Supreme Court’s birthright citizenship ruling hands the U.S. economy a $7.7 trillion win

Had the Supreme Court upheld Trump’s executive order, Penn State researchers estimate that 255,000 people born in the U.S. each year would be denied citizenship and the rights that it brings. (H-1B and L-1 visa holders would have been impacted, along with undocumented workers.)

And how does that link back to the American Dream? Turns out U.S. immigrants are significantly more optimistic about the country and happier than the general population. And Gallup CEO Jon Clifton points out that a record 79% of U.S. adults now view immigration as a good thing for the country. With Gallup finding employee engagement and happiness at record lows, Clifton also notes that AI offers a much-needed opportunity to transform the workplace and work.

One other point that I discussed with Clifton and Edward Jones CEO Penny Pennington is the importance of financial fulfillment. They teamed up on a study that found only 16% of Americans say their finances support the life they want. The research points to the importance of hope, optimism, and a feeling of financial stability in creating that sense of fulfillment. A lot of the pessimism and fear around AI is about what could happen, not what’s actually happening across the country. The people who could change that conversation are business leaders.

Contact CEO Daily via Diane Brady at diane.brady@fortune.com

Top leadership news

Nike’s nascent comeback

Nike reported revenue of $10.97 billion for the most recent quarter, early evidence that CEO Elliott Hill’s push to rebuild wholesale relationships and refocus on athletes is working in North America. But investors are watching China, where revenue is still declining as local rival Anta gains ground and an inventory glut undercuts margins.

Domestic airfare surge

Domestic flight prices have jumped 23.2% since March 2025, outpacing the 11.5% rise in international fares, as airlines cut routes and lean into premium cabins to protect profits despite falling jet fuel costs. “As someone looking for air travel, you can expect prices to be high and stay high for the near term,” Cornell professor of services management Christopher Anderson told Fortune.

Anthropic’s Washington woes

The Trump administration and Anthropic last night reached a deal to restore access to the AI developer’s Fable AI model after a weeks-long shutdown, but Anthropic’s Washington headaches are far from over. Fortune AI editor Jeremy Kahn reports that the company’s failure to play by the White House’s rules could cut it off from government contracts and overseas markets right when it needs them most.

The markets

S&P 500 futures are down 0.26% this morning. The last session closed up 0.79%. The STOXX Europe 600 was down 0.04% in early trading. The U.K.’s FTSE 100 was down 0.11% in early trading. Japan’s Nikkei 225 was up 0.59%. South Korea’s KOSPI was down 2.04% today. China’s CSI 300 was down 0.41%. Hong Kong’s markets are closed today. India’s NIFTY 50 was up 0.72%. Bitcoin was down at $59K.

Around the watercooler

Meet the only Black woman chair of the board in the Fortune 500 by Emma Hinchliffe

Dell’s AI boom is real, but so is the profit margin hit nobody is pricing in by Mia Osmonbekov

Gen Z and millennials aren’t convinced the American Dream exists anymore: Only 40% of them can afford to buy a home by Tristan Bove

Stripe, Visa and over 140 other businesses to launch stablecoin to rival Tether and Circle by  Camila Grigera Naón

Remote-first fintech giant Revolut is making the office compulsory for new Gen Z grads—and they’ll earn flexibility like their peers after one year by Emma Burleigh

CEO Daily is curated and edited by Joseph Abrams, Jason Ma, Claire Zillman, and Lee Clifford.