Editorial companion

What stands out

Christopher Zook told viewers Fed Chair Kevin Warsh "needs" to show he is willing to stand firm, and he set that demand against a Nasdaq rally driven by technology names with Nvidia at the center. With Warsh headed to Jackson Hole and the Federal Reserve (Fed) squarely in the headlines, Zook's point matters because a visibly hawkish stance could quickly unwind excess in high-multiple tech stocks. Media chatter asking whether Alphabet can overtake Nvidia underscores how focused markets are on AI winners, so the speech is as much about valuations as policy.