Good morning, CFOs. A Big Four accounting firm expects to save time with new AI tools; the next Fed chair will face tough economic conditions; and a $67 billion deal to create the largest U.S. electricity producer.

KPMG is revamping how its global workforce will use artificial intelligence through a new deal with Anthropic that aims to make its tax and consulting services faster-moving and more efficient, CFO Journal’s Mark Maurer reports.

The deal marks the first time San Francisco-based AI company Anthropic will integrate its Claude tools on a Big Four tax platform. Some firms have made deals to provide employees with access to AI tools on the side without altering their main global platforms around Anthropic or its competitor OpenAI.

KPMG employees and clients will be able to use Claude to create materials, build agents and summarize documents, the firm said. The platform that houses all tax and legal client data and internal analyses will have Claude embedded in it, on top of existing Microsoft Azure.

How does KPMG benefit? The Big Four firm said it expects significant time savings, as tasks that used to take weeks, such as building a tool to adjust to new tax rules, will be done in minutes.

Rema Serafi, KPMG’s U.S. vice chair of tax, on the firm’s new AI capabilities: "I liken it a little bit to an F1 car, which has extraordinary technology but it only creates value if you put it in the hands of a skilled driver who understands the course, who understands how to manage the risk and knows when to push and when to slow it down."

📆 Earnings

• Cava Group
• Home Depot
• Keysight Technologies
• Toll Brothers

📈 Economic Indicators

• The National Association of Realtors releases its Pending Home Sales Index for April.

Kevin Warsh won the Fed chair nomination with a double-barreled policy agenda for the central bank: lower interest rates and a smaller Fed balance sheet. As he takes the reins, economic conditions will make it tough for him to achieve either of those goals.

A troubling rise in inflation over the past two months has left Fed policymakers in no mood to deliver the rate cuts that President Trump has demanded. The job market has shown signs of stabilizing, further undercutting the case for easing.

• Trump Will Host Swearing-In Ceremony for New Fed Chair Warsh

• Alphabet’s Google and Blackstone plan to create an artificial-intelligence cloud company to rival the likes of CoreWeave using Google’s specialized chips.
   
• NextEra Energy agreed to buy Dominion Energy in a roughly $67 billion deal that would create the largest U.S. electricity producer and represent one of the biggest tie-ups of the year. But now they face a regulatory marathon.
   

📰 Other headlines 

• Jury Rejects Musk’s Claims Against OpenAI
• Swatch’s New Watch Debut Descends Into Chaos
• Ford Details European Growth Strategy, Signs EDF Energy-Storage Agreement
• Ryanair Shares Fall After Company Warns of Weaker Pricing, Late Bookings
• The Little-Known Hedge Fund That Stands to Make Over $10 Billion on SpaceX
• See How the Global Government Debt Binge Is Rippling Through Markets

• Kyverna Therapeutics, an Emeryville, Calif.-based biopharmaceutical company, named Greg Martini as finance chief, effective immediately. He previously held the same role at Boston-based Ironwood Pharmaceuticals. He succeeds Marc Grasso, who will stay at the company as an adviser through Aug. 1.
   
• FedEx said Guy Erwin, the company’s chief accounting officer, is resigning, effective May 31. Claude Russ, FedEx’s interim CFO, will take over the role on a temporary basis until the company finds a permanent successor.

—Colin Kellaher contributed to today’s Ledger.

The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy.

Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.

You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.