Fortune Tech: Trump AI order, DeepSeek fundraise, Microsoft AI models

Good morning. Big day at the office: A new edition of the Fortune 500 has arrived.

As always, lots to unpack about our iconic, annual (since 1955!) list of the largest U.S. companies by revenue.

To get started, allow me to focus your attention on the dearly beloved Magnificent 7 tech firms:

—Amazon takes the top spot, breaking Walmart’s 13-year streak as the No. 1 company.
—Apple stays parked at No. 4.
—Alphabet moves up two spots to No. 5 and repeats as the most profitable company (in terms of absolute dollars) with more than $100 billion.
—Nvidia, jumps 15 spots to No. 16 with a 66% gain in revenue.
—Meta jumps five spots to No. 17, its highest-ever rank.
—Microsoft rises one spot to No. 11, its highest-ever rank.
—Tesla repeats at No. 43 despite a 3% decline in revenue.

There’s plenty more to dig through (peep Uber’s ascent and Arista Networks’ arrival, for example) so don’t hesitate to poke around.

In the meantime, more tech news below. —Andrew Nusca

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Trump issues his long-awaited, scaled-back AI order

U.S. President Donald Trump at Morristown Airport in New Jersey on May 22, 2026.

Brendan Smialowski/AFP/Getty Images

President Trump’s long-rumored executive order about artificial intelligence has finally dropped.

The EO, published Tuesday with little fanfare, aims to address cybersecurity threats posed by AI.

It calls for the prioritization of cyber defense, the provision of cybersecurity tools and services (including frontier models) for government agencies and various other organizations, and a voluntary “AI cybersecurity clearinghouse” for the patching of software vulnerabilities, among other things.

The order is substantially less aggressive than the one the White House had reportedly hoped for—a sign that the tech industry was able to successfully push back on additional federal oversight.

For example, the current order requests a…

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