CEO Confidential: 10 items for the CEO agenda

Here is our pick of ten highlights, which should be on the agenda of every CEO for Q4 2025 (Nov-Dec edition).

1. A year of growth, after all. Macro-economic indicators show growth also in November 2025. The year, despite its many shocks – some of which self-inflicted, shows a growth trend vs. LY. US GDP at +2.1% vs. LY (same as October); EU GDP at +1.3% vs. LY, with Germany coming back to a plus vs. LY. Inflation remains under control, except for countries like Turkey and Argentina, where Milei won mid-term elections. Stock markets are positive for G7 markets, with double-digit growth on a YTD basis vs. 2024. Interest rates (10 years’ bonds) high: 4.1% US, 2.6% EU (no change). It’s another year of cuts and optimizations for most big economies’ public budgets, with stress on strategic industries and uneven distribution of wealth. A watch out for 2026.
2. A Swiss finish? Switzerland and Liechtenstein have found an agreement with the US, lowering import tariffs from 39% to 15% into America. Switzerland will reciprocate with lower tariffs on a selection of US goodies, plus a three-year plan of direct investments into the US worth some $200 Bill. It’s for sure a relief for the Swiss manufacturers and key industries. There is no free lunch, of course, or maybe no neutral lunch in international trade.
3. $1 Trillion thanks to Elon. The board of Tesla, Elon Musk’s car and mobility company, approved a compensation package worth $1 Trillion for its founder. There are hard KPIs that Musk needs to hit in the next ten years, for this options’ plan to vest in full, but the Tesla decision raises concerns around the super-star treatment given to tech moguls lately, besides internal justice principles, at any company. Hopefully, this will remain an exception. Company valuations and C-Level compensation need to remain human and healthy.
4. Bubble or not? OpenAI, the world’s largest and most famous AI start-up, hit a $500 Bill valuation in October, raising new funds from SoftBank and Thrive Capital. Nvidia passes the $5 Trillion valuation, for a moment, in October. All numbers keep going up. AI companies secured at least half of all VC money in 2025. But, Michael Burry, the hero investor featured in the movie The Big Short, took a solid position against the AI craze, creating buzz and noise among investors. Game is on. Is this a bubble or not?
5. Work it. Amazon announced layoffs of some 30,000 people in October. In 2025, over 200,000 people have been impacted. Most of the decisions are driven by AI agents and physical AI developments, which should improve end-to-end supply chains. For example, amazon’s retail business could finally become a profit generator for the company. Recent studies show how the AI phenomenon is impacting the junior positions more than the senior ones, with companies recruiting fewer young employees, as AI should be able to perform their tasks. New Gen-s seem to be more at risk, even though it’s early days to call it.
6. Star Wars. Jeff Bezos’s space firm Blue Origin has launched a NASA mission to Mars after two earlier abandoned attempts. In November, it landed a booster – a portion of a ricket – from its New Glenn back on Earth, matching an achievement only achieved by Elon Musk’s SpaceX. Tech giants’ war moves from this planet to Mars and the universe. Big bucks are starting to pay back in the race for space.
7. This is mine. In November, in a UK High Court ruling, Stability AI, a UK start-up knows for its text-to-image Stable Diffusion application, mostly won its legal battle against Getty Images, with the court dismissing Getty’s central copyright infringement claims. Getty had accused Stability AI of using its images to train the Stable Diffusion AI model, but the court found there was insufficient evidence that the training occurred in the UK. However, the court did find “extremely limited” trademark infringement by Stability AI in certain early versions of Stable Diffusion, which displayed Getty watermarks. This is worrying, as it opens the door to the use of other people’s IP. CEOs should map and protect what’s proprietary, before models steal it with pride.
8. Working from home. Doctors from Scotland and the US have completed what is thought to be a world-first stroke procedure using a robot and from remote. Prof Grunwald, of the University of Dundee, Scotland, performed a remote thrombectomy, the removal of blood clots after a stroke, on a human cadaver that had been donated to science. Hours later, Professor Hanel, a neurosurgeon in Florida, used the technology to carry out the first transatlantic surgery from his Jacksonville base on a human body in Dundee over 4,000 miles (6,400km) away. Call it smart working. Yes, we can.
9. Changes at the Top. Rumors continue of a change at the top of Apple, which should happen early next year. Yann LeCun, Top AI guy at Meta, is rumored to be leaving the company, to create his own start-up. 2026 will see many leadership changes, it seems. AI moves fast, and top dogs need the right people at the top. More turnover will take place for sure. Tech progress puts pressure on the top jobs, as well as employees in companies’ ranks.
10. A risky human mistake. The BBC’s most senior executive, director general Tim Davie, and the chief executive of the news division, Deborah Turness, both quit after the leak of a deeply critical memo that, among other things, revealed that the BBC had misleadingly edited a speech by US President Donald Trump to make it appear that he had directly called for violence on January 6, 2021. In an era of AI generated content, humans should monitor and check, without adding to hallucinations and mistakes. The media industry is already at risk. We don’t need cheeky tricks. BBC has refused to concede compensation to President Trump for what has happened. The US will keep asking. More to come in 2026.