New Delhi, Aug. 28 -- When it comes to a capital spending bubble, the trick isn't dancing when the music is playing, but knowing when it's time to sit down. As summer turns to fall, investors should keep on dancing to the AI beat.

With just four more months left in 2026, we understand the desire to step away. The S&P 500 has gained around 12% this year, but only slightly higher than it was at the beginning of June. The longer it remains stuck, the easier it is to focus on what could go wrong. And no issue looms larger than the massive amount of money companies are spending on artificial intelligence right now.

The scale of AI capital expenditures has been astounding. Since the start of 2024, roughly $500 billion has been spent on chips,...