Fortune

The crypto industry is hoping for a long-awaited boom under Donald Trump’s second presidency. Trump’s reelection changed things for the sector, which aims to finally get comprehensive regulation rather than a hodgepodge of lawsuits from the SEC, according to Paxos CEO Chad Cascarilla. “It can really kick off a crypto Golden Age where you put the right rules in place,” Cascarilla said at the #FortuneGlobalForum during a panel on the future of decentralized finance. Read more: https://lnkd.in/eMd-J73p

The widespread replacement of workers by AI won’t happen until a recession strikes, according to International Monetary Fund first deputy managing director Gita Gopinath. Since OpenAI’s ChatGPT kicked off the generative AI revolution in late 2022, there has been extensive handwringing that the technology would result in mass layoffs. The promise of a tool that could understand complex questions posed in normal, everyday speech and spit out cohesive answers seemed poised to end a host of professions ranging from customer service reps to journalists. Ultimately, those concerns haven’t panned out as the most fearful had imagined, largely because the economy was on solid footing. Read more: https://lnkd.in/ep2RZ38Q

Two highlights for me from this week’s #FortuneGlobalForum in NYC: ◾ Former Secretary of State Mike Pompeo and former Secretary of Defense Leon Panetta on global diplomacy and America’s role on the world stage. ◾ Brooke Shields – actor, entrepreneur and bestselling author – at Fortune’s Most Powerful Women breakfast speaking about her career over time and the importance of women leaders. These and other speakers offered a lot to contemplate about what the future holds for all of us, and more importantly, how we can influence it for the better. Thank you, Fortune, for the invite.

Amazon has finally debuted its long-rumored rival to Temu, the online retailer known for steeply discounted merchandise. Amazon’s new digital storefront, introduced Wednesday, is called “Haul” and showcases items under $20, like $1.29 earrings and $7.99 women’s leggings. It offers additional discounts for orders above $50 and $75, as well as free shipping on purchases of $25 or greater, though delivery can take a week or longer. Amazon Haul doesn’t appear to offer any special perks to members of Amazon’s popular shipping and entertainment membership program, Prime. Read more: https://lnkd.in/e9_EUYk2

“If you are best friends with the president of the United States, you have access to any world leader you want." High-stakes risk has been a hallmark of Elon Musk’s career: defying industry standards with reusable rockets at his $210 billion interplanetary exploration company SpaceX—or, at $1 trillion Tesla, spending billions on titanic production facilities to manufacture electric-vehicle components in-house. But it was Musk’s recent zero-sum bet to stake his reputation, his newly purchased social media platform, and more than $130 million in political donations to Republicans and Donald Trump’s third presidential campaign that has propelled him—and his companies—to an unparalleled level of power and influence in both business and politics. Read more here 👉 https://lnkd.in/e4KiHk2r

Red Lobster is trying to change the tides in its post-bankruptcy era. In May, the casual seafood dining chain filed for Chapter 11 bankruptcy after closing dozens of restaurants, which gave it time to address “several financial and operational challenges,” its former CEO Jonathan Tibus said in a statement. One of the major blunders made by Red Lobster was its $20 endless shrimp promotion. While the deal made quite the splash with customers, the company suffered millions in operating losses. And Red Lobster’s new CEO, Damola Adamolekun, warned customers not to hold their breath for the promotion to make a comeback. Read more: https://lnkd.in/e7jYi45V

Young people are often looking to experts and executives for financial advice. But sometimes those same executives are looking back at them. At the #FortuneGlobalForum, Adena Friedman, chair and CEO of Nasdaq, told Fortune's Lee Clifford that she recently watched her son, who is in his 20s, learning how to invest small amounts of money into an event marketplace website. He took different sides of trades that went something along the lines of: What will the temperature be in New York overnight? “What was so cool about it was that he was learning market structure—he didn’t even realize he was learning it,” Friedman said. CS Venkatakrishnan, group chief executive of Barclays, echoed the the same thoughts about investing early on. “I think the most important thing for young people to understand that investing in their future is really one of the biggest decisions they can make, they should start young from that first paycheck, have a really long term view, and the equity markets are a really important part of that,” he said. Read more: https://lnkd.in/eUEtd_2h

At the #FortuneGlobalForum, Chairman and CEO of biorecycling company LanzaTech Dr. Jennifer Holmgren displayed a jacket that was "made from pollution." "That is the circular economy," she said onstage. https://lnkd.in/ea9m73kX

Fortune named Ariel Co-CEO Mellody Hobson to its inaugural 100 Most Powerful People in Business list. A fierce advocate for investment excellence, financial literacy and addressing the nation’s racial wealth gap, we are proud to have Mellody at the helm of Ariel after joining as an intern over 30 years ago. Congratulations to the inspirational leaders featured. Read the profile here: https://lnkd.in/eTTnRrKn #ShareAriel

Qualcomm President and CEO Cristiano R. Amon has been named as one of Fortune's 100 Most Powerful People in Business for his leadership in bringing #Snapdragon to #AI enabled PCs and successfully positioning Qualcomm as a leader in intelligent computing. Learn more: https://bit.ly/4ewUduW