition to women running billion dollar plus businesses and P&Ls, we have innovative founders building in AI who's Companies may even be pre-revenue, but are people and businesses that the women on the corporate side want to learn from and want to know everything about. We have women in venture capital. We have women from politics and entertainment and talent, and so it's really a broader definition of power, and we see that at the summit. And a really good illustration of that is how we're bookending the next few days. We start with Ruth Pourak from Google, president, CIO of Google and Alphabet. We end with Haley Bieber, who obviously is the uh celebrity kind of incredibly high profile figure, but also the founder of Road, which has just been acquired by Elf. Um, tell us a bit about who's in the room at this summit, because it's something that we think about very carefully. The room is one of the most impressive rooms that I've ever been in. Every single year, year after year, we have this segment of the summit called the Big Get to Know You where everyone in the room stands up and introduces themselves in 3 seconds, just name, title, company. No board seats, no elaborate definitions. It sounds very simple, but when you have 400 women doing that back to back to back, you really get a sense of just how much power is in the one room. And we alternate locations. So last year we were in DC. This year we are in the beautiful Santa Barbara on the beach. How do you think the sense of the summit differs in those two locations? So what will we have here in California that maybe feels a bit different to what we do in DC? It's really nice to be in Santa Barbara for the first time. Yeah, we've never, we've been in Laguna before, but not Santa. Yes, it's definitely more of a relaxed retreat atmosphere. I think we can expect to have some really candid personal conversations. Obviously being in California, we also have a bit more representation from entertainment and tech, just being as it's easier to get here. When we're in DC it's still a really unique environment, but we are in that center of political power, global power, and so the conversations do tend to be a little bit more focused on geopolitics and these international business issues. And yeah, the sense of being here in California is so different. This morning, the women went on an eco hike. Before they start their session. So what a great way to start the day, great way to start the day. Who are you most looking forward to interviewing over the next 3 days? I have two that I'm really excited for, both a bit controversial, which we love to do here. Keep it interesting. One is Luna Lopez Laura, who is the co-founder of Calci, the prediction Market, of course, a huge business story. Um, and a huge regulatory story about what is going to happen with these companies that are really influencing not just business but culture and how we all engage in the world and the concept of betting on anything that might happen in the real world. The other is the CEO of OnlyFans, which is a very interesting business if you don't know that much about it beyond. The basics, um, they're really at the center of a lot of issues including how we feel about relationships in our society, business and AI, the rise of low budget microdramas in Hollywood, so there's a lot to talk to her about. Do you prep for your onstage interviews differently to how you prep for print interviews that you do for the magazine? I do. What about you? I do as well because you have a, you have maybe on stage with someone you have a 20 minute time slot whereas when you're doing an interview with someone for a feature you might have an hour and a half with them so you can be a lot more sprawling in the questions whereas in 20 minutes you there's certain points you want to hit and you. Have to hit them pretty succinctly. The other thing I do is I always listen to podcast interviews that my interviewee has done, television hits, and I look out for the stories they tell a lot. And I try to think, OK, how am I going to try and steer them in a slightly new direction so that we get fresh quotes. What do you do? That's really smart. I think for my interviews for written pieces, I kind of live by the mantra that there are no bad questions. I think you can ask a question that you feel like is really stupid, that you feel like didn't come out quite right, and they can still give you a response that tells you something new and is interesting. So I try not to stress about it. On stage, of course, um your interviews are part of the experience for everyone who's there, and so you really want to be especially pointed and thoughtful in how you're engaging and you really want to understand who they are as a person and the vibe and energy in addition to just like seeking information. And what kind of things get said on the NPW stage that you would never hear in an earnings call or you would never see in a press release, for instance? I think the women who are here, you can almost forget just how powerful they are because in addition to, you know, talking about like what the Fed might do and interest rates, they're also talking about what it's really like to be in one of these super powerful positions and the burdens and opportunities that come with that and what happens when you lose your job and people stop calling you in these conversations that you're really not going to hear anywhere else. Yeah, it's a very, I would say it's a very vulnerable space in a way. It's a peer group like no other. And the women tend to open up more about the failures and the challenges as well as the successes that they might at a more traditional business conference just because of the nature of who's in the room. It's a supportive environment, but at the same time this is journalism. We're always trying to break news. And so it's an interesting line that we walk. Yeah, and it's a really interesting dichotomy as well, because I think you might think, oh, it's a women's conference, and so it's kind of we're kind of describing not necessarily this kind of vulnerable environment, but that vulnerable vulnerable environment is not necessarily to talk about what it's like to be a woman in business or empowerment. Exactly. I think at other business conferences you kind of might have the women's conversation that gets slotted in as something on the side of the main event. And here the women The main events, so it's not something you really have to discuss at all. But at the same time you can discuss these more personal topics in an environment where that feels appropriate. You're so right, we don't name, you know, we don't ask how do you balance it all or what's it like being a woman in business, but the very fact that there are only women in the room means that the speakers on stage genuinely feel more comfortable kind of lifting the veil on what it's really like to be in that position. Um, OK, other than your interviews on stage, what else are you looking forward to the most here? Because there's pickleball, there's Pilates, there's a beautiful tribute to Gloria Steinem this afternoon. What's top of your list? That's going to be really special, the Gloria Steinem tribute. I think obviously she's someone who was so impactful for women. We at NPW were lucky enough to host a talking circle at her home in New York at the beginning of this year, and it's going to feel really special to honor her, and we can all feel so grateful that we got to do that. Um, I'm really looking forward to your interview with Hailey Bieber. I wanna hear what she has to say, and I wanna hear what you're gonna ask her. And I'm gonna be euphoric by the time I get to that interview because it is the last interview of the summit and the end line will be in sight. So that's gonna be a fun one as well. Emma, how can people follow along? So there's obviously the live stream on Fortune.com. What are you gonna be covering what's happening in the MPW daily newsletter? Yes, there's a live stream on Fortune.com. Follow along on Fortune and Fortune MPW social channels for clips from the summit, and you'll really get a sense of what's happening here. Um, and yes, we also have the MPW daily newsletter. I'll be on the ground in the summit and my colleagues will be leading the charge on that throughout the week. I'll be back at the end of the week with my personal view on what it was like on the ground and some of the Uh, most interesting conversations that I personally wanted to, uh, circle back on if we didn't get a chance to highlight them yet. So those are the best places to follow along. After the summit you're staying in LA to see Miley Cyrus. After the summit I am staying in in LA to see Miley Cyrus at the Hollywood Bowl, so that's a highlight for me and maybe Miley can join us at the summit in a future year, next year. Emma, I'm gonna let you go because you have to go host a breakfast. Thank you so much for finding time for us. Thanks for having me. So the theme for this year's summit is the new blueprint of power, and that's because power and how it is deployed look different to how it used to. Next up, we hear from two women who built power on their own terms. First up, Lucy Guo, who for a period of time was the world's youngest self-made female billionaire. She tells me how she had plans to retire, but ultimately couldn't. And then Olivia Furney is a travel fixer for billionaires. She scaled up her social media following and took the usually secretive world of the billionaire lifestyle public, creating an incredibly lucrative business model in the process. Let's hear from them. Um, so you're an evangelist of fire, which is a, it stands for financial independence, retire early. It's a financial and lifestyle movement where you save and invest very aggressively early in life to retire young, which begs the question, why haven't you retired yet? Why are you still doing so many things? So I would say I did try to retire at some point in time, um, what age? What age? I want to say I was 22. In 1921. Um, long story short, all the Teal fellows decided, or like there were a group of, a group of Teal fellows decided, OK, we are going to do fire. Um, so we all bought these like kind of shady apartments in, um, Las Vegas. They were like 70K each. We renovated them and made them a little bit nicer. Um, but we specifically chose Las Vegas because it was close to the airport. So that We're like, OK, cool. Like we could reduce our cost of living by living in Vegas and then spend all our time traveling. Uh, so I went on this like sabbatical, which we could call retirement, where I lived with a few fellows. It was great because you know, I was around a bunch of smart people. And then we would travel around the world together, like we live with like Korea together, Singapore, etc. Absolutely phenomenal. Like we did like mileage points hacking, etc. Um, but at some point, I was like traveling made me really, really happy and being able to spend time with friends made me happy. But I was not as intellectually stimulated as I wanted to be. Uh, so then I was like, OK, what can I do where I can like maintain this lifestyle-ish, um, still stay happy, but, um, like use my brain a little bit more. Have you achieved that balance today, would you say? I think I optimize more for staying stimulated. But I'm very happy still, but like less happy maybe than I was in like stressed, maybe definitely slightly more stressed, but I'll take it. I'll take it. I'll take it, yeah. But, uh, then I went into VC because I think like, uh, I think anyone can agree VC is less stressful than founding a company. So I went into VC. I was like, OK, this is actually a great balance. Like I think with a founder you're constantly feeling 1 intense. Like it's an emotional roller coaster when VC is just a constant like 78, like your portfolio company is like, let's say you have one portfolio company that's a complete disaster, like fires are happening. Um, you can help that, but then you have like, you know, 99 other companies that are still fine or like you have like some that are ripping it, and it really is a power loss effect with venture. So, uh, I, I was feeling great, uh, but I ended up wanting to do something different in venture to really stand out, um, so help create this program called HM Zero where we live with founders and really invest our time and resources, um, into helping them. about like really everything else going on in their lives physically live with them. I physically live with them in a house in a house, or we would like rent out like, you know, motel complexes, etc. or giant apartments with like, you know, 30 rooms connected. And that physically live with them and really took away all their stressors. So, you know, we would provide a private chef, we would provide housing like. We provided laundry, etc. so they could spend all their time focused on building because that's where the time is most valuable and that program really well. It continued, but while I was living there, I got the urge to start a company again. You have an enormous following on social media now, over a million followers. In a way it's quite counterintuitive that you talk about your work so much as you do because you're working with these ultra high net worth clients. You see are incredibly private and demand a lot of discussion from the people they work with, and you very much become the face of. The company. I mean, I come from a digital marketing background, so I know the magic that it can do. I don't know if I knew to this level that it would be able to change the face of a business the way that it has for us. Troy has been quiet for 14 years, right behind the scenes. No one of this caliber would ever want anything to be shown online. And then one day we just kind of came to a point where I said, screw it, let's just go for it. And almost overnight it just exploded and within a year we have over a million followers on multiple platforms. I heard you say, I'm talking about making more money on a podcast that you make about, you're poised to make about a million dollars a year this year alone from content creation. Yes, yeah. Talk us through a bit like how you've monetized your presence online. Kind of by accident. I mean, obviously my first priority is. Growing the business that will always be the part of the flywheel. There's Toptier Travel and Travel with Libby, and those two things are running in tandem all the time. For me, I got signed by WME about a year and a half ago with a lot of TV show deals on the table and books and podcasts and all those things. Um, we've really taken that slow. There's been a million opportunities, but again, my main focus is, is work. So that those things are kind of in the background slowly happening, but occasionally we've had some amazing opportunities to work with some massive companies that. Kind of help our business, which is really cool. We work with some amazing, um, like villa partners, for example, and a lot of them are able to pay us on the influencing side, which helps me save money for my future, which is amazing as a young woman, um, but also helps our business and helps with our margins for our clients, so we're getting the best prices for them. And there's a scripted TV drama being made about your talent. I mean that plays into what I said about us all being obsessed with the lives of the rich. What can you tell us about that? So right now I believe we just found a showrunner, which is really Exciting and I'm just, I mean, I'm a theater kid, um, I grew up in that space, so getting to be on set and be an EP of some sort of production about all the stuff that we deal with just feels like such an exciting full circle moment for me. Wow, that's huge. Yeah, that's it for Fortune Daily. I'm Ellie Austin. Please remember to like, subscribe to our YouTube channel, and let us know in the comments what you thought of today's show. And remember that you can also find us on Apple and Spotify platforms. I'll see you tomorrow. And now there's a golf cart. And, and our friend. Oh, the whole hike is now coming back. Do you want me to go? Yeah, I would, I would just wait for this. Hi everyone, good morning, hi. Hi, good morning. Hello, hi. So here you come. OK, we're gonna do it now.

At just 21 years old, Lucy Guo co-founded Scale AI. Two years later, she walked away and went on to become the world’s youngest self-made female billionaire.


Now, she’s building Passes, a creator monetization platform shaping the future of digital media. Lucy sits down with Fortune Daily to discuss: 
• Building an AI giant before the boom 
• Bouncing back from a contentious exit 
• Early bets on Anthropic and the future of artificial intelligence 
• How a new generation of multi-hyphenate tech founders is wielding global influence


Also on today's show: 
• Fame to Fortune: Kristin Stoller sits down with two-time World Cup champion and former USWNT goalie Ashlyn Harris to break down the business of sports. 
• High Stakes Strategy: Former FBI lead hostage negotiator and CEO of The Black Swan Group, Chris Voss, shares negotiation tactics for high-net-worth, high-security environments.
Subscribe to Fortune: ⁠https://fortune.com/subscribe/⁠ 
Additional images courtesy of Getty Images

00:00 Lucy Guo
14:25 Ashlyn Harris
18:40 Chris Voss


How Lucy Guo Became a Self-Made AI Billionaire | Fortune Daily

For the first time in history, Amazon takes the top spot on the 2026 Fortune Global 500, ending Walmart’s 12-year streak through rapid growth in cloud platforms and AI infrastructure. Fortune’s Vice President of Research, Scott DeCarlo, breaks down the key takeaways from this year's record-setting $43 trillion ranking, highlighting the macro trends, surprise movers, and global shift in economic power toward tech platforms.

Amazon claims No. 1 spot over Walmart on the 2026 Fortune Global 500

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When you're talking about the Global 500, you're talking about a scale and revenue of the size of these companies. To put that scale into context, the Fortune Global 500 companies aggregate revenue represents 2/3 of the world's GDP figure. From AI chips to computing no longer depends on companies making products, but the platforms that the companies depend on. The Fortune Global 500 list is here and we have a new number one this year. Amazon is the number one global company by revenue. They surpassed Walmart for the first time, ending its 12-year reign at number one. Most people would think that Amazon is primarily a retailer, but they have a large cloud computing and advertising platform business that allowed it to get past Walmart and surpassed them this year, eclipsing $700 billion in revenue for the first time historically. The interesting thing about these number one companies is that Amazon is only the 6th in the history of the Fortune Global 500. To be number one, which would also include historically Walmart, Shell, and ExxonMobil. This list is the biggest companies by annual revenue. In order to be included in the list, you have to have financial data that's publicly available. It's our 37th running of the list. The companies generated a record revenue figure of $43 trillion and a record profit figure of $3.4 trillion. Geographically, this. List is still a US, China, Japan led list where US leads with 141 representatives on the list, generating $15 trillion followed by Greater China at 122 companies, followed by Japan and then rounded out in the top five by Germany and France. The Global 500 is really a picture of the scale and revenue. An example of that is the top 50 that generated a third of the annual revenue for all. Of the companies on the list and 40% of the total profits on the list, which really tells you on how the economic power sits at the top of the list of these companies. Europe added companies in revenue for a third straight year in 2026, with 133 companies generating 9.7 trillion in revenue. Since 2023, Europe added 14 spots, its strongest three-year stretch since the run up to 2012. Now Europe's growing again, just not as fast as. Everyone else, it's just growing at a 2025 speed in a world where the US is growing at an AI speed. This is really a story about two sectors in this region that we do not consider growth sectors, both energy and banks. When you look at the list itself from year to year, it tells a story of business from one year to the next and the trends of the companies that are on it, as well as the sectors that they represent. If you look historically going back say 1015, 20 years, you Really can see the sort of bell curve of the business and how the global business has been shaped over the years and see where revenue rose and profits rose and sank along with what was going on in the global economy. It's essentially a good blueprint of what business looks like over the course of time. The biggest mover on this year's list is Taiwan-based Wishdraw. It's an electronics components company. It jumped nearly 300 places on this year's. List from last year fueled by 100+ percentage revenue growth that was fueled by the demand in AI across its businesses. One surprise is how dominant the technology ecosystem has become this year. The shift in the industry is a message that the AI infrastructure business is becoming the most powerful growth engine in the economy today. To see the full 2026 Fortune Global 500 list, you can go to fortune.com.

Audience research has always had a fundamental flaw: people lie. Memory fails, incentives distort, and social pressure bends what people say away from what they actually do. Jim Lanzone leads one of the internet's largest audience platforms. Ned Koh builds synthetic populations trained on real-world behavior rather than self-reported surveys. What changes your business when you can understand and segment audiences not by what they say, but by what they actually do?

Ned Koh, Co-Founder and President, Aaru
Jim Lanzone, Chief Executive Officer, Yahoo!
Kristin Stoller, Editorial Director, Fortune

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