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Good morning. Will a war-induced recession inspire CEOs to speak out against the Trump administration? Economists like Moodys\u2019 Mark Zandi say odds of a recession are now high. We know that most U.S. CEOs disapprove of Trump\u2019s leadership, from his administration\u2019s policies around tariffs and immigration to its approach to science, free speech and rule of law.<\/p>\n
While business leaders might not have wanted the U.S. to start a war against Iran right now, they\u2019re divided about when to end it. At the annual CERAWeek gathering in Houston last week, energy leaders from Dow CEO Jim Fitterling to Chevron\u2019s Mike Wirth warned of dire consequences if the Strait of Hormuz isn\u2019t opened to shipping as soon as possible. But JPMorgan\u2019s Jamie Dimon said the war could mean a \u201cbetter chance\u201d of permanent peace in the Middle East, while BlackRock CEO Larry Fink predicted the war could result in prosperity or a global recession\u2014but not much in-between.<\/p>\n
What\u2019s clear is that no one is winning the war at the moment. Oil prices are up more than 50%, forcing Asia to hunt for alternatives. Russia isn\u2019t gaining much, thanks to its war with Ukraine. It\u2019s costing U.S. taxpayers about $1 billion a day, and that doesn\u2019t include the 10,000 jobs lost from the economic impact. The people who\u2019ve paid the steepest price, of course, are the 3,000+ who\u2019ve been killed and more than 4.2 million displaced, according to U.N. estimates.<\/p>\n
At some point, there may be too much to ignore. I didn\u2019t see much evidence of high-profile business leaders among the estimated 8 million people attending the 3,300 anti-Trump No Kings protests on Saturday. But I do see signs of mounting concerns: Chubb CEO Evan Greenberg told me last week that \u201cdemocracy is so fragile,\u201d Citadel\u2019s Ken Griffin revealed that he and his CEO peers find the current government\u2019s favoritism \u201cextremely distasteful,\u201d and more than 60 CEOs, including leaders of 3M, Best Buy, Cargill, General Mills, Land O\u2019Lakes, Target, Xcel Energy and UnitedHealth Group signed that letter of protest against ICE actions in Minnesota. One CEO confessed to me recently that they are \u201cshell-shocked\u201d by the administration\u2019s policies but feel a fiduciary duty to not put their company in harm\u2019s way by speaking up. If the war starts to seriously impact stock prices and profits, that could change.<\/p>\n
Contact CEO Daily via Diane Brady at diane.brady@fortune.com<\/p>\n
Top leadership news<\/p>\n
Prioritizing AI over people<\/p>\n
Companies are investing heavily in AI systems but skimping on redesigning the work and leadership needed to manage human\u2013machine collaboration. Experts from Deloitte, Wharton, and Harvard warn that this \u201cdesign gap\u201d could stall productivity gains and heighten operational and reputational risks as AI rolls out at scale.<\/p>\n
Meta executives’ moonshot pay packages<\/p>\n
Six top executives from Meta could receive performance-based stock option awards worth up to about $1 billion if the company hits a $9 trillion valuation target by 2031, according to SEC filings released last week. The new program bucks the norm that such moonshot packages are reserved for CEOs.<\/p>\n
The debate over \u2018AGI\u2019 rages on\u2019<\/p>\n
Last week, Nvidia CEO Jensen Huang claimed that AGI\u2014artificial general intelligence\u2014had already been achieved. Despite several leading AI companies saying they\u2019re racing towards AGI, the term remains stubbornly amorphous, Fortune\u2019s Jeremy Kahn reports, with AI researchers disagreeing over what the definition should be.<\/p>\n
The markets<\/p>\n
S&P 500 futures are up 0.53% this morning. The last session closed down 1.67%. The STOXX Europe 600 was up 0.49% in early trading. The U.K.\u2019s FTSE 100 was up 0.65% in early trading. Japan\u2019s Nikkei 225 was down 2.79%. China\u2019s CSI 300 was down 0.24%. Hong Kong\u2019s Hang Seng was down 0.81%. South Korea\u2019s KOSPI was down 2.97%. India\u2019s NIFTY 50 was down 2.02% today. Bitcoin was steady at $68K.<\/p>\n
Around the watercooler<\/p>\n
Anduril founder Palmer Luckey wants to arm the U.S.\u2019s allies. Could his insistence on deferring to Washington scare them off? By Nicholas Gordon<\/p>\n
\u00a0Private equity is eying Asia\u2019s healthcare funding gap as countries get wealthier and older by Angelica Ang<\/p>\n
Wall Street CEO tells interns to \u2018act immediately like this is 100% your full-time career\u2019\u2014it\u2019s one of 20 top tips Rich Handler has for Gen Z by Emma Burleigh<\/p>\n
The Iran war turned Mag 7 stocks into dip-buying bait. But no one is jumping in yet even though Wall Street expects U.S. tech to outperform by Eva Roytburg<\/p>\n
CEO Daily is curated and edited by Joey Abrams, Claire Zillman and Lee Clifford.<\/p>\n
#Iran #war #drags #shellshocked #CEOs #break #silence #Trump<\/p>\n","protected":false},"excerpt":{"rendered":"
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