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2020-05-01 Fortune PDF

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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. COV.W.0520.FINAL.indd 3 4/14/20 5:04 PM FINAL METHOD FORX-6159756LH.pdf 04.13.2020 08:22 BLACK YELLOW MAGENTA CYAN 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 FORX-6159756RH.pdf 04.13.2020 08:22 BLACK YELLOW MAGENTA CYAN Multi-cloud Data Integration & Analytics | qlik.com For an open relationship with your data. Qlik_2020_Fortune_Print-Ad_FINAL_032720.indd 1 Qlik_2020_Fortune_Print-Ad_FINAL_032720.indd 1 3/27/20 10:44 AM 3/27/20 10:44 AM 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 TOC.W.0520.XMIT.indd 3 4/14/20 9:50 PM FINAL THE ANDROMEDA CHAIN Subscribe to Fortune’s first pop-up newslet- ter, Outbreak, tracking the COVID-19 pan- demic. fortune .com/newsletters WRY SOCIETY Stuck working at home? Follow your favorite Fortune writers and editors on Twitter with one click. twitter.com/i/ lists/9732988/ SALON DES ACCEPTÉS Look out for Fortune Connect, our forthcoming membership community for rising business stars. Stay on top of our ever- changing world at fortune.com/ newsletters. 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 Media (USA) Corporation, Principal Office: 40 Fulton Street, New York, NY 10038. Periodicals postage paid at New York, NY, and additional mailing offices. Postmaster: Send all UAA to CFS. (See DMM 507.1.5.2). Non-Postal and Military Facilities: Send address corrections to Fortune Magazine, P.O. Box 37508, Boone, IA 50037-0508. Canada Post Publications Mail Agreement #40069223. BN# 888381621RT0001. © 2020 Fortune Media IP Limited. Printed in the U.S.A. Customer Service and Subscriptions: For 24/7 service, please use our website: www.fortune.com/myaccount. You can also call 1-800-621-8000 or write to Fortune Magazine, P.O. Box 37508, Boone, IA 50037-0508. Reproduction in whole or in part without written permission is strictly prohibited. Your bank may provide updates to the card information we have on file. You may opt out of this service at any time. 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 TOC.W.0520.XMIT.indd 4 4/14/20 9:50 PM FINAL Billing#: Labor: Proofreading: OOP: Tracking#: Client: Brand: Product: Media: Caption: Artist: Previous: Bleed: Trim: Safety: Viewing: Gutter: Scale: Final Size HN1097309 HN1097309 HN1097309 HN1097309 TDA363_M01 TDA None TD Ameritrade None TDAM_WSIGS_LOGOS_V11_LOCKUP_R_SW_KO_outline.ai Please contact R. RODRIGUEZ at 212.886.4100 with any questions regarding these materials. This advertisement was prepared by Havas Worldwide NY at 200 Hudson Street, New York, NY 10013. Cyan Magenta Yellow Black TD Ameritrade Sans (Bold, Regular; OpenType) None Johnny Ho Luis.Garcia 8.625” x 11.5” 7.875” x 10.25” 7” x 9.75” None None None 7.875x10.25 Studio Manager Proofreader Print Producer Account Executive Art Director Copywriter H. WEINTRAUB/M. JOHNSON None R. RODRIGUEZ None None None Contacts Initial Date Proof Mechanical Specifications Job Description Links Links Mode Mode PPI PPI Colors Font Families Production Notes HN1097309_TDA363_M01R_E_Trade_Full_Page_Mags.indd Path:Premedia:Prepress:_TD Ameritrade:2020:1097309_TDA363:Final:Prepress:HN1097309_TDA363_M01R_E_Trade_Full_Page_Mags.indd 3_FINAL 4-6-2020 10:11 AM 4-7-2020 5:24 PM Created: Modified: 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” S:9.75” T:7.875” T:10.25” B:8.625” B:11.5” JH 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 FWD.W.05.20.XMIT.indd 7 4/14/2020 9:54:58 PM FINAL

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