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Fortune | FORTUNE

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'We are actively praying for a hurricane' | Fortune U.K. won’t take part in Trump’s planned blockade of Hormuz strait | Fortune Hungarian voters oust Viktor Orbán, a close ally of Trump and Putin, despite late campaign push from JD Vance | Fortune Blazing hot IPOs, an AI agent craze, and a new word for ‘token’: Here’s what’s happening in the world of Chinese AI | Fortune Iran’s crumbling economy is the regime’s greatest weakness with prices up 40% since the war began while authorities worry about making payroll | Fortune Here’s how a U.S. naval blockade of the Strait of Hormuz could work. ‘This is a big task, and it’s a big gamble’ | Fortune Intuit was an AI pioneer. Why its stock became a SaaSpocalypse casualty | Fortune Artemis III will practice docking Orion with lunar landers in Earth orbit next year while Musk’s Starship and Bezos’ Blue Moon compete for Artemis IV | Fortune Oil tankers U-turn in Hormuz as U.S.-Iran talks break down Saudi Arabia says East-West pipeline restored to full capacity In 2011, Barack Obama said it was time to ‘pivot’ to Asia. But 15 years later, the U.S. is still at war in the Middle East Trump says U.S. Navy to impose Hormuz blockade after Iran ceasefire talks end with no deal. ‘No one who pays an illegal toll will have safe passage’ This TikTok sensation sold her startup for $2 billion. Now Pepsi is letting ‘Poppi be Poppi’ ‘Almost unmanageable’: Raising a child in the U.S. now costs more than $300,000 As Iran peace talks fail, Trump and Joe Rogan watch a hobbled fighter triumph in a brutal cage match Haiti stares down starvation as Iran War drives 200,000 into acute food emergency status ‘I just keep seeing a lot of different aspects of life getting more expensive’: New car prices are up 30% over 6 years America is not ready for its own longevity crisis — and 2026 is the wake-up call | Fortune JD Vance leaves Pakistan after marathon talks with Iran end without a deal as Tehran refuses U.S. demand not to develop nuclear weapons | Fortune Average price of new cars nears $50,000 as automakers focus on big pickups and SUVs while cheaper sedans get phased out | Fortune Navy tests Hormuz blockade as expert says U.S. military prepares for round 2 and could degrade Iran’s hold over the strait to a ‘manageable level’ | Fortune Pakistan sends military force to Saudi Arabia as part of pact | Fortune Three oil supertankers sail through the Strait of Hormuz | Fortune Trump downplays talks for ceasefire deal with Iran, claiming military victory. 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A 6 year study shows which CEOs are pushing RTO mandates: The ones with the biggest egos | Fortune
Claire Zillman · 2026-06-25 · via Fortune | FORTUNE

Good morning. Claire Zillman writing from London this morning. CEOs have offered many different reasons for calling workers back into the office—despite research that suggests working from home can be as effective, if not more effective, than in-office work. Amazon’s Andy Jassy says in-person collaboration is “simpler and more effective.” Jamie Dimon calls Zoom-heavy work “management by Hollywood Squares.” Instagram’s Adam Mosseri says five days in-office breeds creativity. Larry Fink even floated the idea that getting bodies back in chairs could help beat inflation.

These are the arguments CEOs have made publicly. But a new study suggests there’s a less flattering explanation that nobody has put in a memo. A Wharton study co-authored by organizational psychologist Adam Grant found that leader narcissism is directly associated with resistance to remote work. The main reason? Power is easier to perform in person.

In the six-year study, researchers collected data on Fortune 500 CEOs, using behavioral proxies—signature size, photo size in annual reports, pay gap relative to peers—to construct narcissism scores. The higher the score, the more likely a CEO was to publicly oppose remote and hybrid work and seek additional status (like a board chairmanship). In a separate experiment, CEOs whose egos were primed—by reflecting on the assertive leadership styles of Steve Jobs and Larry Ellison—showed significantly greater opposition to working from home than a control group. 

“The higher the opinions of themselves leaders expressed, the more they coveted power and status—and the more they favored return-to-office mandates,” the authors wrote in a New York Times opinion piece.

Grant and his coauthors warn that ego may be blinding CEOs to the upside of more flexible working arrangements—a perk employees love—and motivating them to impose full-time in-office mandates that could backfire

The study should be a wakeup call for leaders: There may be totally legitimate reasons to call employees back into the office, but massaging the boss’s ego isn’t one of them.

Contact CEO Daily via Diane Brady at diane.brady@fortune.com

Top leadership news

Zohran Mamdani goes three for three in congressional endorsements

New York City Mayor Zohran Mamdani's backed candidates swept three House Democratic primaries Tuesday, unseating two incumbents and prompting Treasury Secretary Scott Bessent to declare him "the leader of the Democratic Party." The bigger concern for Fortune 500 CEOs, analysts say, is what a more progressive Albany legislature—energized, perhaps, by these NYC primary victories—means for corporate taxes in New York. 

AI is going to be an ‘earthquake’

Author Robert Wright, whose new book argues AI could be a new evolutionary force for humanity, told Fortune that Anthropic CEO Dario Amodei's framing of AI as an existential race with China is a "suicidal ideology" that forecloses the global coordination needed to manage the technology safely. "When you look at all the fronts—economic, cultural, political, personal, family, psychological and so on—it is going to be an earthquake," Wright said.

The U.S. could lose nearly $500 billion by driving away international STEM students

A Peterson Institute paper published Tuesday found that a one-third drop in foreign-born STEM graduates over the next decade would cost the U.S. economy between $240 billion and $481 billion, as immigration crackdowns push talent to competitor countries. "These high-skill STEM workers lost to the United States won't disappear. They will supply their talents instead to competitor countries,” the authors wrote.

The markets

S&P 500 futures are up 0.7% this morning. The last session closed down 0.1%. South Korea’s KOSPI rose 5.4%, while Japan’s Nikkei 225 rose 4.6%. Hong Kong’s Hang Seng Index fell 1.4%, while Mainland China’s CSI 300 rose 1.6%. India’s NIFTY 50 is up 0.1%, while the STOXX Europe 600 is up 0.6% in morning trading. Shares in SK Hynix surged 13.1% after the chipmaker unveiled plans for a $29 billion U.S. listing. Bitcoin has dropped below $62,000.

Around the watercooler

‘Wipe out and change are different’: Amazon exec slams AI job apocalypse fears as he hires thousands of Gen Z grads by Preston Fore

Ray Dalio just finished a 10-day trip to China. He says global leaders know America ‘doesn’t have what it takes to fight to maintain its empire’ by Nick Lichtenberg

Exclusive: Vinod Khosla wanted ‘every available dollar’ of Runlayer’s funding round. It just raised $30 million to govern the agent workforce by Lily Mae Lazarus

Trump mistakes the bully pulpit for bullying leadership — history’s villains were never heroes by Jeffrey Sonnenfeld and Steven Tian

CEO Daily is curated and edited by Joseph Abrams, Jason Ma, Claire Zillman, and Lee Clifford.