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June 1, 2018 / Fortune Asia / Volume 177 / Number 6 / THE FORTUNE 500 ISSUE

FEATURES

The Annual Fortune 500
The definitive benchmark of America’s biggest companies.
PAGE NO. 23

The Long Game
By CLIFTON LEAF
Every Fortune 500 CEO knows he or she should be managing for the long term. Why do so many of them get stuck on the next quarter?
24

Amazon Gets Fresh
By BETH KOWITT
What does the e-commerce titan want from its purchase of Whole Foods? Not much-just total retail domination.
26

Facebook’s Fix-It Team
By MICHAL LEV-RAM
To purge bad posts, the social network is hiring thousands of moderators and deploying leading-edge A.I. It’s also collecting even more data about its users.
PAGE NO. 36

What the Hell Happened?
By GEOFF COLVIN
Few corporate meltdowns have been as dramatic as General Electric’s. The question is whether this great company can come back.
PAGE NO. 44

How JPMorgan Learned to Love the Blockchain
By ROBERT HACKETT
To take advantage of finance’s buzziest innovations, America’s biggest bank had to figure out how to collaborate with hacker types. The cultural collision could pay off.
54

Lone Star Rising
By JEFFREY BALL
In a dusty swath of West Texas known as the Permian Basin, a historic oil boom is pushing U.S. oil production to record levels and bringing sudden wealth to locals-along with some thorny challenges.
PAGE NO. 62

Paper Jam!
By SHAWN TULLY
Xerox had planned to sell itself to Fujifilm-until activist Carl Icahn and a Texas billionaire blocked the deal. Inside the craziest showdown raging on Wall Street today.
74

THE LISTS
F-1 The 500 Largest U.S. Corporations
F-23 Arrivals and Departures
F-24 Explanations and Notes
F-25 Company Performance
F-29 The 500 Ranked Within Industries
F-38 Index
PAGE NO. 87

DEPARTMENTS

BRIEFING

7 Solving a Wireless Merger Mystery
T-Mobile and Sprint have been trying to fit together since 2014, but regulators haven’t been convinced. Could 5G be the key piece of the puzzle?
By AARON PRESSMAN

10 Ford’s Car Escape
The humble sedan will soon be an afterthought to the company that built the American car industry.
By KIRSTEN KOROSEC

12 Barbie’s Diversity Dance
Despite a few slip-ups, Mattel should double down on more-inclusive Barbies.
By LISA MARIE SEGARRA

13 Vacation, G7-Style
A Quebecois guide to foreign policy, piste, and poutine.
By PHIL WAHBA

14 America’s Scooter Showdown
They’ve descended on U.S. cities overnight, but are our streets ready?
By ARIC JENKINS

FOCUS

TECH

15 Man in the Middle
Meet Ro Khanna, a little-known congressman who represents some of the biggest names in Silicon Valley.
By RICHARD MORGAN

VENTURE

18 The Last Gasp of the Boys’ Club
A dozen Fortune 500 boards still lack a single female director. What will it take to bring the holdouts into the age of equality?
By CLAIRE ZILLMAN

PASSIONS

20 Beauty Sleep
In a nonstop world, bed might be the ultimate luxury.
By LINDSEY TRAMUTA

BACK PAGE

LAST BYTE

128 The Fortune 500: Then and Now
A graphic look through the ages.
Text by BRIAN O’KEEFE; graphics by NICOLAS RAPP

CORRECTION

The World’s Greatest Leaders list (May 1) erroneously identified the Bill & Melinda Gates Foundation as a financial partner in Aspect Ventures; it should have said that Melinda Gates is a partner.

ON THE COVER: ILLUSTRATION BY MUOKKAA

[IMAGES]

KHANNA: BRAD WENNER

Unlikely banker Amber Baldet.

ｩ Time Inc.