The biggest headline: Amazon dethrones Walmart at No. 1, ending a 13-year reign. Amazon debuted on the list at No. 492 in 2002. That ascent—from near the bottom to the very top in just over two decades—is one of the great corporate stories of our time. Walmart is No. 2, a position it hasn’t held since 2012.

But the most striking data point may belong to Nvidia. Now ranked No. 16, the chipmaker is worth $4.2 trillion in market value—the first Fortune 500 company to cross the $4 trillion threshold—and has surpassed Apple to claim the title of most valuable company on the list. Nvidia debuted at No. 387 in 2017. It has delivered a 72% annualized 10-year return to shareholders. That is not a typo.

The concentration of power is notable: the four most profitable companies—Alphabet, Nvidia, Apple, and Meta—each cleared $100 billion in profits, combining for $466 billion, or 22% of the entire Fortune 500’s earnings. The list also reflects a changing leadership landscape: a record 55 female CEOs now run Fortune 500 companies, representing 11% of the total, the fourth consecutive year at or above that threshold.

Top leadership news

Whether to treat AI agents as colleagues

Fortune 500 executives at the Fortune COO Summit had different ideas about treating AI agents as colleagues. Okta COO Eric Kelleher told Fortune that his agents show up in business reviews alongside his staff, while Cisco EVP and Chief People, Policy & Purpose Officer Francine Katsoudas said agents are just “part of the workflow.”

Macy's AI initiative that works

In the 2010s, Macy's chased tech trends to prove it could keep pace with Amazon—often with little to show for it. Now, the company is using AI in ways that actually improve the business: shoppers who engage with its new AI shopping assistant feature spend nearly five times more per session than those who don’t.

Victoria's Secret's turnaround takes hold

Victoria’s Secret stock boomed on Tuesday after announcing a 15% jump in net sales and raising its full-year outlook by $120 million during the company’s earnings call. A year ago, the company was struggling and the stock had cratered. CEO Hillary Super has revived the company by stopping “performative” acts and endless sales cycles.

The markets

S&P 500 futures are down 0.09% this morning. The last session closed up 0.13%. The STOXX Europe 600 was down 0.36% in early trading. The U.K.’s FTSE 100 was down 0.27% in early trading. Japan’s Nikkei 225 was up 2.50%. South Korea’s markets are closed today. China’s CSI 300 was up 0.49%. Hong Kong’s Hang Seng was down 1.56%. India’s NIFTY 50 was down 0.35%. Bitcoin was down at $67K.

Around the watercooler

Microsoft seeks to be AI’s center of gravity again. CEO Satya Nadella is in San Francisco to make the case by Sebastian Herrera

Southwest ditched free bags and MGM added all-inclusive perks: how the travel industry is reinventing itself to survive by Preston Fore

Mounting evidence suggests remote work is behind the Gen Z hiring nightmare. Even the New York Fed thinks so by Tristan Bove

Teens are up against the worst summer job market in nearly 80 years—they’re fighting against hundreds to work at ice cream shops and swimming pools by Emma Burleigh

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

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