At a moment of geopolitical volatility and rapid technological acceleration, investing in America is no longer symbolic—it is a strategic necessity. That was the central theme of a panel at USA House in Davos moderated by Moira Forbes, bringing together leaders across manufacturing, finance, technology, and consumer goods to examine what durable investment in the U.S. truly requires. (Scroll down to see full video).
For Stacey Kennedy, CEO of Philip Morris International’s U.S. businesses (PMI U.S.), staying power begins with long-term commitment and the discipline to back it with measurable action. PMI has strongly invested in America since establishing its U.S. business in 2022, with over $20 billion of PMI investments majority-related to both acquiring and further investing in U.S. manufacturing capabilities, commercial rights and infrastructure, and U.S. jobs. In the U.S., PMI has never sold combustible cigarettes, underscoring the company’s strategy to accelerate its ongoing transition away from cigarettes by expanding access to FDA-authorized smoke-free alternatives.
She linked this directly to the modernization of the nicotine category—shifting an outdated, combustible model toward smoke-free alternatives such as nicotine pouches and other technology-enabled products that, although are addictive and not risk-free, can significantly reduce harm for the millions of adults 21+ who continue to smoke. She reinforced that progressive regulation of science-based modern nicotine products is key for improving public health outcomes, provided companies act responsibly and regulators keep pace.
This focus has fueled rapid growth, doubling PMI U.S.’s workforce in three years and sharpening the company’s push to manufacture products in the U.S. for both domestic use and export.
Kennedy noted that speed and accountability have to operate together. When demand for PMI U.S.’s leading smoke-free product, ZYN nicotine pouches, surged, supply constraints required rapid decision-making—compressing site selection and factory construction timelines from years into months.
She highlighted that in a transitioning category like modern nicotine, delays don’t just strain operations—they risk pushing adult consumers back to the very products the industry is trying to replace. “Failing to take a decision is de facto a decision,” she said, highlighting the need to act quickly when consumer outcomes and public health are at stake. This required blending ambition and responsibility with the pressing demand for execution pace—balancing long-term vision with immediate action in a complex regulatory environment.
Kennedy understood that speed required alignment first. Rather than announce strategy, she spent time across America listening to what mattered to communities, retailers, and regulators. Everyone had to be brought along before the company could move at pace.
The broader U.S. investment landscape reflects that same tension between urgency and long-term design. Aamir Paul, who leads North America for Schneider Electric, argued that policy volatility demands a focus on structural trends that endure across cycles. Electrification, automation, and AI-driven demand are among those constants, forming the basis for the company’s $700 million North American investment plan. Paul highlighted a critical constraint: the U.S. is already short roughly 100,000 electricians needed to support modern grid, AI, and energy infrastructure, with retirements compounding the gap each year.
He warned that aging, single-directional grid systems—built for a different century—are now one of the most underestimated bottlenecks threatening America’s industrial upswing unless addressed with urgency, scale, and new models of public-private collaboration.
From the financial sector, Christiana Riley, CEO and president of Santander U.S., described why the bank expanded its U.S. presence even as peers retreated. The strength of the American consumer, combined with the ability to connect global capital to local markets, continues to drive growth in deposits, auto lending, and cross-border platforms. Riley emphasized that banks sit at the center of scaling innovation—helping industries move from “one to ten” by ensuring capital flows efficiently to high-growth sectors.
She underscored that in today’s environment, organizational alignment—ensuring teams know not just the strategy but how to execute it consistently—is becoming the most overlooked determinant of long-term success. She made clear that volatile times demand operational precision: every leader from the top down must know not just the what, but the how.
No conversation about U.S. long-term investment is complete without the digital infrastructure powering it. Deb Cupp, president of Microsoft Enterprise, outlined the company’s $80 billion global investment in AI-enabled data centers—with roughly half allocated to the U.S. These decisions are guided by surging customer demand but shaped by real-world constraints like land, water, and power availability. Cupp highlighted Microsoft’s community-first infrastructure model, focused on ensuring that data center investments contribute directly and visibly to local economies. That includes water recycling, skilled-trades development, and broad-based AI skilling programs to ensure communities benefit from the technology being deployed in their regions.
She reinforced that long-term competitiveness depends on ensuring communities see these investments as engines of opportunity—not disruption—and that companies anchor their plans in transparency, predictability, and shared value.
Across sectors, a shared conclusion emerged: America’s next era of economic leadership will be defined by companies willing to invest for the long term—in manufacturing, infrastructure, digital capacity, and people. It will require mission orientation that stays directionally correct even when plans shift, coupled with the agility to respond to forces leaders cannot control.
And the leaders who navigate this moment most effectively will be those who align investment with real consumer needs, modernize legacy systems, and strengthen trust through sustained engagement with the communities they depend on, communicate relentlessly about the why behind their decisions, and lead with the transparency and vulnerability that builds organizational alignment at every level — ensuring that innovation, capital, and local economies advance together.
