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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.

May 1, 2018 / Fortune Asia / Volume 177 / Number 5 / THE WORLD’S 50 GREATEST LEADERS

FEATURES

THE WORLD’S 50 GREATEST LEADERS

Introduction: There’s Strength in Unbundling
By GEOFF COLVIN
For centuries, greater size made companies and nations more formidable. Now leaders are learning the power of a smaller scale.
PAGE NO. 20

The 2018 List
BY JONATHAN CHEW, ERIKA FRY, and the FORTUNE staff
Fortune’s fifth annual list of the thinkers, speakers, and doers who are stepping up to meet the world’s biggest challenges.
22

The Nick Saban Standard
By BRIAN O’KEEFE
The University of Alabama football coach has done more than just win. His success has influenced a whole new generation of competitors and coaches.
28

Redemption for Bitcoin’s Biggest Villain
By JEN WIECZNER
He led the world’s biggest Bitcoin exchange before a mysterious heist made it go bust. As clues emerge and Bitcoin’s price surges, Mark Karpel鑚 is on the hunt for answers.
PAGE NO. 40

Retail Reckoning
By PHIL WAHBA
Private equity has invested hugely in the retail sector-boosting some brands and crushing others. Here’s how these investors are remaking your mall.
48

Breach of Trust
By KRISTEN BELLSTROM and BETH KOWITT
For women, late-night business meetings require a leap of faith that they’ll be treated professionally. Two execs say ex-Tronc chair Michael Ferro betrayed that trust.
54

DEPARTMENTS

BRIEFING

5 Facebook Can’t Solve This Problem Alone
Even Mark Zuckerberg says more social media regulation is inevitable-but will new rules shore up today’s giants or tear them apart?
By AARON PRESSMAN

8 The First Victims of a New Trade War
U.S. farmers’ pain could be the tip of the iceberg if trade tensions escalate.
By CHRIS MATTHEWS

9 Drug Prices Are Increasing
So is Big Pharma lobbying.
By JAY HANCOCK and ELIZABETH LUCAS

FOCUS

TECH

11 A New Code of Conduct
What are the legal ramifications of a self-driving car at fault? A look into what happens when robots go awry.
By KIRSTEN KOROSEC

13 Your Next Home Could Be 3D-Printed
One Texas company wants to make it possible to download and print a livable structure.
By CHRIS MORRIS

VENTURE

15 Go on Green Light
Every entrepreneur has a ”light bulb moment.” Cole Zucker’s was quite literal.
Interview by DINAH ENG

PASSIONS

17 Aston Martin’s Next Century
James Bond may have put it on the map, but the British marque is determined to stir, not be shaken.
By JACLYN TROP

BACK PAGE

LAST BYTE

64 Raise a Glass to Equities
When it comes to long-term investing, the one asset class that even fine wine can’t beat? Stocks.
Text by BRIAN O’KEEFE; graphic by NICOLAS RAPP

ON THE COVER: COLOR TEARS BY VVOEVALE (2), AND HUDIEMM, BOTH FROM ISTOCK/GETTY IMAGES

[IMAGES]

SEAN CONNERY WITH ASTON MARTIN: COURTESY OF EVERETT COLLECTION





ｩ Time Inc.

April 1, 2018 / Fortune Asia / Volume 177 / Number 4

FEATURES

DIGITAL HEALTH
Big Data Meets Biology
By ERIKA FRY and SY MUKHERJEE
Just about everyone agrees that America’s health care system is broken. Is better data the medicine we’ve been looking for?
Fortune goes deep into tech’s next big wave.
PAGE NO. 24

Inside Bar軋’s Global Empire
By VIVIENNE WALT
Spanish soccer giant FC Barcelona has an aggressive game plan to grow its sales-especially in the U.S. At home, it remains a symbol of Catalonian pride.
PAGE NO. 36

Second to None, but Still Number Two
By LEIGH GALLAGHER
Tech firms are hiring top-performing women to be their chief operating officers. But do these jobs represent a prelude to a CEO role-or a new glass ceiling?
PAGE NO. 46

Deep in Debt
By SHAWN TULLY
The White House and U.S. CEOs’ celebration of historic tax cuts won’t last long: Government deficits are on the verge of swamping the economy.
PAGE NO. 56

DEPARTMENTS

BRIEFING

7 The Quest to Clean Up the Internet
Silicon Valley firms are hiring thousands of human moderators to help police a flood of fake and criminal content online. It won’t be enough.
By MICHAL LEV-RAM

10 Food Giants Look to Fido for Growth
Pet food sales are climbing, driving a hunger for acquisitions.
By PHIL WAHBA

FOCUS

VENTURE

11 A Very Grubby Business
Why insects might be part of the solution for a looming food crisis.
By VIVIENNE WALT

TECH

14 Is Snapchat’s Redesign Brilliant-or a Blunder?
A disruptive change to the mobile app has some users up in arms.
By CHRISTINA AUSTIN and ANDREW NUSCA

INVEST

15 Special Report: State of the Market
The Fortune investment team offers six stocks that are poised to thrive right now-along with a glimpse of what the next market reality might look like.

PASSIONS

21 Private Aisle
How travel companies are going to great lengths to keep their high rollers happy.
By SHEILA MARIKAR

BACK PAGE

LAST BYTE

64 Luxury Real Estate Is Soaring Globally
The ranks of the ultrawealthy are growing fast, and their money is driving up high-end real estate prices.
Text by BRIAN O’KEEFE; graphic by NICOLAS RAPP

CORRECTION

The 100 Best Companies to Work For list (March 1) mistakenly said that Salesforce uses its own software to identify strong performers who haven’t had promotions. In fact, an internal recruiting team performs this function.

ON THE NEWSSTAND COVER: ILLUSTRATION BY EDDIE GUY

ON THE BRAINSTORM HEALTH CONFERENCE COVER: GRAPHIC BY NICOLAS RAPP

[This article consists of an illustration. Please see hardcopy of magazine or PDF.]

Deafness

Retinitis pigmentosa

Coronary artery disease

Alzheimer’s disease

Schizophrenia

Thrombophilia

Asthma

Diabetes mellitus

Spinocerebellar ataxia

Blood group

Leukemia

Gastric cancer

Epilepsy

Obesity

Neuropathy

Breast cancer

Charcot-Marie-Tooth disease

Prostate cancer

Lymphoma

Colon cancer

[IMAGES]

Human disease: a network of genetic connections. (For more see page 33.)

ｩ Time Inc.

March 1, 2018 / Fortune Asia / Volume 177 / Number 3 / 100 BEST COMPANIES TO WORK FOR 2018

FEATURES

THE 100 BEST COMPANIES TO WORK FOR

The 2018 List
Salesforce tops our 21st annual ranking, thanks to its bold efforts to create a Great Place to Work for All. The foundation? A ”culture of family.”
PAGE NO. 23

Politics in the Workplace
By HANK GILMAN
Preventing toxic political discourse from seeping into the workplace has always been a challenge. Our experts weigh in with four pieces of advice.
40

T-Mobile’s Big, Brash Comeback
By AARON PRESSMAN
CEO John Legere’s recipe for success at the wireless carrier includes a relentless focus on staff morale-and generous servings of confetti.
PAGE NO. 42

The Secrets of Activision Blizzard
By ANDREW NUSCA
At the gaming giant- a place where fantasy reigns-top talent is given opportunities to acquire real-world skills and the freedom to craft their careers.
50

Uncle Sam’s Secret Bitcoin Windfall
By JEFF JOHN ROBERTS
The federal government has seized billions of dollars’ worth of Bitcoin from criminals. Critics say it’s mismanaging that digital wealth.
54

The Accidental Guru
By ADAM LASHINSKY
Eric Ries’s ”lean startup” thinking has inspired countless executives to become acolytes. Not bad for a guy who doesn’t really like business.
60

DEPARTMENTS

FOREWORD

4 Building an Idea Factory Want to spark some innovation at your company? Start by putting more trust in your employees.
By CLIFTON LEAF

BRIEFING

5 New Tax Cuts Will Save Billions. But for Whom?
Dems say tax windfalls won’t work their way down to employees. Republicans say they already have. Both sides are getting it wrong.
By GEOFF COLVIN

9 Forget ”Uber for X,” Try ”X for Women”
A growing cottage industry of startups is catering primarily to women.
By VALENTINA ZARYA

10 Buckle Up, Volatility Is Back
After years of shrugging off the news, Wall Street has regained its capacity for fear.
By JEN WIECZNER

11 Trump’s Trade Wars The President thinks the U.S. has made a lot of bad deals. The alternatives could be worse.
By GRACE DONNELLY

FOCUS

VENTURE
12 Top of the Hops
How Lagunitas Brewing Co. came to be.
Interview by DINAH ENG

TECH
14 A Moonshot for Modest Times
Chronicle, the latest graduate of Alphabet’s experimental X unit, scours data to detect cyberattacks.
By JONATHAN VANIAN

INVEST
15 When a Blockchain Is Your Broker
The tech behind Bitcoin could someday change the way you invest-even if you never invest in Bitcoin.
By ROBERT HACKETT

PASSIONS

19 Finding the Perfect Blend
When America’s best chefs need a pinch of magic to take their dishes to the next level, there’s one man they call.
By STACY PERMAN

22 See Dublin Like a Local
A guide to Ireland’s cool and quirky capital, courtesy of our expert concierge.
By ADAM ERACE

BACK PAGE

LAST BYTE
68 Cash Back
Thanks to the Tax Cuts and Jobs Act, U.S. companies no longer have incentive to stash profits overseas.
Text by BRIAN O’KEEFE; graphic by NICOLAS RAPP

ON THE COVER: ILLUSTRATIONS BY JONATHAN CALUGI

[IMAGES]

User error: Tide Pods get dragged into the drain
TIDE PODS:JENNIFER TEPP-ALAMY

SPICES: KARSTEN MORAN

JONATHAN CALUGI

ｩ Time Inc.

February 1, 2018 / Fortune Asia / Volume 177 / Number 2

SPECIAL REPORT: JOB MARKET 2018

Ready, Set, Jump!
By GEOFF COLVIN
The job market is hotter than ever- and, for those in search of a new adventure, now’s the time to take the leap.
PAGE NO. 20

Grit Is the New MBA
By ELLEN MCGIRT
To compete in rapidly changing markets, companies need workers who are creative and resilient-and have proved it in real life.
28

The World’s Most Admired Companies
Which companies are most respected? We polled some 3,900 executives, analysts, directors, and experts to find out. Here are the results.
PAGE NO. 37

Can These VCs Fix Tech’s Bro Problem?
By MICHAL LEV-RAM
The smart money is falling out of love with the bad boys of Silicon Valley. That’s opened the door to a new breed of investor.
44

Shell Faces ’Lower Forever’
By JEFFREY BALL
Fueled by a belief that the age of high oil prices is over, petroleum giant Royal Dutch Shell is racing to remake itself for a new-energy world.
50

DEPARTMENTS

BRIEFING
3 Super Bowl Ads Can’t Save TV
Marketers will spend millions on TV advertising during football’s main event. It won’t be enough.
By ERIKA FRY

7 Retailers’ Secret Weapon Is ... Food?
Why groceries are suddenly a hot business.
By PHIL WAHBA

8 The Decline of American Fertility
Falling U.S. birth rates could precipitate an economic crisis.
By LYMAN STONE

9 Tech Dissatisfaction, Version 99.0
It’s easier than ever for companies to update products remotely- or stunt them. And consumers are taking notice.
By ROBERT HACKETT

10 A Hotel-Turned-Jail Will Soon Turn Back
The Saudi kingdom’s most luxurious hotel has been doubling as a detention facility. How bad is that for business?
By VIVIENNE WALT

FOCUS

TECH
11 Open the Pod Bay Doors
Meet Aurora, a spunky self-driving-car startup with a potent pedigree and powerful partnerships.
BY KIRSTEN KOROSEC

VENTURE
13 Out of Prison and Into the Valley
Tech entrepreneurs are finding that hiring former prisoners can provide a social good and make great business sense.
By JENNIFER ALSEVER

INVEST
15 Can Video Game Stocks Level Up?
Gamemakers have been some of the biggest stock winners in tech, but investors fear the rally could run out of lives. Here’s why it isn’t ”game over” just yet.
By LUCINDA SHEN

PASSIONS
18 Champagne Beyond the Bubbles
It’s the drink of choice for celebrations, but Champagne is a wine that deserves to be enjoyed long past the hors d’oeuvres.
By LINDSEY TRAMUTA

BACK PAGE

LAST BYTE
60 Storm Warnings
Extreme weather is becoming more common, and the economic impact is soaring.
Text by BRIAN O’KEEFE; graphic by NICOLAS RAPP

CORRECTION

”To Catch a Cryptothief” (Nov. 1, 2017) mistakenly referred to JSEcoin as a Monero miner. It is not. Rather, it mines its own coin葉he eponymous JSEcoin.

[IMAGES]

Tech veteran and diversity advocate Erica Joy Baker knows what it takes to succeed.
LEAH FASTEN

ｩ Time Inc.

January 1, 2018 / Fortune Asia / Volume 177 / Number 1

FEATURES

How High Will Bitcoin Go?
By ROBERT HACKETT and JEN WIECZNER
We’ve never seen anything like the mania surrounding Bitcoin. What’s driving the crypto craze預nd how long can it last?
PAGE NO. 24

BUSINESS BY DESIGN
Has Apple Lost Its Design Mojo?
By RICK TETZELI
A generation of peerless products made it the world’s most valuable company. Now some are questioning if the magic is still there. Don’t believe the naysayers.
PAGE NO. 34

Companies That Get Design Right
To stay ahead of waves of disruption, smart firms are turning to design to find a competitive advantage. Here are two dozen (joining Apple) in the vanguard.
44

DEPARTMENTS

FOREWORD

3 The Quest for ”Just Right” Creative companies are tackling a mystery that no algorithm can: how to get into the heads and hearts of their customers.
By CLIFTON LEAF

LETTERS

4 Readers respond to stories in our latest Investor’s Guide.

BRIEFING

5 I.O.U.S.A.
Americans are racking up more debt than ever. When will it be time to panic?
By ERIKA FRY

8 This App Could Be the Future of Television
What Vice TV is to 60 Minutes, HQ Trivia is to Jeopardy. But it has competition.
By ROBERT HACKETT

9 The Incredible Shrinking Store
It’s not just margins that are getting smaller at U.S. retailers.
By PHIL WAHBA

10 The Ball’s in Your Court, HR
The concrete steps corporate America can take to help women at work.
By LEIGH GALLAGHER

11 Disney, Fox, and the CEO Who Can’t Quit
The marriage of two media giants will supposedly be Disney CEO Bob Iger’s last hurrah. We’ve heard that before.
By MICHAL LEV-RAM

12 The 10 Best Workplaces for Diversity
Plenty of companies claim to be inclusive. This bunch really delivers.
By CHRISTINA AUSTIN

FOCUS

VENTURE

13 Air Metal
Iron Maiden’s Bruce Dickinson brings the intensity of his stage performances to the aviation business.
By PHIL WAHBA

INVEST

15 Filling Retail’s Empty Spaces
Fundamental changes in the way people shop have driven retail stocks down to clearance-sale lows. But the chains that survive today’s shakeout could pay off big.
By RYAN DEROUSSEAU

17 Investors Look to Asia
A rebound in Japan and fast-growing middle-class populations throughout the region are making Asian stocks look like smart bets.
By LUCINDA SHEN

TECH

19 The Gift of Gab
The future of secure authentication is your voice, thanks to artificial intelligence.
By JENNIFER ALSEVER

20 A Revolution of Haves and Have-Nots
High-skill technology jobs are concentrating in few places, even as their impact sweeps across the nation.
By VAUHINI VARA

PASSIONS

22 Meister Singer
When money is no object, a classic Porsche 911 can become anything you want it to be.
By JACLYN TROP

BACK PAGE

LAST BYTE

60 Leading the Way in A.I.
The A.I. revolution is coming預nd one research firm has identified the most promising startups.
Text by BRIAN O’KEEFE; graphic by NICOLAS RAPP

COVER DESIGN BY PAUL MARTINEZ

[IMAGES]

Apple design chief Jony Ive
COURTESY OF APPLE

AARON FERNANDEZ

ｩ Time Inc.

December 15, 2017 / Fortune Asia / Volume 176 / Number 8 / 2018 INVESTOR'S GUIDE



FEATURES

INVESTOR'S GUIDE 2018



You've Won Big. Now Raise the Bar.

By MATT HEIMER

Investors scored healthy returns in the stock market this year. But there won't be as many big winners in 2018. That means it's time to get choosy.

PAGE NO. 32



The All-Tech Portfolio

By JEN WIECZNER with SCOTT DECARLO

Thanks to sweeping changes in business, there are now "tech" companies in every sector of the economy. We found 31 stocks that can help you profit from the revolution.

36



What Is the Smart Money Buying Now?

Interview by MATT HEIMER

A historically long bull market has made bargains scarce. But our panel of market experts continues to see profitable opportunities ahead—powered by software.

48



The Very Long Game

By CHRIS TAYLOR

We're living longer—and that's a mixed blessing. How investors and advisers are scrambling to deal with the prospect of endless retirements.

58



An Ageless VC Gets an Act Three

By JEFF JOHN ROBERTS

One of the nation's first venture capitalists, Alan Patricof, 82, helped build hundreds of companies. Here's why he's turned back to his startup roots—and what he's teaching a new generation.

68



FEATURES

INVESTOR'S GUIDE 2018



When Will the Profit Boom Fizzle?

By SHAWN TULLY

Corporate earnings are soaring. But U.S. companies have benefited in recent years from a highly unusual confluence of events—and those trends are reversing.

PAGE NO. 76



Whatever It Takes to Win

By JEN WIECZNER

Elliott Management is the world's biggest activist hedge fund. But other investors say some of its recent hardball campaigns have gone too far.

82



BlackRock's Predictions for 2018

By MATT HEIMER

With $6 trillion in assets under management, every move BlackRock makes has global ripple effects. Here's an exclusive preview of what its strategists expect from the markets next year.

92



How Schwab Beat Back the Robots

Interview by ADAM LASHINSKY

The 46-year-old brokerage has stayed ahead of the digital wave remaking the industry-by joining in. CEO Walt Bettinger talks to Fortune about the future of finance.

96



Closing America's Idea Gap

By RYAN BRADLEY

We're living in a golden era of tech breakthroughs but getting less bang for our R&D buck. Here's what we can do to fix that.

102



The Mark of Zooko

By ROBERT HACKETT

Two years ago, Bryce "Zooko" Wilcox was running a struggling startup. Now he's helping create privacy tech that could give today's cryptocurrencies a run for their money.

108



Where's the Beef?

By BETH KOWITT

Silicon Valley is betting big that tech can solve one of the food industry's existential problems: how to make meat without animals. Now consumers just need to be persuaded to eat it.

118



DEPARTMENTS



FOREWORD



10 A Market Sobriety Check

Before you race to your broker, read the experts' surprising advice in this year's Investor's Guide.

By CLIFTON LEAF



BRIEFING



11 For Most Donors, Politics Is a Lousy Investment

If government really is for sale, why do so few know how to buy it?

By CHRISTOPHER GLAZEK



14 The 2017 Best in Business

Fortune's annual chronicle of the people, companies, and trends that mattered most this year.



21 Next Gen Goes Next Level

Highlights from Fortune's recent gathering of women innovators in business, government, education, and the arts.

By KRISTEN BELLSTROM



FOCUS



TECH



22 Social Climber

Meridith Valiando Rojas defied convention when she started DigiTour. Now her social media star-studded festival has teens screaming for more.

Interview by SHEILA MARIKAR



24 The Next (R)Evolution

The commercial trucking industry is facing its biggest transformation in 40 years. Automakers and tech companies are vying for pole position.

By KIRSTEN KOROSEC



27 Chipped Into Shape

A wave of consolidation continues to sweep through the semiconductor industry.

Text by AARON PRESSMAN; graphic by NICOLAS RAPP



28 Alibaba's Ambitious Off-Line Plans

Having successfully dominated online shopping in China, Alibaba now sees enormous opportunity in brick-and-mortar stores.

By ADAM LASHINSKY



PASSIONS



29 Unraveling the Cashmere Conundrum

For Mongolian nomadic farmers, cashmere is the ultimate cash crop. But increased global demand is exacting its toll. Can the luxury industry help?

By VALENTINA ZARYA



BACK PAGE



LAST BYTE



132 Fully Employed

A record-setting run of job creation is reaching into virtually every corner of the U.S.

Text by BRIAN O'KEEFE; graphic by NICOLAS RAPP



CORRECTIONS



"Benioff in Bloom" (Nov. 1) misidentified a company Salesforce acquired as Exact Data. The company Salesforce bought is ExactTarget. The story also misspelled the name of a Salesforce partner, Apttus.



"Alphabet's Guru of Googley Rigor" (Dec. 1) mistakenly said the company's human resources group is part of its "real estate and workplace services" organization. It is a stand-alone organization.



ON THE COVER: PHOTOGRAPH BY STEPHEN LEWIS



[IMAGES]



Expert analysis from panelists Savita Subramanian, BofA Merrill Lynch, and David Giroux, T. Rowe Price.

SPENCER HEYFRON



COURTESY OF IMPOSSIBLE FOODS



COURTESY OF NA ADAM



© Time Inc.

December 1, 2017 / Fortune Asia / Volume 176 / Number 7 / BUSINESSPERSON OF THE YEAR

THE 2017 BUSINESSPERSON OF THE YEAR

FEATURES

2017’s Top People in Business
It’s not just about the numbers: The 20 star executives on our list are doing nothing less than defining the future of business.
PAGE NO. 27

No. 1 Nvidia CEO Jensen Huang
By ANDREW NUSCA
Huang saw the future of computing over a decade ago. Thanks to that vision, his chipmaker is perhaps the hottest firm in Silicon Valley.
28

No. 8 PayPal CEO Dan Schulman
A Q&A with MICHAL LEV-RAM
Under Schulman, PayPal has evolved to become a dominant player in payments. He thinks its Venmo app can follow the same arc.
40

FORTUNE GLOBAL FORUM: SPECIAL REPORT
Innovation Takes Off in China
By CLAY CHANDLER
Led by Internet giants such as Alibaba and Tencent and boosted by a surge in venture capital, China is shedding its image as a copycat economy and emerging as a tech superpower.
PAGE NO. 50

Is It Time for P&G to Break Up?
By GEOFF COLVIN and SHAWN TULLY
Under assault by activist Nelson Peltz, the 180-year-old consumer products behemoth is confronting its feeble growth. But only radical change can fix its problems.
58

DEPARTMENTS

FOREWORD
6 Betting Long
We know that companies that invest in the future do better than short-term thinkers. Here’s more proof.
By CLIFTON LEAF

BRIEFING

7 Fortune’s 2018 Crystal Ball
Our predictions for the world of business-and politics, culture, technology, and more-in the year ahead.

16 Richard Branson’s Best Advice
The billionaire daredevil has one of the best stories in business-which he tells in his new book, Finding My Virginity.
By ANNE VANDERMEY

FOCUS

INVEST
17 The Hedge Fund Wannabes
A new breed of ETFs promises to imitate the souped-up strategies of hedge funds預t a much lower cost. But how will they fare in a market downturn?
By RYAN DEROUSSEAU

TECH
19 Alphabet’s Guru of Googley Rigor
Ruth Porat, CFO of Google’s parent company, balances Silicon Valley whimsy with hard-nosed reality.
By ADAM LASHINSKY

PASSIONS
21 The Post With the Most
Subscription boxes make for perfect holiday gifts, spreading the joy well into the new year.
By KATE FLAIM with CHLOE LIESKE

BACK PAGE

LAST BYTE
64 Weight of the World
The world is getting much, much heavier. And we can expect a massive increase in obesity-related medical costs.

Text by BRIAN O’KEEFE; graphic by NICOLAS RAPP

ON THE COVER: PHOTOGRAPH BY WINNI WINTERMEYER

[IMAGES]

ｩ Time Inc.

November 1, 2017 / Fortune Asia / Volume 176 / Number 6 / THE FUTURE 50

THE FUTURE 50

In Search of ’Vital’ Companies
By MARTIN REEVES
Today’s fast-changing business environment demands a new approach for identifying tomorrow’s winners. Meet the Future 50.
PAGE NO. 25

The Leaders and the Challengers
Among the inaugural Future 50: top dogs Salesforce, Tesla, and Netflix, plus rising growth stars Grubhub, Workday, and Zillow.
28

Benioff in Bloom
By ADAM LASHINSKY
Salesforce CEO Marc Benioff runs one of the world’s most innovative big companies. His secret? Relentlessly forward-looking leadership.
42

Coming to an O.R. Near You
By SY MUKHERJEE
Intuitive Surgical made robotic surgery a reality. In the next few years, it may help us explore the body as never before.
50

FEATURES
Inside the Kingdom of Oil
By VIVIENNE WALT
A potential IPO could make Saudi Aramco the world’s most valuable company. Might it also bring profound changes to Saudi Arabia?
58

DEPARTMENTS

BRIEFING

7 The People vs. the Credit Oligarchs
Credit-reporting bureaus have few incentives to be good corporate citizens. Fallout from the Equifax hack may change that.
By JEN WIECZNER and JEFF JOHN ROBERTS

10 We’re Having an Oil Rally, but No One Is Enjoying It
The global oil glut is finally being tamed. So why is the industry still so gloomy?
By GEOFFREY SMITH

11 Should New Media Play by the Old Rules?
Facebook has a greater reach than TV ever did. Some say they should be held to the same standards.
By JEFF JOHN ROBERTS

12 Some Crickets With Your Caviar?
The ex-CEO of Cisco is betting big on insects as food. The result is surprisingly appetizing.
By BETH KOWITT

13 Airbnb’s Conquest Is Just Getting Started
How the sharing economy pioneer plans to shake up the (rest of the) travel industry-and more.
By LEIGH GALLAGHER

14 Building a Workforce for Every Economy
The question of how to attract, retain, and retrain a strong, modern workforce was a unifying theme at two Fortune conferences this fall.

15 Great Workplaces
Featuring the 10 best small and medium-size U.S. companies to work for.
By CHRISTINA AUSTIN

FOCUS

TECH

18 To Catch a Cryptothief
The next big cybercrime threat? Cryptojacking.
By ROBERT HACKETT

22 The Future of Coffee
Using the blockchain to track java, from bean to barista.
By ROBERT HACKETT

VENTURE

20 Building Up From the Ashes
Many entrepreneurs face challenges when starting their companies, but few encounter obstacles quite as big as Casey Malmquist has.
By JENNIFER ALSEVER

PASSIONS

23 The New Sub Culture
French audio startup Devialet is taking its high-tech speakers to the heart of one of Paris’s most prestigious cultural institutions.
By LINDSEY TRAMUTA

BACK PAGE

LAST BYTE

68 A Hacker’s Tool Kit
Courtesy of the web’s thriving criminal marketplace, cybercrime is growing ever more pervasive.
Text by ROBERT HACKETT; graphics by NICOLAS RAPP

CORRECTION

A caption in ”Ford Finds a New Leader, By Design” (Sept. 15) misidentified the pickup trucks being assembled at a Ford plant in Louisville, Ky. That factory makes F-250s, F-350s, and F-450s, not F-150s.

ON THE COVER: PHOTOGRAPH BY SPENCER LOWELL

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ｩ Time Inc.