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Big TechSpaceX and Amazon are tech dopplegangers worth $4.5 trillion—and they’re headed for a collision

Elon Musk’s space-and-AI company lost $4.9 billion last year and trades at 97 times sales. Investors need a lot to go right.

By Amanda GerutJuly 13, 2026
Max Buchan on stage holding a microphone
Startups & Venture
Valarian raises $50 million to help governments and enterprises escape America’s cloud grip
By Lily Mae LazarusJuly 13, 2026
Ships go dark as the clock runs out on Trump’s ‘undeclared naval war’ in the Strait of Hormuz
Newsletters
Ships go dark as the clock runs out on Trump’s ‘undeclared naval war’ in the Strait of Hormuz
By Jim EdwardsJuly 13, 2026
io Products co-founder Jony Ive and OpenAI CEO Sam Altman in a 2025 portrait. (Courtesy OpenAI)
Newsletters
Apple’s extraordinary OpenAI allegations
By Andrew NuscaJuly 13, 2026
Latest
U.S. and Iran both say they control the Strait of Hormuz amid attacks that threaten return to all-out war and global economic upheaval2 hours ago
‘The quintessential boy makes good story’: How Lindsey Graham rose from the son of pool hall owners to a key politician on the world stage2 hours ago
‘We are driving in the fog’: Hundreds of economists admit they’re flying blind on AI2 hours ago
Current price of gold as of July 13, 20263 hours ago
The escalating U.S.–Iran war is rewriting the CEO playbook again
Newsletters
The escalating U.S.–Iran war is rewriting the CEO playbook again
By Diane BradyJuly 13, 2026
‘Without our money, people will struggle’: Muangthai Capital’s new CEO Parithad Petampai defends the role of microfinance in Thailand
Asia
‘Without our money, people will struggle’: Muangthai Capital’s new CEO Parithad Petampai defends the role of microfinance in Thailand
By Angelica AngJuly 13, 2026
Rising tempo of combat in battle for Hormuz threatens market’s confidence that the worst is over on Iran. ‘There’s a lot of complacency’
Investing
Rising tempo of combat in battle for Hormuz threatens market’s confidence that the worst is over on Iran. ‘There’s a lot of complacency’
By Jason MaJuly 12, 2026
DC medical examiner’s early findings show Sen. Lindsey Graham died from an aorta rupture stemming from hardening of his arteries
Politics
DC medical examiner’s early findings show Sen. Lindsey Graham died from an aorta rupture stemming from hardening of his arteries
By Seung Min Kim, Mary Clare Jalonick, Meg Kinnard and The Associated PressJuly 12, 2026
Trump embraces Australian retirement system backed by Larry Fink
Personal Finance
Trump embraces Australian retirement system backed by Larry Fink
By Brianna Sosa and BloombergJuly 12, 2026
Russia’s economy is an ‘illusion’ built on debt, and a banking crisis is ready to explode, intel report says, while the Kremlin may seize pensions
Banking
Russia’s economy is an ‘illusion’ built on debt, and a banking crisis is ready to explode, intel report says, while the Kremlin may seize pensions
By Jason MaJuly 12, 2026
A girl looking at her laptop screen
Innovation
The U.S. spent $30 billion to ditch textbooks for laptops and tablets: The result is the first generation less cognitively capable than their parents
By Sasha RogelbergJuly 12, 2026
Peter Thiel and other tech billionaires are publicly shielding their children from the products that made them rich
Big Tech
Peter Thiel and other tech billionaires are publicly shielding their children from the products that made them rich
By Marco Quiroz-GutierrezJuly 12, 2026
Newsletters
Fortune Workplace InnovationBy Kristin Stoller
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Is dating a coworker still a career risk? Match Group’s HR chief has a new answer
Next to LeadBy Ruth Umoh
TIAA’s CEO shares her advice for separating your personal identity from your title
Fortune CryptoBy Ben Weiss
Robinhood built a blockchain for real-world assets. Memecoin traders showed up for the cat coin instead
MarketsBy Jim Edwards
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Ships go dark as the clock runs out on Trump’s ‘undeclared naval war’ in the Strait of Hormuz
Fortune TechBy Andrew Nusca
alt
Apple’s extraordinary OpenAI allegations
CEO DailyBy Diane Brady
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The escalating U.S.–Iran war is rewriting the CEO playbook again
AI
‘We are driving in the fog’: Hundreds of economists admit they’re flying blind on AI
Economy
‘We are driving in the fog’: Hundreds of economists admit they’re flying blind on AI
By Nick LichtenbergJuly 13, 2026
Shuman Ghosemajumder
Cybersecurity
Exclusive: Google’s former ‘click fraud czar’ emerges from stealth with an on-device AI shield against AI-powered phishing, deepfakes, and other scams
By Jeremy KahnJuly 13, 2026
Why corporate strategy is moving to the CFO’s office
AI
Why corporate strategy is moving to the CFO’s office
By Sheryl EstradaJuly 13, 2026
Max Buchan on stage holding a microphone
Startups & Venture
Valarian raises $50 million to help governments and enterprises escape America’s cloud grip
By Lily Mae LazarusJuly 13, 2026
Term Sheet podcast
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How this multi-millionaire investor spots billion-dollar ideas | Term SheetJune 24, 2026
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The Investor Who Bet on SpaceX, OpenAI and Anthropic Before You Could | Term SheetJune 11, 2026
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Investment bankers built a $2B AI to replace themselves | Term SheetMay 28, 2026
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This creator investor on the truth about the AI gold rush | Term SheetMay 13, 2026
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From a Palo Alto closet to $1 billion revenue: how Gusto cracked small business software | Term SheetMay 7, 2026
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How to raise a CEO: The "Godmother of Silicon Valley" Esther WojcickiApril 22, 2026
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The Startup Fighting to Save the American Farm with Modern FinanceApril 8, 2026
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How Winston Weinberg built his $11 billion AI Company | Term SheetMarch 18, 2026
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Why revenue is an outdated metric | Term SheetFebruary 18, 2026
Video ThumbnailPlay39:10
Chemistry cofounder: "more talented founders than ever" are moving into health care | Term SheetFebruary 4, 2026
Success
‘The quintessential boy makes good story’: How Lindsey Graham rose from the son of pool hall owners to a key politician on the world stage
Politics
‘The quintessential boy makes good story’: How Lindsey Graham rose from the son of pool hall owners to a key politician on the world stage
By The Associated PressJuly 13, 2026
Why corporate strategy is moving to the CFO’s office
AI
Why corporate strategy is moving to the CFO’s office
By Sheryl EstradaJuly 13, 2026
DOJ investigating allegations against UAW President Shawn Fain
Law
DOJ investigating allegations against UAW President Shawn Fain
By David Welch and BloombergJuly 12, 2026
Silicon Valley VC giant Vinod Khosla and family to buy Seattle Seahawks for $9.6 billion and must relinquish stake in the San Francisco 49ers
North America
Silicon Valley VC giant Vinod Khosla and family to buy Seattle Seahawks for $9.6 billion and must relinquish stake in the San Francisco 49ers
By Steve Reed, Andrew Destin and The Associated PressJuly 12, 2026
From the Magazine
MagazineCiti’s 5-year comeback: How CEO Jane Fraser turned the bank’s chronic underperformance into decade-high revenue

20,000 layoffs, 14 markets exited, one flatter bank—Jane Fraser’s Citi playbook is working. Wall Street wants to know what’s next.

By Claire ZillmanMay 27, 2026
As CEO of the $96 billion Sam’s Club, Latriece Watkins is testing her mettle at the warehouse retailer that produced CEOs for Walmart, Target, and Walgreens
Magazine
As CEO of the $96 billion Sam’s Club, Latriece Watkins is testing her mettle at the warehouse retailer that produced CEOs for Walmart, Target, and Walgreens
By Emma HinchliffeMay 27, 2026
Inside the ultra-luxury eco-adventure industry turning conservation into a status symbol
Magazine
Inside the ultra-luxury eco-adventure industry turning conservation into a status symbol
By Adam EraceMay 24, 2026
Microsoft lost its way in the AI race. Can Copilot get it back on course?
Magazine
Microsoft lost its way in the AI race. Can Copilot get it back on course?
By Jeremy KahnMay 21, 2026
Why the AI field’s biggest names are betting billions on ‘world models’
Magazine
Why the AI field’s biggest names are betting billions on ‘world models’
By Sharon GoldmanMay 20, 2026
Energy
U.S. and Iran both say they control the Strait of Hormuz amid attacks that threaten return to all-out war and global economic upheaval
Energy
U.S. and Iran both say they control the Strait of Hormuz amid attacks that threaten return to all-out war and global economic upheaval
By The Associated Press and Jon GambrellJuly 13, 2026
President Donald Trump speaks during the swearing-in ceremony for the new Chairman of the Federal Reserve, Kevin Warsh (L) in the East Room of the White House on May 22, 2026 in Washington, DC.
Economy
Oil prices march upward again as the U.S-Iran conflict intensifies—and it’s yet another headache for Warsh and the Fed
By Eleanor PringleJuly 13, 2026
Current price of oil as of July 13, 2026
Personal Finance
Current price of oil as of July 13, 2026
By Joseph HostetlerJuly 13, 2026
Rising tempo of combat in battle for Hormuz threatens market’s confidence that the worst is over on Iran. ‘There’s a lot of complacency’
Investing
Rising tempo of combat in battle for Hormuz threatens market’s confidence that the worst is over on Iran. ‘There’s a lot of complacency’
By Jason MaJuly 12, 2026
Fortune Rankings
Fortune 500
Fortune 500
By FortuneJune 3, 2026
Most Powerful Women
Most Powerful Women
By FortuneMay 27, 2026
Fortune 100 Best Companies to Work For
Fortune 100 Best Companies to Work For
By FortuneApril 1, 2026
Fortune 500 Europe logo
Fortune 500 Europe
By FortuneOctober 29, 2025
Leadership
‘The quintessential boy makes good story’: How Lindsey Graham rose from the son of pool hall owners to a key politician on the world stage
Politics
‘The quintessential boy makes good story’: How Lindsey Graham rose from the son of pool hall owners to a key politician on the world stage
By The Associated PressJuly 13, 2026
‘We are driving in the fog’: Hundreds of economists admit they’re flying blind on AI
Economy
‘We are driving in the fog’: Hundreds of economists admit they’re flying blind on AI
By Nick LichtenbergJuly 13, 2026
Smiling colleagues working at desk in office.
Newsletters
Is dating a coworker still a career risk? Match Group’s HR chief has a new answer
By Kristin StollerJuly 13, 2026
TIAA’s CEO shares her advice for separating your personal identity from your title
C-Suite
TIAA’s CEO shares her advice for separating your personal identity from your title
By Ruth UmohJuly 13, 2026
From Pilot to Profit
AIAI agents are flattening corporate hierarchies. Here’s how companies—and managers—can develop a new playbook

Around 41% of employees say their companies trimmed management layers last year, according to Korn Ferry.

By Sharon GoldmanJune 9, 2026
Artistic drawing of two employees using several tools at once
AI
Why dbt Labs CEO views AI efficiency and creativity as the same thing
By Sage LazzaroJune 9, 2026
Reward or threat? Omnisend offers quarterly raises for employees who use AI to drive business impact—and says those who don’t will get left behind
AI
Reward or threat? Omnisend offers quarterly raises for employees who use AI to drive business impact—and says those who don’t will get left behind
By Sage LazzaroJune 9, 2026
Artistic rendering of complex systems being simplified by two workers
AI
How Lumen’s ‘maniacal focus’ on KPIs drove measurable AI impact across use cases and the company at large
By Sage LazzaroJune 9, 2026
Artistic rendering of a hacker trying to gain access to a worker's computer
AI
AI is supercharging cyberattacks—and most companies aren’t ready
By Beatrice NolanJune 9, 2026
Features
Photo of young woman with a photo of a pizza
Success
Gen Z grad landed an internship by wearing her university baseball cap to her pizza joint job. Now she works at Cisco
By Orianna Rosa RoyleJune 14, 2026
Photo of Marc Benioff
Magazine
Salesforce CEO Marc Benioff turned his earnings call into a vodcast. Why other Fortune 500 CEOs might follow
By Rachel VentrescaMay 6, 2026
A Michigan farm town voted down plans for a giant OpenAI-Oracle data center. Weeks later, construction began
Magazine
A Michigan farm town voted down plans for a giant OpenAI-Oracle data center. Weeks later, construction began
By Sharon GoldmanMay 6, 2026
Anduril CEO Brian Schimpf
Magazine
Inside Anduril: Meet the quiet engineer-CEO building America’s $31 billion weapons startup
By Allie GarfinkleMay 6, 2026
Real Estate
Millionaires’ playground Marbella wants to become a tech hub
Europe
Millionaires’ playground Marbella wants to become a tech hub
By Sabrina Nelson Garcinuño and BloombergJuly 13, 2026
Current refi mortgage rates report for July 13, 2026
Personal Finance
Current refi mortgage rates report for July 13, 2026
By Glen Luke FlanaganJuly 13, 2026
Mortgage rates today, July 13, 2026
Personal Finance
Mortgage rates today, July 13, 2026
By Glen Luke FlanaganJuly 13, 2026
Current ARM mortgage rates report for July 13, 2026
Personal Finance
Current ARM mortgage rates report for July 13, 2026
By Glen Luke FlanaganJuly 13, 2026
Great Place to Work Rankings
Best Workplaces in Chicago
Best Large Workplaces in Chicago
By FortuneJune 16, 2026
Best Workplaces in New York
Best Large Workplaces in New York
By FortuneJune 9, 2026
Best Workplaces in Texas
25 Best Large Workplaces in Texas
By FortuneJune 2, 2026
Best Workplaces in The Bay Area
25 Best Large Workplaces in the Bay Area
By Fortune EditorsMay 26, 2026
Commentary
250 Years of InnovationBy Keith Ferrazzi and Wendy Smith
For 250 years, work defined American identity. That era Is ending
medicineBy Matthew T. Drake
America’s bone health is quietly headed for a $19 billion crisis
EducationBy Tim Knowles
AI is about to disrupt millions of jobs. A century ago, America’s answer was to build a new high school
Venture CapitalBy Amit Chaturvedy
Physical AI’s $50 trillion opportunity requires long-term conviction, but the payoff is huge 
climate changeBy Sylvain Johansson, Mekala Krishnan, Kanmani Chockalingam and Annabel Farr
McKinsey Global Institute: Climate planning has prioritized floods. Heat demands equal attention
EducationBy Jason Benedict
AI didn’t break higher education—It exposed the credential trap
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