05 Q UA RT E R _ 0 2 _ 2 0 2 6 - 62 Citi CEO Jane Fraser 62 A Conversation with Citi CEO Jane Fraser Citi moves $2 quadrillion a year for 6,000 multinationals. No wonder its CEO has a provocative global perspective. 70 Strategy’s Biggest Blind Spot Misperceptions about the reach and durability of competitive advan tage hurt many companies’ profits. Five rules can help organizations maximize their edge over peers. by Andy West and Matt Banholzer 80 The FDI Shake-Up 80 The FDI Shake-Up Foreign direct investment today may shape the industries of tomorrow. by Tiago Devesa, Jeongmin Seong, Olivia White, Nick Leung, Michael Birshan, and Jan Mischke 94 Quantum’s Bold Promise Quantum computing could optimize portfolios, simulate molecules, and model supply chains. As the technology matures, early movers could unlock real value. by Henning Soller and Sven Smit 104 A Conversation with IBM CEO Arvind Krishna In five years, Krishna has revived the once-stagnant company. With AI and quantum, he sees opportunity ahead. 114 Advancing Adaptation: Mapping Costs from Cooling to Coastal Defenses What would it cost to adapt as the Earth warms, and how much will get spent? by Mekala Krishnan, Olivia White, Sylvain Johansson, Sven Smit, Annabel Farr, and Kanmani Chockalingam 124 The AI Reckoning How can boards guide companies through the competitive dynamics unleashed by AI? by Aamer Baig, Ashka Dave, Celia Huber, and Hrishika Vuppala AI-savvy boards outperform their peers by 10.9 percentage points in return on equity. P. 124 134 The Automation Curve In Agentic Commerce Agentic AI is increasingly a part of shopping, but not all transactions will be automated in the same way. by Deepa Mahajan, Hannah Mayer, Katharina Schumacher, and Roger Roberts C L O C K W I S E F R O M B O T T O M L E F T: M AT T C H A S E ; I R E N A G A J I C ; C O U R T E S Y O F C I T I ; S A M G R E E N ; D A Q 05 Q UA RT E R _ 0 2 _ 2 0 2 6 80 The FDI Shake-Up 62 Citi CEO Jane Fraser