Fortune December 2025/January 2026의 목차

The World’s Most Admired Companies The latest edition of our annual ranking of corporate reputation spotlights firms notable for their strong management, innovation, and global reach. (Online Jan. 28) Titans and Disruptors of Industry This vodcast hosted by Fortune editor-in-chief Alyson Shontell features in-depth interviews with top leaders shaping both the world of business and the very way we live. (fortune.com/podcasts) Subscribe for Full Access Unlock continued tracking of the Fortune 500 and more with unlimited access to web articles and rankings. (fortune.com/subscribe) FOR MORE INFO, GO TO FORTUNE.COM…

AT A PRESS EVENT LAST YEAR, Amazon Robotics chief technologist Tye Brady told Fortune that the idea that there’s a battle of robots versus humans inside Amazon’s warehouse network is a “myth.” “We build our machines to extend human capacity,” he said, sharing a vision of so-called collaborative robots that work alongside humans instead of fully replacing them. Around six months later, during an onstage interview at the Fortune Brainstorm AI conference in London, Brady told me about Amazon’s first robot “with a sense of touch.” Called Vulcan, the robotic system can do much of the work performed by human staffers in two of the most common roles in Amazon warehouses—picking and stowing. For now, the Vulcan system is active only in a couple of facilities and just handles items…

THE OUTLOOK FOR GLOBAL AD SPENDING IS bright as the digital boom continues to attract brands. Overall, ad tech is projected to top $795 billion this year, with strong growth forecasted for the decade ahead, according to the AdTech Market Report 2025. At the center of the industry uptick is The Trade Desk, a leading programmatic advertising platform with more than 225 global partners—and the first pure-play ad tech company ever to be added to the S&P 500. “Our growth has been underpinned by sustained AI-driven platform innovation that has expanded the accessibility and effectiveness of programmatic advertising, particularly through advancements in CTV, identity, and retail data,” says Jeff Green, CEO, The Trade Desk. “Leading marketers are looking for ways to embrace the open internet, where their consumers are spending most…

ON MARCH 21, 2017, the most famous toddler in the world was born. As if by immaculate conception, JJ—as he would later be named—appeared as a fully formed child with a cherubic face, big brown eyes, one top tooth, and a swoop of yellow hair like freshly squeezed toothpaste on an 11-year-old YouTube channel called ABCkidTV. In his first rudimentary computer-generated video, JJ giggles and dances unsteadily next to a girl with spiky red pigtails as a jaunty tune leads them through a stand-and-stretch routine. Over the next several months, as JJ and his family began to appear in more videos, ABCkidTV’s monthly views accelerated. In December of the following year, the channel—rebranded as CoComelon, a combination of the words “coconut” and “watermel- By 2020, JJ had two teeth and…

THE HEARTBEAT OF SUNRISE SENIOR LIVING has always been its communities. With more than four decades of experience that spans 240-plus communities across North America, Sunrise has built a proven model for delivering care, a warm connection, a culture where purpose thrives, and pride that comes from knowing your work truly matters. That people-first energy defines Sunrise not just as a workplace but as a way of life. It empowers the team to deliver on its vision—to create the preferred lifestyle for enjoying longer, healthier, happier lives. “For us, success begins and ends with our people,” says Jack R. Callison Jr., CEO, Sunrise. “When team members feel supported, valued, and inspired, that care radiates outward—to our residents, their families, and the broader communities we serve.” That philosophy has earned Sunrise a…

NVIDIA’S JENSEN HUANG says he doesn’t believe we’re in an artificial intelligence bubble. Amazon’s Jeff Bezos says we probably are in one. OpenAI’s Sam Altman, the human face of the AI boom, has also invoked a bubble, adding, “I do think some investors are likely to lose a lot of money.” This, in a nutshell, is the narrative of the entire global stock market right now and the conundrum that no tech CEO or asset manager can avoid addressing: Is AI a bubble or not? Much is at stake. Since the current bull market began in October 2022, roughly 75% of gains in the S&P 500 have come from just seven stocks—Alphabet, Apple, Amazon, Meta, Microsoft, Nvidia, and Tesla. Those companies, known as the Magnificent Seven, have a combined market…

WARREN BUFFETT’S face—always smiling, whether he’s slurping a milkshake, brandishing a lasso, or palling around with fellow multibillionaire Bill Gates—has graced the cover of Fortune more than a dozen times. And it’s no wonder: Buffett has been a towering figure in both business and investing for much of his—and Fortune’s—95 years on earth. (The magazine first hit newsstands in February 1930; Buffett was born that August.) As Geoff Colvin writes in this issue, Buffett’s investing genius manifested early, and he bought his first stock at age 11. By Colvin’s calculations, over the 60 years since Buffett took control of his company, Berkshire Hathaway, its returns have outpaced the S&P 500 by more than 100 to one. Buffett has always had a special relationship with Fortune, particularly with legendary writer and editor…

“ARE WE IN AN AI BUBBLE?” is the number-one question business leaders and investors are asking right now. Most, including a lot of AI bulls, agree the answer is yes. But how much bigger it could get, and how the party could end, are open questions we sought to explore in this issue. For our cover story (page 44), AI editor Jeremy Kahn spent time with Dario and Daniela Amodei, the brother-and-sister cofounders who defected from OpenAI to launch Anthropic. While its large language model, Claude, doesn’t have nearly the same name recognition or consumer user base as ChatGPT, it has quietly become the preferred AI solution for enterprise customers, with an estimated one-third or more of the market. The reason: its reputation for trust and safety—the two most important features…

DARIO AMODEI IS, in his telling, the accidental CEO of an accidental business—one that just happens to be among the fastest-growing on the planet. “When we first started Anthropic, we didn’t have any idea about how we would make money, or when, or under what conditions,” he says. Anthropic is the San Francisco–based AI company that Amodei cofounded and leads. And it hasn’t taken long for it to start pulling in lots of money, under lots of conditions. The startup has emerged as one of the leading rivals to OpenAI and Google in the race to build ever more-capable artificial intelligence. And while Anthropic and its Claude family of AI models don’t have quite the same brand recognition as crosstown rival OpenAI and its ChatGPT products, over the past year…

ALBERT K. CHIN, MD Co-Founder, Chief Innovation Officer Orare Medsystems Inc. PALO ALTO, CA A pioneer in medical device development, Dr. Albert K. Chin has applied over 40 years of professional experience to his current roles as the co-founder and chief innovation Officer at Orare Medsystems Inc. Maintaining these positions since 2022, Dr. Chin is well-regarded for advancing cardiac surgical procedures, leveraging groundbreaking medical devices to aid life-saving technologies for patient care. In addition to his status at Orare Medsystems, Dr. Chin has served in the same capacities at TAS Medical Inc. since 2017, PercAssist Inc. since 2019 and FemDx Medsystems Inc. since 2020. Earlier in his career, Dr. Chin assumed leadership roles at several medical facilities, including as the chief innovation Officer from 2008 to 2009 and as a…

(AS OF NOVEMBER 1, 2025) Omar Abbosh Pearson Dennis Abboud ReaderLink Frank Adell Cognos Therapeutics, Inc. Noubar Afeyan Flagship Pioneering Simon Aloysius PT Pertamina (Persero) Andrew Anagnost Autodesk, Inc. Eddy Azad Parsec Automation Amit Bajaj Tata Consultancy Services Ltd. Tony Bates Genesys Marc Benioff Salesforce Stanley Bergman Henry Schein, Inc. Shideh Bina nsigniam Kathy Bloomgarden Ruder Finn, Inc. Hayden Brown Upwork Marc Casper Thermo Nelson Chai DailyPay TC Chatterjee Griffith Foods Marcelo Claure Brightstar Capital Partners Andy Cohen Gensler Brian Cornell Target Corp Anthony Costello Medidata Solutions John Couris Florida Health Sciences Center Nikhil Deogun Brunswick Group Avani Desai Schellman AnnaMaria DeSalva Burson Anirudh Devgan Cadence Design Systems, Inc. Tolga Doğancıoğlu Sabanci Brian Doubles Synchrony Michael Dowling Northwell Health James Downing St. Jude Children’s Research Hospital Taso Du Val Toptal…

AVERITAS PHARMA, A GRÜNENTHAL COMPANY, approaches pain as a disease in urgent need of a solution, not just a symptom to be managed. Leading with a patient first mindset, the company is driven by empathy for those living with chronic pain. This powers its purpose of making a difference in the lives of appropriate patients by advancing how pain and its impact are understood and treated. Based in Morristown, N.J., Averitas has built its reputation on care that extends from science to everyday life. Its culture combines scientific focus with a deep respect for the people who make its mission possible—its employees and the patients it serves. That commitment continues to earn Averitas recognition as a Great Place To Work® and a 2025 Fortune Best Workplace in Biopharma—distinctions that reflect the…

THE WATERSHED moment came in July when the federal government became the largest shareholder of MP Materials, a California miner of rare earth elements. The government’s unusual foray into private industry was accompanied by new rules setting minimum U.S. market prices for some of the minerals—a floor it said was necessary to protect against Chinese competitors accused of “dumping” their goods at artificially low prices. So began the Trump administration’s campaign to overturn China’s 30-year dominance in critical minerals that have become integral to the products that drive America’s economy and bolster its national security—from drones and automobiles to data centers and missiles. “This is really a Manhattan Project–style effort with all-out intensity,” says James Litinsky, the CEO of MP Materials, which is expanding its California mining, refining, and recycling operation…

THE DELIVERY GUY’S legs were propelling him toward the parked car I was in at a pace that registered somewhere between “I’m training for my neighborhood 5K” and “Grab the keys, start the ignition, let’s bail!” The scene might have posed some cause for concern if not for the identity of the man barreling toward me: It was Tony Xu, cofounder and CEO of DoorDash, the $85 billion delivery company that has experienced a meteoric rise over the past five years. But on this mild fall day in downtown San Francisco, Xu was not playing the role of Fortune 500 CEO. Instead he was spending the afternoon as a “Dasher” for DoorDash—zooming around San Francisco in a staffer’s white Audi SUV (his own car was cluttered with his kids’ car…

IN LATE OCTOBER, Nvidia cofounder and CEO Jensen Huang took the stage at the company’s annual GTC conference to make a typically sweeping declaration. Nvidia, he pronounced, sits “at the epicenter of the largest industrial revolution in human history,” eclipsing the advent of the steam engine and electricity. He went on to unveil a stunning array of partnerships: Nvidia plans to build 100,000 driverless cars alongside Uber and join Palantir to supply software and chips to accelerate the transfer of products from warehouses to doorsteps; it has also hatched a blueprint showing “hyperscalers” how to build “AI factories,” giga-scale data centers that only operate at their most potent and efficient deploying, guess what, Nvidia systems. Huang’s speech so pumped Nvidia fans that they sent its market cap soaring 5%, a one-day,…

IT’S GETTING FROTHY OUT THERE. Pick any stock market metric, whether it’s the Nasdaq’s closing price or a more technical measure like the Shiller P/E ratio, and the number will look unusually large. Throw in crazy AI valuations, for privately held startups and publicly traded stocks alike, and what we’re seeing looks a lot like a bubble. Perhaps this time is different. But note that phrase served as the ironic title of an acclaimed 2011 book by economists Carmen Reinhart and Kenneth Rogoff—a work whose subtitle is “Eight Centuries of Financial Folly.” In any case, if you’re one of many looking at your swollen portfolio with a mix of glee and dread, it may be time to consider a rebalancing act. This section of this year’s Investor’s Guide offers some…

HISTORY’S GREATEST master class on investing is about to shut down. On Dec. 31, Warren Buffett will hand over the Berkshire Hathaway CEO job to vice chairman Greg Abel. Now, as Buffett’s 60 years of running Berkshire come to an end, it’s time to assess his performance. Brace yourself. If you had put $1,000 into the S&P 500 index at the beginning of those 60 years, you’d now have $441,196—a tremendous reward for doing nothing. But if you had put your $1,000 into Berkshire stock, you would now have a truly incredible $59,681,063. Another way to think of it: If you had invested $20,000 back then, you would today be a billionaire. Without doing a thing. As astonishing as the numbers are, another facet of Buffett’s career is at least…