For years, the biggest tech companies occupied an unusual place in corporate America. They grew quickly and still generated so much cash that they could spend aggressively, buy back huge amounts of stock and even start paying dividends. That model helped make Big Tech look almost uniquely ...

For years, the biggest tech companies occupied an unusual place in corporate America. They grew quickly and still generated so much cash that they could spend aggressively, buy…

For the past few years, investing in artificial intelligence has largely meant buying a handful of companies that sit underneath it.