The AI business is changing in ways that will mean disproportionately bigger opportunities for some of its players.

Speaking at the annual Jackson Hole symposium, Powell said that with policy still restrictive and job market data weakening, the Fed could soon pivot.

Investors are warming to the S&P 500 index’s “forgotten 493” stocks, as stretched valuations and a sell-off in the AI sector trigger renewed warnings about outsized exposure to megacap companies. The ...