Power is precarious: The more of it you possess, the more competitors you attract, gunning for your customers, star employees, and market share. We drilled down on five of the biggest rivalries in business, across chips, AI, EVs, investing and finance, and energy. And though these incumbents and rising rivals are fierce, never count out the dark horses who are hungry for a spot at the top.
Marc Rowan, a onetime corporate lawyer, has emerged in recent years as the dominant figure in the fast-growing world of private equity. In 2021, Rowan became CEO of Apollo, which he cofounded, and carved out a bold strategic shift revolving around private credit, a field that has doubled over the past five years to around $2 trillion. The pivot was highly lucrative, helping Apollo notch $1.49 billion in profits in Q4 of 2024. Rowan’s private credit charge poses a growing challenge to traditional banks like JPMorgan Chase, as Apollo and others become the go-to lending venues for large companies and institutions. —Jeff John Roberts
