CEOs at Milken Look Abroad as Trade Uncertainty Clouds U.S. Outlook
Fortune reported Tuesday that senior executives gathered at the Milken Institute Global Conference in Beverly Hills are increasingly looking beyond U.S. borders for growth, with geopolitical stress and domestic policy uncertainty souring the mood at one of finance’s most prominent annual gatherings.
Anxiety Shadows Beverly Hills Venue
The mood at this year’s conference was notably cautious. A weak session in equity markets set a subdued tone on arrival. Executives cited several pressure points: tensions in the Strait of Hormuz, uncertainty around artificial intelligence’s economic consequences, growing risks in private credit markets, and a broader sense that the global order is shifting in ways that may not favour American interests. One CEO captured the atmosphere bluntly, comparing the venue’s cramped lobby conditions to a school emergency drill.
Emerging Markets Take Center Stage
The standout theme was a renewed appetite for opportunities outside developed Western economies. Kaan Terzioğlu, Group CEO of Dubai-based telecom and digital services firm VEON, made a case to Fortune for markets such as Pakistan and Bangladesh. He framed Pakistan as a data economy rather than a resource-dependent one. He called Bangladesh, with its large and economically active female workforce, a compelling long-term investment destination.
Bruce Flatt, chief executive of Brookfield Asset Management, reinforced that sentiment by signalling an accelerated commitment to Middle East investment. The pivot reflects a wider pattern among institutional investors reassessing geographic concentration.
China’s Contradictions on Full Display
The conference offered no simple verdict on China. Historian Niall Ferguson argued that Beijing is effectively waging a proxy conflict through Iran. Nvidia CEO Jensen Huang told attendees that China should not gain access to his company’s most advanced chips. Yet the same crowd heard executives praise Chinese industrial competitiveness, the country’s stated commitment to AI infrastructure, and its willingness to forge partnerships with U.S. allies. One U.K.-based executive said China and the United States now look like equally viable deal partners. The subtext was clear: for many multinationals, waiting on geopolitics is not an option.
M&A Headlines and Market Snapshot
Beyond the macro conversation, deal news competed for attention. Ryan Cohen, CEO of GameStop, made an unsolicited $56 billion bid for e-commerce platform eBay, a roughly 20% premium to the target’s market value. Wall Street’s initial reaction was sceptical, with analysts suggesting eBay’s standalone recovery may be the stronger path. Separately, Anthropic announced a new AI enterprise services venture backed by approximately $1.5 billion, with Blackstone, Hellman & Friedman, and Goldman Sachs as partners. The firm aims to embed Anthropic’s Claude model directly into the operations of mid-sized businesses, putting it on a collision course with established consulting giants.
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