Also: New AI alliance, Mozilla's diverse board, U.S. climate leadership
Good morning.
Another day, another list. Today, it’s the Fortune Future 50, which we have been doing since 2017 with the smart folks at Boston Consulting Group’s Henderson Institute. This one assesses 1,700 global public companies based on their long-term growth prospects, using a formula that includes market expectations but also a variety of other factors such as research and development spending, patent portfolios, relatively youthful and stable leadership, and lean corporate structures.
Tech companies dominate the list, which says something about where the world is headed. Snowflake, a data cloud company based in Bozeman, Montana, is at the top. The company is partnering with Nvidia to allow companies to develop AI models and applications on its platform. Some e-commerce companies also rank, including DoorDash (#9) and China’s trip.com (#37). Also on the list is Spotify (#48), which is interesting given the company’s recent announcement of layoffs. I was especially struck to see ServiceNow on this list (#19), as it was also on yesterday’s American Opportunity Index (#5). Any company so clearly focused on both the future and its employees deserves watching.
It’s also noteworthy that two Chinese electric vehicle companies–Li Auto (#5) and Nio (#13) made the list, as well as two Chinese battery companies–EVE Energy (#10) and CATL (#49). I’m in Macau this week, at the Fortune Brainstorm Design conference, and will be interviewing EV designers from two top Chinese manufacturers tomorrow–GAC and Jiyue. China continues to lead the world in EVs, producing well over half the global output this year. In his stunning and at times disturbing interview at the New York Times DealBook Conference recently (if you haven’t listened to it, you should, here), Elon Musk predicted that the top 10 EV firms in the future would include Tesla at the top, and then nine Chinese firms.
GM CEO Mary Barra, though struggling with weak EV demand at home, is determined to forge a different future. In her newsletter to employees this morning, Barra wrote:
“Historic transformations like ours don’t happen overnight…We are steadfast in our commitment to the electric, autonomous future, and are acting with purpose to successfully manage this critical point in our journey. We are transforming on our terms–with a clear vision, the courage of our convictions and confidence in our team.” You can explore the Future 50 here. Other news below.
Alan Murray
@alansmurray
alan.murray@fortune.com
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AI alliance
When it comes to AI innovation, a handful of tech giants come to mind, including OpenAI, Microsoft, Google and Amazon. So, the apparent underdogs of the up-and-coming industry have teamed up to form an “AI Alliance.” IBM, Intel, Sony, Dell, Meta Platforms, and more than 50 other companies, foundations, and research institutions are hoping to gain traction with open source AI. Fortune
Diversity matters
As OpenAI comes under fire for its initial all-male, all-white selection of new board members, Mozilla has added four new directors from diverse backgrounds to its nonprofit board. Mark Surman, the president of the tech company most known for its Firefox internet browser, told Fortune: “We don’t think you can have a public institution like this without having a board that represents all kinds of dimensions of diversity.” Fortune
U.S. defends climate leadership
John Kerry, the top U.S. climate diplomat has maintained that the country is leading global efforts to limit climate change despite oil production hitting a record high. “We’re on a pathway to keep 1.5 alive,” he insisted at COP28, all the while pointing the blame at other countries. “The bigger problem is the 550 gigawatts or so of coal-fired power that is unabated, that is coming online in Asia, so what we need to do is find a way to accelerate everyone’s transition.” Financial Times
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CEOs building for resiliency amid disruption CEOs surveyed indicate that maintaining growth is one of the biggest challenges they face today. Concerns about geopolitical instability, inflation, other sources of financial/market instability, and labor/skills shortage continue while regulation surfaces as a top concern for CEOs. Read here.
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