What to expect from Jay Powell’s Jackson Hole speech
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 20 August 2025
⏱️ 12 minutes
🧾️ Download transcript
Summary
US tech stocks sold off on Tuesday, and Federal Reserve chair Jay Powell will be between a rock and a hard place when he delivers his speech at the Jackson Hole Economic Policy Symposium this Friday. Plus, Ozempic-maker Novo Nordisk has fallen behind its rivals. Does it have a plan to catch up?
Mentioned in this podcast:
Jay Powell to deliver Jackson Hole address under fire on multiple fronts
US tech stocks hit by wave of concerns over future of AI boom
How Novo Nordisk lost its lead in the weight loss race
Labubu frenzy sends Pop Mart profits soaring
Today’s FT News Briefing was produced by Fiona Symon, Katya Kumkova, Sonja Hutson, and Marc Filippino. Additional help from Kelly Garry, Michael Lello, David da Silva and Gavin Kallmann. Our acting co-head of audio is Topher Forhecz. The show’s theme music is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | For over 40 years, Equinoor has been an energy partner to the UK. |
| 0:04.1 | During that time, we've played our part in the switch from coal to gas, |
| 0:07.1 | and we're working hard to help the UK's energy transition. |
| 0:10.2 | We may not have all the answers yet, but we're determined to find them. |
| 0:13.5 | Equinor, an energy company, searching for better. |
| 0:16.9 | 99.6% of Equinor's energy output is oil and gas. |
| 0:20.5 | Our investment in renewables and low carbon solutions |
| 0:22.9 | has increased from 4% in 2020 to 27% in 2024. Find out more at equinor.com.uk. |
| 0:31.5 | Good morning from the Financial Times. Today is Wednesday, August 20th, and this is your FT News Briefing. Investors might be starting to |
| 0:40.9 | lose their pension for AI stocks, and Jay Powell is heading to his final Jackson Hole Symposium as Fed Chair. |
| 0:49.1 | Plus, Novo Nordisk has fallen behind in the weight loss race. We'll look at how it's trying to catch up. |
| 0:55.2 | I'm Sonia Hudson, and here's the news you need to start your day. |
| 1:06.8 | Investors have the AI jitters. The tech-heavy NASDAQ composite fell one-and-a-half percent yesterday. |
| 1:13.8 | That's its biggest one-day loss since August 1st. Meta and NVIDIA saw their stocks drop 2% and 3.5% respectively. |
| 1:23.8 | Palantir shares fell a whopping 9.4%. Investors are starting to question whether the prospects for AI will actually pay off. |
| 1:34.2 | The declines came just a few days after OpenAI CEO Sam Altman hinted that an AI bubble may be forming. |
| 1:42.2 | Plus, a report by a branch of the Massachusetts Institute of Technology came out this week. |
| 1:47.7 | It said, quote, 95% of organizations are getting zero return from their investments in generative AI. |
| 1:56.6 | And this AI sell-off is bad news for the rest of the equities market. |
| 2:01.4 | Tech stocks, especially the ones with AI strategies, are pretty much propping up the S&P 500 right now. |
| 2:13.7 | You're going to be hearing a lot about Wyoming this week. |
| 2:17.2 | The Jackson Hole Economic Policy |
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