\n
\u201cSilicon Valley places a premium on intellect and intellect alone with the idea that, if you get a group of smart people together, you\u2019re likely to win,\u201d he told me. \u201cDetroit\u2019s success is a function of that, but it is also a function of tenacity, grit, perseverance, and belief.\u201d<\/p>\n
Krishna\u2019s goal has been to blend the best of both. He\u2019s come to appreciate the loyalty and commitment that characterizes Rocket\u2019s culture. In Silicon Valley, he says, \u201cyou start to realize a lot of the talent is job hunting every 18 months.\u201d But given that he estimates it can take five years to build something that\u2019s truly transformative, loyalty is the virtue he\u2019s trying to cultivate. \u201cPeople work here because they like the culture. Mortgages are more the how, whereas the what is around home ownership.\u201d<\/p>\n
At Rocket, \u201cdata and evidence win all arguments,\u201d Krishna says, pointing to Rocket\u2019s acquisitions of Redfin and Mr. Cooper for $16 billion last year as examples of big bets. The company\u2019s recent alliance with Compass to bring more than 500,000 new listings to the Redfin platform and transform the seller experience is another example.<\/p>\n
And what can Detroit learn from Silicon Valley? A lot. \u201cThe beauty of Silicon Valley is you have this extremely high density of brain power, this mix of startups, venture capital and education,\u201d he says, adding that it\u2019s also the environment of meetups, incubators, late-night dinners, and constant learning. \u201cWe have to create that kind of environment, to get more of that sort of youthful entrepreneurial energy here.\u201d<\/p>\n
Half of Krishna\u2019s leadership team came from places like Seattle, San Francisco, New York, and Boston. \u201cIt\u2019s not just about doing everything in kind of the homegrown way, but it\u2019s about blending it together with outside talent. And that culture is a function of one man.\u201d He\u2019s of course referring to Rocket founder Dan Gilbert who has \u201cinvented and reinvented this company.\u201d\u00a0\u00a0<\/p>\n
I\u2019m thrilled that Gilbert will be joining us as a speaker at the Fortune 500 Innovation Forum in Detroit on November 16 and 17.\u00a0 Other speakers include General Motors President Mark Reuss, Chipotle CEO Scott Boatwright, Corning CEO Wendell Weeks, Craig Newmark of craigslist, Penny Pennington of Edward Jones, Macy\u2019s chief Tony Spring, Honeywell CEO Vimal Kapur, NYSE\u2019s Lynn Martin, Dave Bozeman of C.H. Robinson, Ford Foundation\u2019s Heather Gerken and many more. You can learn more here.<\/p>\n
Contact CEO Daily via Diane Brady at diane.brady@fortune.com<\/em><\/p>\nTop leadership news<\/h3>\n
Chevron is the AI darling of Big Oil<\/b><\/p>\n
Chevron\u2019s Project Kilby to power Microsoft data centers is slated to come online in 2028 and ramp up through 2031. It will be the first of several massive planned <\/span>AI hyperscaler deals<\/span> that will span West Texas and other gas-laden regions, including the Rockies and the Midwest. This helps position Chevron as the booming AI leader of Big Oil.\u00a0<\/span><\/p>\nTrump bets blockade will crush Iran\u2019s economy<\/b><\/p>\n
After deciding against renewing all-out war against Iran, President Donald Trump signaled that he will continue applying <\/span>economic pressure on the regime<\/span>. In an <\/span>interview with Axios<\/span> on Sunday, he said \u201cwe are low keying it\u201d and only \u201csemi-negotiating\u201d with Iran. Trump claimed Tehran can\u2019t pay its troops and described Iran\u2019s economy as being in \u201cvery bad shape,\u201d arguing that the U.S. naval blockade has worsened the economic crisis.<\/span><\/p>\nAI changes work faster than data can keep up<\/b><\/p>\n
No one can agree on <\/span>whether AI is taking away jobs<\/span> or not. AI\u2019s effect on jobs has been difficult to measure, and the picture is blurred by corporate whiplash: CEOs blame AI for layoffs one month, then hail it as an engine for new job creation the next. Untangling AI\u2019s true impact could take years.<\/span><\/p>\nThe markets<\/h3>\n
S&P 500<\/b> futures are up 0.14% this morning. The last session closed up 0.62%. <\/span>The<\/b> STOXX Europe 600<\/b> was down o.2% in early trading. <\/span>The U.K.\u2019s FTSE 100<\/b> was down 0.29% in early trading.<\/span> Japan\u2019s Nikkei 225 <\/b>was up 2.08%.<\/span> South Korea\u2019s KOSPI <\/b>was up 0.65%. <\/span>China\u2019s CSI 300 <\/b>was up 0.16%.<\/span> Hong Kong\u2019s Hang Seng<\/b> was up 1.05%.<\/span> India\u2019s NIFTY 50 <\/b>was down 0.09%. <\/span>Bitcoin<\/b> was at $65K.<\/span><\/p>\nAround the watercooler<\/h3>\n
With broad bipartisan support, Congress is about to give Trump \u2018unchecked authority\u2019 to impose new tariffs of up to 100% on top trading partners<\/span> by Jason Ma<\/span><\/p>\nBill Ackman\u2019s $35 billion hedge fund has under 50 employees and all of them \u2014 from janitors to receptionists\u2014own millions in company stock<\/span> by Preston Fore<\/span><\/p>\nThis nuclear startup and Halliburton repurposed oil-drilling tech in a bid to solve America\u2019s radioactive waste problem<\/span> by Jordan Blum<\/span><\/p>\nHow Scott Bessent used financial engineering to finance the $2 trillion deficit while leaving it untouched\u2014and created a $1.45 trillion shortfall<\/span> by Eva Roytburg<\/span><\/p>\nWhy every company wants an AI model router right now<\/span> by Sharon Goldman<\/span><\/p>\nCEO Daily is curated and edited by Joseph Abrams, Jason Ma, Claire Zillman, and Lee Clifford.<\/p>\n<\/div>\n
#Fortune<\/p>\n","protected":false},"excerpt":{"rendered":"
Good morning. Varun Krishna is… <\/p>\n","protected":false},"author":1,"featured_media":1975,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[1555,133],"class_list":["post-1974","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","tag-ceo-daily","tag-fortune"],"yoast_head":"\n
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<\/p>\n