Good morning. AMD’s Lisa Su and Enrique Lores of HP met greater than a dozen years in the past, earlier than both was CEO of their respective firms. Once I had a chance to speak to them collectively this previous weekend throughout the F1 United States Grand Prix in Austin, I requested what qualities they first noticed in one another that stood out and cemented their partnership. Lores pointed to Su’s readability of imaginative and prescient whereas Su instructed me that she appreciated Lores’s willingness to take a daring guess on a then-struggling semiconductor firm with a ho-hum product line that was shedding floor to opponents like Intel and Nvidia.
“We had used AMD only for the low end of our consumer business and we jointly saw an opportunity to use their technology in more premium products for commercial customers,” mentioned Lores, who notes that he turned satisfied after seeing what was within the pipeline. “We both had to convince our CEOs that this made sense and develop the economics to show that it made sense.”
As CEOs, they went on to remodel their firms and double down on their collaboration, with AMD now supplying the high-performance chips on the coronary heart of HP’s AI-driven PCs, laptops, and workstations. Beneath Su, AMD has change into a powerhouse within the AI revolution and a case examine in reinvention. Lores, in the meantime, has been remodeling HP from a {hardware} enterprise to what he calls an “experience solutions company” that brings AI capabilities from the cloud to the system.
The problem for HP nowadays is getting prospects and software program firms to purchase into the worth proposition at a time when a number of enterprise {dollars} proceed to circulate into investing in giant language fashions. Whereas Lores has revived HP’s fortunes since changing into CEO in 2019 and continues to develop PC gross sales, considerations about tariffs and weak point within the printing enterprise have reduce 15% from the inventory value this yr. AMD inventory has virtually doubled.
High information
Trump urged Zelensky to give up to Russia
The president urged the Ukrainian president to surrender the Donbas to Putin or be destroyed. “Trump appeared to have adopted many of Putin’s talking points verbatim, even when they contradicted his own recent statements about Russia’s weaknesses,” the FT studies.
Gaza ceasefire damaged by either side
Hamas fired anti-tank missiles at Israeli positions and Israel responded with air strikes. “We knew this was brewing. And the longer these guys are allowed to attack each other, the more they’re going to attack each other,” a White Home official instructed Axios.
Trump softens on China
China GDP grows 4.8% in Q3
That’s down from 5.2% in Q2 and is considered comparatively weak for China.
Should-read: The FT’s historical past of China’s uncommon earth trade
If you wish to perceive why China feels no must again down within the face of Trump’s tariff threats and the way China ended up in command of the world’s provide of uncommon earths, start right here.
Examine exhibits how rapidly ‘AI psychosis’ can take maintain
For some customers, AI is a useful assistant; for others, a companion. However for a number of unfortunate individuals, chatbots powered by the know-how have change into a gaslighting, delusional menace. Steven Adler revealed an evaluation exhibiting that ChatGPT repeatedly and falsely strengthened one man’s delusions and psychological misery.
S&P World report finds extra loss than anticipated at firms
A brand new report from S&P World of 9,000 firms discovered that they may lose not less than $1.2 trillion extra this yr than they anticipated earlier than the yr started. The elevated loss is attributed to tariffs and different elements together with vitality costs and rising capital expenditure, in response to the agency.
How the CEO of Macy’s desires to show the retailer round
Macy’s CEO Tony Spring is making an attempt to convey the retailer again to life after years of poor efficiency by returning the main focus to customer support and visually interesting layouts. “It’s not rocket science,” Spring instructed Fortune, “it’s back to the standards of retail.”
The Louvre was robbed
The museum is closed whereas police examine. The robbers struck in broad daylight whereas the museum was open and focused a selected variety of vintage jewels. France is agog.
The markets
S&P 500 futures have been up 0.34% this morning. The index closed up 0.53% in its final session. STOXX Europe 600 was up 0.54% in early buying and selling. The U.Ok.’s FTSE 100 was up 0.36% in early buying and selling. Japan’s Nikkei 225 was up 3.37%. China’s CSI 300 was up 0.53%. The South Korea KOSPI was up 1.76%. India’s Nifty 50 was up 0.47% earlier than the top of the session. Bitcoin was as much as $111.1K.
Across the watercooler
Jensen Huang says Nvidia went from 95% market share in China to 0% — ‘I can’t think about any policymaker pondering that that’s a good suggestion’ by Jason Ma
CEO coach to the Fortune 500: One of the best leaders have developed a stunning expertise—they know the way to be ‘actively’ lazy by Invoice Hoogterp
Even the writer of ‘Trumponomics’ admits ‘tariffs are taxes—and taxes are bad’ by Eva Roytburg
Mercedes F1 group CEO Toto Wolff’s expertise with two Gen Z drivers made him understand the office stereotypes are ‘a bit unfair’ by Sasha Rogelberg
CEO Every day is compiled and edited by Joey Abrams and Jim Edwards.
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