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Good morning. If you want to understand where global capital is flowing\u2014and why\u2014listen to Ron O\u2019Hanley. As chairman and CEO of State Street, he leads a global financial institution that safeguards and services more than $54 trillion in client assets and manages $5.6 trillion through its investment management business. I caught up with O\u2019Hanley at the Milken Institute Global Conference this week to get his take on issues weighing on investors:<\/p>\n
The Iran war: O\u2019Hanley says the war is triggering a realignment of capital flows, especially with the $3.2 trillion that the Gulf states and sovereign wealth funds have deployed. \u201cThey\u2019re ripping angry at [Iran] and they\u2019re quite concerned about the rhetoric coming out of the U.S. because the only thing worse than the situation now would be a failed state with 90-plus million people. We haven\u2019t seen anything like it elsewhere in the world,\u201d he told me. \u201cI personally worry about what happens if this goes on much longer. It\u2019s the second-order products that don\u2019t get the headlines\u2026Fertilizer is a big one. The people I talk to on this, their fingers crossed, feel like the world will get through this year because a lot of the fertilizer was already in the supply chain. But you could have a [crisis] situation during next year\u2019s planting season, largely outside the U.S.\u201d<\/p>\n
Tech\u2019s winners and losers: \u201cAI is taking away tasks, not jobs. If you want to put it in baseball terms, we\u2019re in the first inning in terms of how you take advantage of this technology and deploy it. It\u2019s still a toss-up whether the incumbents are going to win or the new entities. Incumbents have a lot of reasons to win\u2014because of data, the moat, and the relationships,\u201d he said. And he argues the spotlight on digital assets is misplaced. \u201cCrypto gets all the attention but what\u2019s going to be more meaningful is just the digitalization of assets\u2014whether it\u2019s money market funds, tokenization of them, the ability to actually take a piece of property, tokenize it, and enable on the blockchain\u2026and enable the investment in it\u2014not just the initial investment, but more importantly, the secondary market for these assets.\u201d<\/p>\n
Global investment opportunities: While Europe\u2019s fiscal priorities are forcing a retreat from global capital markets\u2014\u201dThere\u2019s a huge incremental chunk now that\u2019s going to have to go into defense, resilience, rebuilding\u2026you\u2019ll see those countries be a less significant player on the global capital export stage.\u201d\u2014new markets are emerging. Said O\u2019Hanley:\u00a0 \u201cAs economies go from saving economies to investing economies, that\u2019s when we will move in, when there\u2019s the operational infrastructure, the technology infrastructure, the ability to create a fund that locals can invest in\u2026We\u2019ve articulated our purpose: to help the world\u2019s global investors achieve better outcomes for the people they serve. I hate the term \u2018to run money.\u2019 There\u2019s actually a larger purpose.\u201d<\/p>\n
Contact CEO Daily via Diane Brady at diane.brady@fortune.com<\/p>\n
Top leadership news<\/p>\n
eBay bans account of GameStop CEO<\/p>\n
eBay banned GameStop CEO Ryan Cohen’s account after he began listing baseball cards and GameStop merchandise on the platform to fund his $56 billion unsolicited bid to buy the e-commerce giant. “I’m selling stuff on eBay to pay for eBay,” Cohen had posted on X, less than 10 hours before his account was gone.<\/p>\n
A16z pushes back on \u201cAI job apocalypse\u201d<\/p>\n
In an essay published this week, Andreessen Horowitz general partner David George said the idea that AI will lead to widespread job losses is a “complete fantasy.” He argued that lower costs don’t shrink economic activity but instead expand it, creating new industries and jobs that didn’t exist before.<\/p>\n
A week of fast food earnings<\/p>\n
McDonald’s reported comparable sales gains that outpace most fast-food rivals, but CFO Ian Borden told analysts the company is still losing its lowest-income customers. The results reflect a widening split in the industry: chains like Taco Bell with value baked into their identity are winning, while those reacting with discounts are not.<\/p>\n
The markets<\/p>\n
S&P 500 futures are up 0.4% this morning. The last session closed down 0.4%. South Korea\u2019s KOSPI rose 0.1%, while Japan\u2019s Nikkei 225 fell 0.2%. Hong Kong\u2019s Hang Seng Index is down 0.9%. India\u2019s NIFTY 50 is currently down 0.7%, while the STOXX Europe 600 is down 0.8% in early trading. Bitcoin fell to just under $80,000.<\/p>\n
Around the watercooler<\/p>\n
Indosat CEO Vikram Sinha is building an AI for Indonesia\u2019s local languages. Can he make a business case for sovereignty? by Nicholas Gordon<\/p>\n
Tapestry thinks it\u2019s cracked the code of \u2018expressive luxury\u2019 for Gen Z: a \u2018Goldilocks\u2019 combo of aspirational and approachable by Nick Lichtenberg<\/p>\n
Elon Musk called Anthropic \u2018evil\u2019 3 months ago. Now he\u2019s taking $4 billion to become its data landlord by Eva Roytburg<\/p>\n
Stripe CEO Patrick Collison says a wave of token theft is wreaking havoc on the AI economy by Jeff John Roberts<\/p>\n
Gen Z just broke the streaming model: A majority subscribe, binge, and cancel over and over, study finds by Jake Angelo<\/p>\n
CEO Daily is curated and edited by Joseph Abrams, Jason Ma, Claire Zillman, and Lee Clifford.<\/p>\n
#State #Streets #CEO #warns #global #fertilizer #crisis #due #Iran #war<\/p>\n","protected":false},"excerpt":{"rendered":"
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