Session briefing brought to you by:

Ben Smith

Editor-in-Chief

When we gathered at Semafor World Economy last year, it was clear to the leaders here that the times had changed. The peacetime growth of the 2010s has been replaced by an obvious — and literal — wartime mindset among the leaders of the world’s largest businesses, who have sought to make strategic changes to their companies in response to the artificial intelligence boom while responding quickly and tactically to new sources of political instability: Trade barriers, energy prices, and deepening government involvement in a range of industries. Industries whose stability had been taken for granted — SaaS in particular — suddenly face existential peril. 

Former Unilever chief Paul Polman wrote in our 2025 report that he worried too many CEOs would prove “to have been passengers when there was smooth sailing and now lack the skills and courage to lead.” 

Now a central feature of this new mode of leadership is how personal, how exposed, it’s become. Internal and external communications have merged. Boardroom consensus and painstaking communications strategies have grown cumbersome as CEOs and heads of state alike communicate instantly through social media with their constituencies. The stakes are only rising.

Michelle Horton

Risk & Regulatory Health Industries Practice Leader, PwC US

The global landscape has entered a period of profound uncertainty, marked by active conflicts, rising great-power rivalry, and the accelerating role of technology in shaping both offense and defense. We are no longer in a cycle of disruption, but in an era of continuous uncertainty where some respond by retreating, while others look to expand.

Shifting power dynamics, technological acceleration, and overlapping global risks are reshaping the operating environment for global business. The question for leaders now is not how to predict the next shock, but how to build organizations that can adapt, compete, and grow.