New Delhi, Sept. 17 -- For months, if not years, artificial intelligence (AI) has dominated speculation about the future, which has fuelled speculation in the present. AI-related ventures are largely responsible for the rapid increase of the S&P 500 stock index. Investment in data centres is a major contributor to the rise in US interest rates, as borrowing for construction competes for credit with a deficit-prone federal government.

With so much investment riding on a fast-developing new technology, what happens if the cash flow and profits of the hyperscalers building data centres, and of AI firms renting that infrastructure (two categories that overlap), turn out to disappoint? What would this disappointment mean for financial markets...