- In today’s CEO Daily: Diane Brady on Fortune’s 100 Most Powerful People in Business list.
- The big story: Grand jury to probe Trump’s “Russia hoax” allegations.
- The markets: Coming back nicely.
- Plus: All the news and watercooler chat from Fortune.
Good morning. Fortune’s 2025 ranking of the world’s 100 most powerful people in business came out this morning. Unlike revenue or market cap, power is a more complex concept. We calculate not just the size of the person’s businesses, but also the health of their companies, as well as their innovation, influence, impact and where they are in the arc of their career.
By those measures, Nvidia CEO Jensen Huang came in No. 1 on this year’s list. In addition to creating specialized computer chips that are coveted by companies developing artificial intelligence, he is on the front lines of a technology that is changing the global business landscape itself.
Power is not permanent. Elon Musk topped last year’s list not only because of his roles at Tesla, SpaceX, xAI and X, but also because of his work in the Trump Administration. That changed. This year, Musk is No. 4 on the list.
Power is also relative. Companies and leaders grow strong when they have a worthy rival to measure themselves against. Thus Jensen Huang has AMD CEO Lisa Su, his first cousin once removed, on his heels as a powerful chipmaker. As part of this year’s package, we look at how rivalries in key industries are playing out. You can check out the full list here.
