In this week's episode of WSJ’s Take On the Week, co-hosts Telis Demos and Miriam Gottfried examine the shifting power dynamics at the Federal Reserve as Kevin Warsh’s chair nomination moves toward confirmation. Then, they break down some of the biggest earnings reports from this week, including private markets giants Apollo Management, KKR, and Sixth Street Specialty Lending. Plus, they look ahead to Disney and McDonald’s earnings, and talk about how these companies are keeping up with consumers. Josh Brown, CEO of Ritholtz Wealth Management and co-host of The Compound and Friends podcast, explains his "HALO" framework—Heavy Assets, Low Obsolescence—and why the era of "capital light" software dominance is facing an existential threat from AI. Brown details why physical incumbents like Caterpillar, McDonalds, and Walmart are emerging as the preferred AI trades, as investors seek refuge in companies with physical moats that cannot be replicated by large language models. This is WSJ’s Take On the Week where co-hosts Telis Demos, Heard on the Street’s banking and money columnist, and Miriam Gottfried, WSJ’s investing and wealth management reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead. Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at [email protected]. To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com Further Reading Wall Street’s Latest Bet Is on ‘HALO’ Companies With AI Immunity Wall Street Is Sorting Software Companies Into Winners and Losers Traders Now See Rate Hike as More Likely Than Rate Cut This Year Senate Banking Committee Advances Kevin Warsh to be Next Fed Chair Powell to Remain on Fed Board, Citing Legal Pressure From Trump Private-Credit Warning Signs Flash After Blue Owl Unloads $1.4 Billion in Assets An Exodus of Money Endangers Wall Street’s Private-Credit Craze For more coverage of the markets and your investments, head to WSJ.com, WSJ’s Heard on The Street Column, and WSJ’s Live Markets blog. Sign up for the WSJ's free Markets A.M. newsletter. Follow Miriam Gottfried here and Telis Demos here. Learn more about your ad choices. Visit megaphone.fm/adchoices

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“What did the council decide on item 42?” — answered with the speaker and the moment.