The Case for AI Shows Up in Earnings (Finally): Thomas Black

The artificial-intelligence boom is raging, fueled by a mad dash to add computing capacity. Tech giants are funneling billions of dollars to construction companies and industrial suppliers of equipment and power to build the vast data centers that the technology requires.

It feels frothy and ripe for a correction because of the hype about AI and the historical similarities to the dot-com bubble of the mid-1990s, which was propelled by unrealistic valuations and risky bets on flimsy business models chasing the dream of online riches until it burst early in the new century. And while the internet’s promise to increase efficiency and ...