good morning.
Andrew Nsukka, editorial director at Brainstorm. Fortune A community and event series dedicated to innovation. Having just concluded our annual Brainstorm Tech Summit in Park City, Utah, Diane asked me to share some thoughts on the CEOs she met there. Here are some commonalities:
For example, artificial intelligence.The threat of AI has been talked about for a long time, but there has been less pessimistic FUD (fear, uncertainty, doubt) and more optimistic speculation about how we can harness its power. Can AI save us time from tedious tasks at work? Yes. Can it create trillions of dollars of value? Absolutely. Can it create new products we can’t even imagine? Absolutely. Can it replace knowledge workers? It’s complicated.
RegulationFinancial firms, health care providers and other businesses subject to such regulations brought the topic up frequently on stage. But behind the scenes, there was less frustration with the regulations themselves and more talk of them slowing innovation and clouding prospects. (And there might have been a bit of a sense that the whole thing had become a partisan issue.) The dangers of progress.
PoliticsConversation about the recent assassination attempt on Republican presidential candidate Donald Trump was certainly rare; the topic is probably too complex for even an AI to fully understand. The exception? Trump’s running mate, JD Vance. While investor Ben Harburg and policy adviser Jacob Helberg debated the finer points of U.S.-China policy onstage, attendees discussed the former venture capitalist Vance offstage. Vance’s time in San Francisco has endeared him to some libertarian techies, mostly women and non-LGBTQIA+ people.
economyBrainstorm had many investors in attendance, mixing with technologists and Fortune 500 executives, but most were relieved that the recent economic turmoil had separated the smart investors from the stupid ones. Tough economy? Bad. Losing to lemmings? Worse. Brainstorm Tech discussed a wide range of topics, and this year’s retreat included dozens of CEOs from companies like Agility Robotics, Astrolab, Betterment, Biolinq, Entrata, Grindr, Interpublic Group, Lucid Motors, Pattern, Ripple, Robinhood, Runway, Somnee, Wiz, and Zoom. Check out what happened here.
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VF Abandons Supreme
VF Corp. sold Supreme to EssilorLuxottica for $1.5 billion, three years after acquiring the streetwear brand for $2 billion. Then-VF CEO Steve Rendle hoped Supreme’s fast release pace would revitalize the company’s other brands. But Supreme distracted VF’s management and caused sales to drop for VF’s other brands, including Vans and Timberland. VF’s stock price is down about 85% from its 2019 high. luck
Is Elon Musk Distracted?
Peter Rawlinson, CEO of electric car maker Lucid Motors, says rival Elon Musk isn’t focused enough on Tesla, calling Musk’s support for former President Donald Trump a “glaring example of his lack of focus.” luck“Tesla once had a lead in electric vehicle technology,” but competitors are now catching up, said Rawlinson, who previously worked for Musk on building Tesla’s popular Model S car, at the company’s Brainstorm Tech conference in New York. luck
Technology crash
Semiconductor stocks fell for a second straight day amid reports that the White House is considering new export controls on China’s semiconductor industry. The Biden administration is discussing the use of foreign product restrictions that could restrict the sale of any products that use even a small amount of U.S. technology. Shares of Tokyo Electron, a major Japanese maker of semiconductor manufacturing equipment, have fallen more than 15% so far this week. luck
Around the water cooler
Cruise ship changes course amid anti-tourist backlash in Europe Ryan Hogg
The former American Express CEO says business leaders are too scared to tell Trump what they really think: “They’re so afraid of retaliation.” Paolo Confino
US real estate is so expensive that it even discourages wealthy foreigners from buying homes. Sydney Lake
A Chinese bottled water giant founded by China’s richest man is battling a Hong Kong consumer watchdog Lionel Lim
The CEO of Sephora North America draws leadership from his experiences growing up as an outsider. Fortune Editorial Department
Andreessen Horowitz founder endorses Trump: ‘The future of our business is literally at stake’ Christian Hetzner
This edition of CEO Daily was curated by Nicholas Gordon.
