New Delhi, June 12 -- Every market cycle has a buzzword.

Twenty years ago it was infrastructure. Then came real estate, China, consumption, digital businesses, renewables. Today, it is AI - artificial intelligence.

The excitement is understandable. Some of the greatest fortunes in investing have been built by identifying structural shifts early. But history teaches a humbling lesson, identifying a theme and making money from it are two very different things.

Every boom creates wealth. Not every participant captures it.

One of the more surprising developments of the AI era is that electricity and grid infrastructure have become front-page topics. Yet it should not surprise us. Every major technological revolution begins with a physical...