Speaking on the National Mall, Cook recalled his first meeting with Steve Jobs, 17 years ago. At the time, Cook’s view was that “work was work… There were things I wanted to change about the world. But I’d have to do that on my own time, not in the office.” Jobs taught him otherwise – that work was about creating products that changed the world. “You don’t have to choose between doing good and doing well,” Cook told his audience of graduates. “Your challenge is to find work that pays the rent, puts food on the table, and let’s you do what is right and good and just.”

Cook drew a sharp contrast between the cynicism of Washington and the optimism of Silicon Valley, where people believe “there is no problem that can’t be solved.”

Meanwhile, at Fortune, we are finishing up a survey of CEOs, in which one question was: “Excluding yourself, what Fortune 500 CEO do you admire most?” Most mentioned: Tim Cook.

You can watch the full Cook speech here.

Top News

• Apple CEO to grads: Change the world

“You have to find your North Star, and that means choices,” Apple Chief Executive Tim Cook told graduating seniors at George Washington University. “Some are easy, some are hard, and some will make you question everything.” He used the pulpit to implore students to stick to their values and make a difference. While those themes are familiar for a graduation speech, he also gave it a personal touch by invoking his mentor, Apple founder Steve Jobs.  Fortune

• Target disses big food brands

Target has reportedly told several major food makers, including General Mills and Kellogg, that the retailer doesn't want to put as much money and effort into promoting some of their products as it did in the past. The processed foods sold by Kraft Foods and others will be less important, while fancy sauces and oils will gain more attention. The move is a way for the retailer to address the changing tastes of American consumers.  WSJ (subscription required)

• Summer travel to reach all-time high

U.S. airlines are expected to reach new heights this summer, according to a trade group that estimates a 4.5% increase in the number of passengers from the same time last year. U.S. carriers are increasing the number of seats available to meet demand, as better employment trends and rising consumer sentiment is leading more Americans to travel. As a result, companies like United Continental and Delta Air Lines should add hundreds of millions of dollars to their bottom lines.  Reuters

• Gates: "Nonsense" tax rates hurt growth

Microsoft co-founder Bill Gates said the U.S. economy is strong and that it is "just nonsense" to suggest current tax rates hurt growth by discouraging innovation. “It’s not quite as negative a picture as a pure GDP look would give you,” Gates said in an interview on CNN. “It doesn’t mean we shouldn’t worry about middle class incomes, but the comparisons overstate the lack of progress.”  Bloomberg

Around the Water Cooler

• "Say on pay" not pinching CEO salaries

A Dodd-Frank law that required companies to let investors vote on their executive pay practices hasn't reined in executive compensation over the past five years, with CEO pay rising an average of 12% annually since those votes started being tallied. Most shareholders aren't expressing unhappiness and there are a few reasons why that could be. The rising stock market leaves little to complain about. And notably, "say on pay" has little impact on compensation. It is an advisory role and in no way binding.  New York Times (subscription required)

• Be skeptical of American Pharoah

American Pharoah (Yep, the horse's name is spelled that way) has stripped to two key victories -- wins at the Kentucky Derby and the Preakness Stakes. A win at the Belmont Stakes would make him the first Triple Crown victor since 1978. But in the last 30-plus years, the Belmont has been unconquerable for Crown contenders. They've gone 0-of-12 since 1979.  FiveThirtyEight

• The sparkling luxury baby market

The luxury baby market is worth an astonishing $10 billion, made up of designer names for little tykes that have no idea what a status symbol is. $345 baby rattles, $399 silver cups, $495 Gucci baby loafers that will only last one season -- because the baby will grow out of them quickly. Just a few examples of how some parents will spare no expense for junior.   Fortune

• A Chinese billionaire's preservation project

Wang Wenliang, a donor to the Clinton Foundation, is also involved in one of China’s largest wetlands preservation projects. Wang was a little-known Chinese entrepreneur, running a private construction company until this spring, when his $2 million donation to the Clinton Foundation created headlines in the U.S. But he has also spent millions buying out fish and shrimp farms in a conservation effort that is rarely observed in China.  Fortune

Fortune's 5 things to know today

Wal-Mart reports, and more — 5 things to watch in the week ahead. Today's story can be found here.