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Good morning. Phil Wahba writing this morning from New York. Earlier this week, Meta founder and CEO Mark Zuckerberg published a few of his thoughts. Specifically 6,500 words outlining ways to spread the wealth and opportunity from AI to all people, including skeptics such as residents of communities that host data centers.<\/p>\n
That word count made the piece about one-tenth the length of the average novel\u2014and 10x his article on Personal Superintelligence a year ago.<\/p>\n
And Zuckerberg is not alone: Anthropic CEO Dario Amodei delivered the longest piece in this genre so far in 2024 with his 13,000-word \u201cMachines of Loving Grace\u201d essay, while Nvidia\u2019s Jensen Huang has also joined in, as have other AI CEOs. The official explanation is high-minded: with Wall Street scrutinizing Meta\u2019s tens of billions in spending and rival labs racing for dominance, these founders want to lay out their vision in exacting detail and bring regulators and the public along. As Columbia Business School professor Dan Wang told me, \u201cThey have to draw the boundaries around why AI can be useful even before they begin selling products.\u201d<\/p>\n
But there\u2019s a less flattering read, and communications specialist Patrick Riccards put it best. \u201cCEOs, particularly tech CEOs, believe that their words are gospel,\u201d he told me. These essays, he says, are flags planted in the ground: \u201cYou essentially have five or six tech CEOs that are trying to demonstrate whose\u2026[shall we say essay] is bigger.\u201d In our era of short attention spans, that raises an obvious problem. Do people other than AI titans even read these? And if not, what\u2019s the point?<\/p>\n
For a model of what leadership via long form can actually look like, it\u2019s useful to examine the master of the genre. Warren Buffett went long in his annual letters to Berkshire Hathaway shareholders\u2014often 10,000-plus words, deep on the year\u2019s lessons and the company\u2019s results, sprinkled with folksy wisdom. But the length was never the point. Buffett wrote to be understood by anyone; he famously drafted his letters as if explaining the business to his own sisters, smart people who happened to be outside finance. People didn\u2019t read him because he wrote a lot. They read him because he\u2019d earned the right to be heard, over decades of results, and then chose to be plain about it. (His successor Greg Abel\u2019s first letter as CEO this year followed that tradition.)<\/p>\n
And there\u2019s the distinction. Buffett knew exactly who his readers were. Zuckerberg, Amodei and the rest are writing to each other\u2014a closed loop of founders, investors and the reporters who cover them, each essay answering the last. But is that the right audience? Zuckerberg is facing heat from the public who are wary of data centers in their communities and low on trust for Big Tech. A 6,500-word manifesto seems unlikely to change their minds. If there\u2019s one lesson any CEO can take from Buffett, it\u2019s that the writing is easy\u2014earning the right to be read is the hard part.<\/p>\n
Contact CEO Daily via Diane Brady at diane.brady@fortune.com<\/p>\n
Top leadership news<\/p>\n
Traders pay for Trump posts<\/p>\n
Trump Media has signed up nearly a dozen customers, including high-frequency trading firms, for a service that provides early access to President Trump’s Truth Social posts for up to $100,000 per month. NYU Stern economist Gian Luca Clementi told Fortune, “This is insider trading by definition.\u201d<\/p>\n
Canva cuts growth forecast<\/p>\n
Canva lowered its expected revenue growth rate to 20% after unexpectedly high AI-delivery costs forced it to slow its rollout, despite demand for the new tools exceeding expectations. CEO Melanie Perkins told Fortune the company chose to “slow the rollout while we rebuilt the architecture, reduced unit costs and strengthened the business model” rather than release a product before its economics worked.<\/p>\n
Economy is a \u2018mess\u2019 despite inflation relief<\/p>\n
Consumer prices rose 0.1% in July and 3.4% over the past year, matching expectations, as lower energy prices offset other price pressures. KPMG chief economist Diane Swonk wrote that the “economy is a mess,” warning that higher fuel costs could become more apparent in August’s report.<\/p>\n
The markets<\/p>\n
S&P 500 futures are up 0.097% this morning. The STOXX Europe 600 was up 0.11% in early trading. The U.K.\u2019s FTSE 100 was down 0.41% in early trading. The Nikkei 225 is up 1.16%. South Korea\u2019s KOSPI was up 3.56%. China\u2019s CSI 300 was down 0.57%. Hong Kong\u2019s Hang Seng was down 0.25%. India\u2019s NIFTY 50 was down 0.34%. Bitcoin is slightly up at $63,788.<\/p>\n
Around the watercooler<\/p>\n
The majority of U.S. employers say they plan to increase hiring this year\u2014these are the top roles they\u2019re looking to fill by Emma Burleigh<\/p>\n
Bob Iger and Josh Kushner buy the LA Lakers for a record-breaking $12.5 billion, up 21% in just the 14 months since Mark Walter bought them by Catherina Gioino<\/p>\n
Japan and the U.S. just spent billions to try to save the yen. Why is it already losing ground? By Nicholas Gordon<\/p>\n
Nvidia found a new way to keep the AI boom funded: your retirement money by Eva Roytburg<\/p>\n
CEO Daily is curated and edited by Joseph Abrams, Jason Ma, Claire Zillman, and Lee Clifford.<\/p>\n
#reading #Metas #Mark #Zuckerberg #Nvidias #Jensen #Huangs #manifestos<\/p>\n","protected":false},"excerpt":{"rendered":"
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