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2
FORTUNE.COM // JANUARY 2020
CONTENTS
around the wheel
last byte
88 Patent Power
Tilts to Asia
The center of gravity in
intellectual property is
shifting east.
Te x t by BRIAN O’KEEFE;
graphic by NICOLAS RAPP
forew0rd focus
briefing
4 Pandora’s Boxes
As the tech arms race
rages, humans are
caught in the middle.
By CLIFTON LEAF
7 The Great Big
Billionaire Backlash
Once, they were well-
respected. Now they
are vilified by the left.
By GEOFF COLVIN
10 CEOs Feel
Cli mate Pressure
at Home
They’re being pushed
to act on climate
change by their kids.
By KATHERINE DUNN
12 Te s l a’s $ 1 0 0
Deposit Keeps
Shorts at Bay
For the price of a nice
dinner for two, you can
“order” a Cybertruck.
By DAVID Z. MORRIS
14 The Year of the
CEO Exodus
Why a record number
of CEOs left their high-
paying jobs in 2019.
By KEVIN KELLEHER
15 The Best Work
places for Diversity
These companies walk
the talk in creating
workforces that look
like America.
By HADLEY HITSON
WHAT OUR EDITORS
ARE UP TO THIS MONTH
hot streak
The cochairs of our
annual tech summit,
Brainstorm Tech,
hit the Las Vegas
Strip on Jan. 6 for an
invite-only dinner
featuring Waymo
CEO John Krafcik
and top mobility
execs from GM,
Daimler, and others.
fortuneconferences
.com
on piste
Fortune’s top editors
join top executives at
the World Economic
Forum in Switzerland
from Jan. 21 to 24 to
discuss solutions to
challenges includ-
ing climate change,
sustainable business
models, and tech gov-
ernance. fortune.com
and weforum.org
Owing to a transcription error, “Ripping Up the Rules at Gold-
man Sachs” (Dec. 2019) included a misquotation of the firm’s
chief strategy officer, Stephanie Cohen. The correct quote is:
“When we say ‘operating efficiency,’ everyone hears ‘cost’—op-
erating efficiency, you’re a cost. What we’re really trying to do is
help people do their job more efficiently, and sometimes that’s
a cost thing.”
“Rewriting a Toy Story” (Dec. 2019) erroneously stated that
Mattel plans to sell 12 of its 13 factories; in fact, Mattel has not
said how many factories it intends to sell.
tech
18 California Sets
Off Privacy Scramble
A new state law has
major national impli-
cations for businesses
and consumers.
By JEFF JOHN ROBERTS
20 Africa Gets Its
Tech Buzz On
Cities like Kigali,
Rwan da, are now home
to a growing number
of startups.
By RICHARD MORGAN
25 Bike Bust:
An A.I. Preview?
Investors in China’s
doomed bike-sharing
craze don’t seem to
have learned their
lesson as an artificial
intelligence boom
gathers speed.
By GRADY MCGREGOR
28 Bridging the Gap
Between Human and
Machine
Two new books explore
what it takes to make
the relationship work.
By CLAY CHANDLER
31 Silicon Valley:
The Exit Interview
Mike Judge and Alec
Berg, producers of
HBO’s hit tech satire,
reflect on the series
and its finale.
By STACEY WILSON HUNT
venture
34 Success Through
Being Pushy
Entrepreneur Charlotte
Jorst shows what
happens when you
don’t take no for an
answer.
As told to DINAH ENG
invest
36 Buying “Bears”
in a Bull Market
Many affordably priced
stocks are cheap for a
reason—because eco-
nomic trends have left
them behind. You may
want to buy them any-
way. BY BEN CARLSON
