On Tuesday, General Electric said it will spin off its health care division in early 2023 and its energy business a year later. Only its aviation division will remain. The 129-year-old company’s breakup marks an end to an era of global conglomerates. Other large companies, like Siemens and Honeywell International, have also pared down their businesses over the last few years, and Toshiba and Johnson & Johnson announced last week that they would split up their businesses. But as industrial conglomerates are breaking up, a new breed of conglomerate has emerged: Big Tech companies like Amazon and Alphabet have embraced the strategy of multiple business lines, putting odd bedfellows like books and grocery delivery, or maps and phones, under the same umbrella.

Consumer prices rose faster in October than at any other point in the last three decades, according to…

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