New Delhi, May 1 -- I've questioned before whether Wall Street has the temperament for the artificial-intelligence (AI) era. It's hard to argue it does when just one report from the Wall Street Journal, which suggested OpenAI had missed some internal growth targets, was enough to wipe billions of dollars of value off related stocks. For a moment on Tuesday, you'd have thought the sky was falling on the AI boom.

It wasn't, of course, and some of the initial shock losses were pared once OpenAI had struck a reassuring tone in a statement that said it was still "firing on all cylinders."

Still, the knee-jerk reaction was an indication of how closely the fate of OpenAI is tied to perception of the AI industry's future. Circular financing has...