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Stay Curious, Build Your Community and Other Advice From Microsoft’s CFO

By Walden Siew | WSJ Leadership Institute

Good morning, CFOs. Microsoft CFO Amy Hood offers sound advice for the class of 2026 and us all; the FASB plans to explore rulemaking around disclosures by private-credit investment funds; plus, weight-loss drugs are taking a bite out of the restaurant business.

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A graduating student at Harvard University. SPENCER PLATT/GETTY IMAGES

Walking to the subway this week, I encountered a sea of NYU graduates surrounding me on the sidewalks around my office building. Their distinct Mayfair violet gowns reminded me of a habit I’ve developed this time of year, which is to revisit Apple CEO and co-founder Steve Jobs’s 2005 Stanford University commencement address, which I still regard as one of the best.

I have an updated new favorite, which I shared with my daughters—one of whom is almost halfway through her college journey, the other about to start hers. Both are grappling with decisions about where to focus their academic studies, and like most of us in the professional world, wondering what impact technology and AI will have on our future.

Microsoft CFO Amy Hood’s commencement address this past weekend at Duke University offers some solid advice.

“Your next step doesn't have to be a perfect one. It just has to be an opportunity,” Hood said in her address. And this really struck me:

Key quote: “So here's the one thing I wish someone had told me a lot sooner. There aren't many one-way doors. People and frankly, even places like Duke, can wire you to believe that every decision is make or break. I see now that most of the choices I agonized over, shed tears over, lost sleep over, had a perfectly accessible undo button.”

Hood concluded with three other keys things to remember:

Learn, and stay curious when things don't make sense.

“The world's going to change on you more than once and in ways nobody in the stadium can predict… Stay curious when things stop making sense, and please ask questions when everyone around you is already pretending they know or have the answer.”

Build and lean on your community.

“These people sitting next to you, the ones who pull all-nighters, who made you laugh when everything felt impossible, this is your community. Invest in them, celebrate them, be there. You will find that they are there for your entire life's best and lowest moments. Four years quickly turns into 40 years of friends. It is as a CFO, the best return you'll ever get.”

Show up. 

“Be in the room, ask questions, put yourself out there,” she said. “Remember there aren't that many one-way doors, so go blow through a few of those things. And if you get a no, just try a new door.”

To see Hood’s address in its entirety, click here.

✏️ What is your best advice for the class of 2026? Or what qualities in new graduates do you value most in hiring? Hit Reply to this newsletter to share your responses, and we may share the most insightful answers.

And now, back to our regular programming…

 
Content from our sponsor: Deloitte
Edward Jones CFO, Digital and Data Leader: ‘All In on Transformation’

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The Day Ahead

📆 Earnings

  • Klarna
  • Viking Holdings

📈 Economic Indicators

Trump plans to travel to Beijing to meet with his counterpart President Xi.

The Census Bureau reports retail and food services sales for April.

 

Latest From CFO Journal

FASB to Explore Private-Credit Accounting

The Financial Accounting Standards Board plans to explore rulemaking around disclosures by private-credit investment funds as turmoil mounts in the sector.

The FASB on Wednesday voted to add a project to its agenda for potential standard-setting. The move follows declines in private-credit earnings due to Federal Reserve rate cuts, rising loan defaults and investor worries.

Board members say the project should aim to provide investors with better insights into underlying investments.

Private-credit funds generally measure their investments at fair value using existing rules. The funds heavily rely on unobservable inputs, such as a cash-flow forecast they internally developed, to determine fair value. Private-credit funds aren't required to provide certain loan-specific disclosures mandated for entities other than funds.  

“It's quite clear from what we hear from investors and read in the newspaper that there's a lack of transparency even with the fair value disclosures that we receive today,” board member Fred Cannon said.

—Mark Maurer

 
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What Else I’m Watching

EVAN VUCCI/REUTERS

The China summit. President Trump arrived in China with a contingent of high-profile business leaders, including tech billionaires Elon Musk and Jensen Huang, for a two-day summit with Chinese leader Xi Jinping.

  • What Trump and Xi Want to Achieve at Their High-Stakes Summit
  • Xi’s Taiwan Warning to Trump Highlights Tensions in Beijing Summit
  • China’s Best and Brightest Tech Talent Is Going Back to China

GLP-1 takes a bite out of the restaurant business. Weight-loss drugs means eating less—and for many Americans, dining out less, too—and that’s capturing the attention of restaurant executives.

 

What Else Matters to CFOs

Kevin Warsh GRAEME SLOAN/BLOOMBERG NEWS

Meanwhile, the Senate confirmed Kevin Warsh as the Federal Reserve’s 17th chair Wednesday in a party-line vote that reflected how tensions with the White House have dragged the Fed deeper into the political fray.

Warsh won confirmation 54–45, earning support from all Senate Republicans but just one Democrat, John Fetterman of Pennsylvania. Sen. Kirsten Gillibrand (D., N.Y.) didn’t vote. No Fed chair has been confirmed by such a narrow margin since Senate approval became a requirement for the job in 1977.

  • How Eight Tumultuous Years Pushed Jerome Powell and the Fed to the Limit
  • Fed’s Collins Says She Could Envision the Need for Rate Hikes
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📰 Other headlines

  • Netflix Secures Three More Football Games in New NFL Deal
  • Geothermal-Champion Fervo Energy’s Shares Soar in Trading Debut
  • Anthropic Was Behind. Now It’s the AI Boom’s Front-Runner.
  • Equinox, Orla Agree to Form $18.5 Billion Gold Major
  • The Tech Jobs That Are Safe From AI
  • Hedge Funds Are Making a Killing in the ‘Golden Age’ of AI Hardware
  • Crypto Die-Hards Think They’ve Found the Next Bitcoin

📈 Earnings wrapup

  • Cisco to Cut Jobs in Shift to Capture More AI Demand
  • Nissan Targets Return to Profit After Restructuring Drive
  • SoftBank Lands $25 Billion Gain on OpenAI Bet
  • Honda Just Had Its Worst Year Ever

For more earnings news, click here.

 

Quote of the Day

“Robotics is the ultimate frontier for what’s possible with AI….It is, in some ways, the biggest market out there.”

—Ilya Fushman, a partner at venture-capital firm Kleiner Perkins
 

Explore The Wall Street Journal Webinar: From Headlines to Action

From Headlines to Action

Join us today at 11 a.m. for a discussion that will bring together Walden Siew, bureau chief, CFO Journal; Laura Kreutzer, bureau chief of WSJ Pro Private Equity; and Shruti Tripathi Chopra, the editor in chief of Financial News and Private Equity News, to unpack the biggest financial developments shaping corporate decision-making, from policy shifts to emerging trends in private equity, credit and retail and what to expect in the second half of 2026.

Register now to join the live webinar or to watch the replay later.

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About Us

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.

 
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