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Good morning. The English are coming. So are the Dutch, Germans, Danish, Swiss and other Europeans driving growth in foreign direct investment in the U.S. right now. FDI rose by $266 billion to $5.86 trillion at the end of 2025, with Europe accounting for much of the increase and manufacturing remaining the largest target.\u00a0<\/p>\n
We know why it\u2019s happening: Companies want access to the world\u2019s deepest consumer market and pool of capital, along with U.S. talent\u2014and, of course, manufacturing on American soil is a hedge against tariffs. It\u2019s good news for policymakers looking for tangible wins.<\/p>\n
Several European CEOs have told me their goal is to build deeply-rooted American businesses. Galderma is a case in point. The Swiss dermatology company, whose brands range from Cetaphil and Alastin to injectable fillers such as Sculptra and Restylane, generated $5.24 billion in revenue last year. The U.S. accounted for 40% of those sales and is its fastest-growing market. Galderma announced last year that it will invest more than $650 million in U.S. manufacturing through 2030. \u201cIf you want to succeed, you have to succeed in the U.S.,\u201d CEO Flemming \u00d8rnskov told me.<\/p>\n
\u00d8rnskov\u2019s first priority was access to R&D talent. \u201cThe business was in Fort Worth, and I said, \u2018If we want to be competing against Sanofi and everybody else, let\u2019s move it to Boston.\u2019\u201d (The French drugmaker Sanofi\u2019s Dupixent competes with Galderma\u2019s Nemluvio in treating skin conditions such as eczema.)\u00a0\u00a0<\/p>\n
Galderma\u2019s big competitive target is AbbVie-owned Allergan Aesthetics, the U.S. injectables leader that makes Botox and Juv\u00e9derm. \u201cUntil we have closed the gap to Allergan in market share, I won\u2019t think we\u2019ve succeeded,\u201d\u00a0said \u00d8rnskov.\u00a0<\/p>\n
That\u2019s why geography matters: For Galderma\u2019s U.S. headquarters, he picked Miami because it serves a fast-growing consumer market and is a gateway to Latin America. He\u2019s also building a presence in Orange County, Calif., because, he says, \u201cthe aesthetic business is dependent on expertise and that expertise is so concentrated there.\u201d Fort Worth remains an important distribution hub.<\/p>\n
Of course, there are also some challenges for companies seeking a foothold in the U.S., \u00d8rnskov said: \u201cThe bar for aesthetic products approval is the highest in the U.S.\u2014by far the highest\u2014and it\u2019s become even tougher \u2026 but it\u2019s such an important market that we have to do whatever it takes.\u201d<\/p>\n
Contact CEO Daily via Diane Brady at diane.brady@fortune.com<\/p>\n
Top leadership news<\/p>\n
Do CEOs actually matter?<\/p>\n
The Pulitzer Prize-winner author of Guns, Germs, and Steel examines that question in his forthcoming book. In an excerpt from Profits, Prophets, Coaches, and Kings, Jared Diamond explains that CEOs have more discretion in certain industries, such as computers, soap and perfume, games and toys, motion pictures, and clothing for young people. But CEOs have less discretion in public utilities, steel, shipbuilding, railways, and gas transmission.<\/p>\n
OpenAI limits access to Astra\u2019s top cyber tools<\/p>\n
OpenAI\u2019s Astra is substantially more capable than its current frontier AI model, GPT-5.6 Sol, which itself is highly capable at cyber tasks. But only a handful of partners will get access to its most advanced cybersecurity capabilities as OpenAI works to balance helping companies prevent cyberattacks while not empowering attackers at the same time.<\/p>\n
New bill would tax AI tokens to fund jobs<\/p>\n
A new House proposal would impose an excise tax on major AI companies and automatically increase the levy if unemployment climbs, funneling the money into creating jobs in areas from housing construction and infrastructure to child and elder care. The bill proposes a bifurcated taxation: either tax the value of the tokens or tax revenue from AI services and certain transactions with affiliated companies, whichever yields the higher sum.<\/p>\n
The markets<\/p>\n
S&P 500 futures are down 0.25% this morning. The STOXX Europe 600 was down 0.63% in early trading. The U.K.\u2019s FTSE 100 was down 0.52% in early trading. The Nikkei 225 was\u00a0down 2.85%. South Korea\u2019s KOSPI was\u00a0down 3.99%. China\u2019s CSI 300 was down 1.38%. Hong Kong\u2019s Hang Seng was down 0.07%. India\u2019s NIFTY 50 was down 0.72%. Bitcoin is down at $77k.<\/p>\n
Around the watercooler<\/p>\n
The Pentagon is giving 3 million military and civilian workers access to ChatGPT and Grok through a secure AI platform built for \u2018warfighter needs\u2019 by Marco Quiroz-Gutierrez<\/p>\n
IKEA is spending $1.4 billion to cut prices, joining Walmart and Target in a race to win back shoppers by Mia Osmonbekov<\/p>\n
Once a champion for physical media, Sony is now telling PlayStation customers they don\u2019t actually own the digital video games they paid $70 for by Sasha Rogelberg<\/p>\n
As Gen Z flocks back to accounting, EY is investing $100 million in bonuses for employees who prove they have human skills by Preston Fore<\/p>\n
From a Singapore airport soundtrack to new AI-powered PCs, HP is looking for a new rhythm in Asia by Angelica Ang<\/p>\n
CEO Daily is curated and edited by Joseph Abrams, Jason Ma, Claire Zillman, and Lee Clifford.<\/p>\n
#Galdermas #650M #bet #manufacturing #captures #Europes #investment #playbook<\/p>\n","protected":false},"excerpt":{"rendered":"
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