2020-05-01 Fortune

102 Pages·2020·55.01 MB·English

M A Y 2 0 2 0 ■ F O R T U N E . C O M

The Coronavirus Economy

HOW THE PANDEMIC IS RESHAPING EVERY ASPECT OF BUSINESS.

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METHOD

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MADNESS

Pushing Lexus LC performance to its most extreme requires a fanatical belief in the
power of engineering and craftsmanship. This has resulted in a chassis engineered to
have a lower center of gravity. Engine components forged of titanium for greater strength.
Laser welding for increased rigidity. Carbon fiber for lighter, yet stronger, body panels.
Because if you want to craft extreme performance, you have to take extreme measures.
lexus.com/performance | #Lexus

PERFORMANCE, CRAFTED TO THE EXTREME.
LC 500

5.0-LITER V8 ENGINE

10-SPEED DIRECT-SHIFT
TRANSMISSION

471 HP*

Options shown. *Ratings achieved using the required premium unleaded gasoline with an octane rating of 91 or higher. If premium fuel is not used, performance will decrease. ©2020 Lexus

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BLACK YELLOW MAGENTA CYAN

Multi-cloud Data Integration & Analytics | qlik.com

For an open relationship with your data.

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F O R T U N E M A Y 2 0 2 0 3

38
Strategies
for Survival
From restaurants
to retail, airlines
to energy, how
hard-hit industries
are adapting in a
time of crisis.
56
Will Medicine
Makers Come to
the Rescue?
The pandemic may
finally do for the phar-
maceutical industry
what relentless TV ads
cannot: show off its
power to innovate.

BY SY MUKHERJEE
60
Seattle
Under Siege
When the city became
the first epicenter
of the coronavirus
outbreak in the
U.S., the companies
headquartered there
found themselves in
the fight of their lives.

BY ERIKA FRY

70
How Zoom
Zoomed
A quiet hit among
business users when
the pandemic struck,
a young company
struggles to serve
consumers.

BY MICHAL LEV-RAM

74
The Grocery
Robots on
the Pandemic
Front Lines
Ocado built a buzzy
business helping super-
markets survive online.
The COVID-19 crisis has
become its trial by fire.

BY JEREMY KAHN

82

W O R L D ’ S
G R E AT E S T L E A D E R S
Heroes of the
Pandemic
Fortune’s seventh
annual list honors
those who have
rallied the world
behind them in this
decisive moment.

C O N T E N T S

COVER
ILLUSTRATION
BY
MANSHEN LO

VOLUME 181 • NUMBER 5

SPECIAL
REPORT
THE
CORONAVIRUS
ECONOMY

Features May 2020

ILLUSTR ATION BY SHAWNA X

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The Conversation

86
LISA SU
An annotated discussion with the CEO of chipmaker AMD.
INTERVIEW BY AARON PRESSMAN

Fortune (ISSN 0015-8259) is published monthly with two double issues (June and December), for a total of 14 issues, by Fortune
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4 F O R T U N E M A Y 2 0 2 0

Departments

WHAT OUR
EDITORS
ARE UP TO
THIS MONTH

THE BIG IDEA
BY MICHAEL T. OSTERHOLM
& MARK OLSHAKER
To Battle a Pan demic,
Think Like the Military

PAGE 34

Foreword

7
What We Know
About COVID-19
BY CLIFTON LEAF

The Brief

11
Has the Coronavirus
Crisis Changed
Business? You
Bet It Has.
BY GEOFF COLVIN

18
Privacy in a Pandemic:
Less Might Be Best
for Public Health
BY DAVID MEYER

21
China’s Apps for
Tracking the Outbreak
Are Efficient—
and Worrying
BY NAOMI XU ELEGANT &
CLAY CHANDLER

22
Ford Shifts Gears:
The Automaker and
Its Competitors
Pivot to Produce
Medical Supplies
BY MARIA ASPAN

28
Can Thermal-Imaging
Tech Help Stem Viral
Spread?
BY AARON PRESSMAN

31
What’s the Smart Money
Doing? Five Market
Veterans Weigh In
BY ANNE SRADERS &
JEN WIECZNER

Passions

90
Buying Time:
Watch Lovers Sell
the Most Analog of
Collectibles Online
BY DANIEL BENTLEY

The Cartographer

96
Mapping the Dramatic
Drop in Market
Indexes Worldwide
BY BRIAN O’KEEFE &
NICOLAS RAPP

C O N T E N T S

DREW ANTHONY SMITH

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TD Ameritrade
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Please contact R. RODRIGUEZ at 212.886.4100 with any questions regarding these materials.
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E*Trade Nat. Mag

A so-so
brokerage
will only get
you so-so far.

Reviewed against 14 other online brokers, TD Ameritrade was named #1 for Platforms & Tools, Customer Service, and Education in the
StockBrokers.com 2020 Online Brokers Review. TD Ameritrade, Inc., member FINRA/SIPC. © 2020 TD Ameritrade.

Some brokerages try to sell you their subpar experience by calling it “simple.” But at
TD Ameritrade, we know that to perform your best, you need best-in-class platforms,
award-winning service, and personalized education. Considering selling all of that short?
Might not be the smartest trade.

Visit tdameritrade.com/whytda to learn more.

S:7”

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T:7.875”

T:10.25”

B:8.625”

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4.7.20

F O R T U N E M A Y 2 0 2 0 7

What We Know
About COVID-19

As we enter the fifth month of this

worldwide crisis—a viral pandemic
that has grown feverishly to nearly
2 million confirmed cases in 185
countries or regions, and more
than 125,000 deaths, according
to researchers at Johns Hopkins
University—there are still plenty of
mysteries to solve. How many people
are unknowingly infected with (and
possibly spreading) the virus? How
long will the pandemic last? When is
it safe to go back to work? Well, no
one quite knows.

As to the question of how the

coronavirus will reshape the global
economy—How much damage will it
do? Which industries will suffer the
most, bounce back, be reinvented?—
we have devoted this entire issue and
most of our daily online coverage to
investigating. Virtually our entire

EPIDEMIOLOGY is a science of “seems to
be” steps. Researchers plot data points on a

map and speculate connections between them,
conjuring up likely nodes of infection and
possible vectors of transmission. Such guessing, if
you will, forms the basis for hypotheses, and then
the truly hard work begins: Scientists gather
evidence—systematically, painstakingly—until
they can prove or disprove those theories.

That’s what John Snow, history’s

most famous epidemiologist, did in
1854, when he plotted deadly cases of
cholera on a map of London, eventu-
ally tracing the outbreak to a single
contaminated well and water pump.
And that’s what’s happening now,
with the novel coronavirus and respi-
ratory disease it causes, COVID-19.

0

50

100

150

200

250

300 MILLION POPULATION

MAR. 19
20
21
22
23
24
25
26
27
28
29
30
31
2
3
4
5
6
APR. 1

STATEWIDE STAY-AT-HOME ORDERS,

BY EFFECTIVE DATE AND U.S. TOTAL POPULATION UNDER ORDERS

CALIFORNIA

ILLINOIS, NEW JERSEY

CONNECTICUT, LOUISIANA, OHIO,

OREGON, WASHINGTON

DELAWARE, INDIANA,

MASSACHUSETTS, MICHIGAN,

NEW MEXICO, WEST VIRGINIA

VERMONT, HAWAII,

IDAHO, WISCONSIN

NEW YORK

COLORADO, KENTUCKY

NEW HAMPSHIRE,

MINNESOTA

ALASKA, MONTANA,

RHODE ISLAND

KANSAS, MARYLAND,

NORTH CAROLINA,

VIRGINIA

ARIZONA, TENNESSEE

WASH., D.C., NEVADA,

PENNSYLVANIA

MAINE, TEXAS

FLORIDA,

GEORGIA,

MISSISSIPPI

ALABAMA

MISSOURI

SOURCES: KAISER FAMILY FOUNDATION; CENSUS BUREAU

PANDEMIC
POTLUCK

STATES HAVE LARGELY
PUT IN PLACE THEIR OWN
COVID-19 MITIGATION
STRATEGIES. (THE VIRUS
MAY NOT HAVE NOTICED.)

F O R E W O R D

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