Foreword

Alyson Shontell

Editor-in-Chief

Is former Vice President Kamala Harris gearing up to run for president again in 2028?

Let’s put it this way: She’s not into finality. That was how she put it at the Fortune Most Powerful Women Summit, when I asked if stepping in for President Biden with 107 days to go before the election was the ultimate “glass cliff”—the kind of impossible job that women leaders get asked to take on.

“A cliff to me suggests finality,” she replied, “and I’m not into that.” It wasn’t exactly throwing her hat in the ring, but it was the closest to an admission I’ve heard from her so far that she’s not done with politics.

We also spoke about how President Trump nudged the nation to the right in the 2024 election, including in historically deep-blue cities like New York and Los Angeles. We spoke about why capitalists are leaving the Democratic Party, including Elon Musk, and what would need to be done to bring them back. And we discussed the idea that if the American Dream now costs $5 million—as a disturbing recent analysis suggested—solving that for the American people is Job One.

One person who definitely will not be running in 2028? JPMorgan Chase (No. 11) CEO Jamie Dimon, whom I also interviewed at the MPW Summit.

I asked Dimon point-blank if he foresaw running for president in his lifetime. His answer was a firm “no,” putting to rest any speculation that he might someday be interested in that top job.

Dimon and I had a lot of fun on stage together, where we discussed the global economy, longevity in the CEO role, China-U.S. tensions, the AI bubble, and his opinions on everything from tariffs to gold.

Both interviews can be found on my new vodcast, Fortune 500: Titans and Disruptors of Industry, on Apple, Spotify, and YouTube. I hope you enjoy the conversations as much as I did.

Deals & Developments

Walmart (No. 1) announced a new partnership with OpenAI designed to allow customers to purchase Walmart products via ChatGPT while using its Instant Checkout feature. OpenAI CEO Sam Altman described the integration as making “everyday purchases a little simpler,” and Walmart CEO Doug McMillon said the move signals the end of online shopping experiences characterized by a “search bar and a long list of item responses.”
Oracle (No. 87) and Advanced Micro Devices (AMD) (No. 167) signed an agreement in which Oracle Cloud Infrastructure will offer services using 50,000 of AMD’s forthcoming MI450 chips starting in 2026. The announcement comes less than two months after Oracle reached a $300 billion deal with OpenAI as the cloud computing company continues to make inroads into AI. Financial terms were not disclosed.
Broadcom (No. 88) signed an agreement with OpenAI to co-build 10 gigawatts of custom AI chips and related hardware over the next four years, marking the first time OpenAI will design and develop its own AI chips. Financial terms were not disclosed, though sources familiar with the matter told the Wall Street Journal that it will be worth multiple billions of dollars.
S&P Global (No. 305) agreed to acquire With Intelligence, a London-based investment data and analytics platform, from Motive Partners for $1.8 billion in cash. S&P Global President and CEO Martina Cheung said in a press release that the addition will “create the most comprehensive provider of private markets intelligence.”
The Artificial Intelligence Infrastructure Partnership, a group of investors led by BlackRock (No. 210) that also includes Microsoft (No. 14), Nvidia (No. 31), and xAI, agreed to acquire Aligned Data Centers from Australia’s Macquarie Asset Management in a deal worth $40 billion. Read more: BlackRock’s $40 billion deal highlights the unstoppable AI data center gold rush, as CEO Larry Fink pushes back on AI bubble fears

Overheard

“There are few things more obnoxious in life than CEOs complaining about how hard their life is.”

—Emma Walmsley, outgoing CEO of GSK (No. 388 on the Fortune Global 500), at the Fortune Most Powerful Women Summit, speaking about the rise of co-CEOs.

On earnings calls:

Big banks including JPMorgan Chase (No. 11), Bank of America (No. 17), Citigroup (No. 21), Goldman Sachs (No. 32), and Morgan Stanley (No. 40) reported strong quarterly performances thanks to soaring investment banking revenues and increased dealmaking activity.

JPMorgan reported the highest revenue of these banks, with $47.12 billion. Investment banking fees were up 16%, equity markets revenue climbed 33%, and fixed income trading revenue gained 21%. Despite the strong results, CEO Jamie Dimon warned in a statement that “there continues to be a heightened degree of uncertainty stemming from complex geopolitical conditions, tariffs and trade uncertainty, elevated asset prices, and the risk of sticky inflation.”
Bank of America beat expectations with $28.24 billion in quarterly revenue, up 10.8% year-over-year, buoyed by a 43% jump in revenue from investment banking fees.
Citigroup, where every business division recorded record revenue, posted $22.09 billion in quarterly revenue. In a statement, CEO Jane Fraser attributed the results to her ongoing multi-year turnaround efforts.
Goldman Sachs saw quarterly revenue rise 20% year-over-year to $15.18 billion, with investment banking fees up 42%.
Morgan Stanley reported its best quarter in nearly five years with $18.22 billion in revenue, an 18% year-over-year increase. Investment banking revenues alone were up 44%.
Other banks that reported strong results this week include Wells Fargo (No. 33), Bank of New York (No. 113), and M&T Bank (No. 317).

Elsewhere in earnings:

American Express (No. 58)