Wall Street is undergoing a minor AI-nxiety attack. Long-percolating concerns about the massive and perhaps undisciplined tech-company investments in artificial-intelligence infrastructure and the lavish valuations bestowed on these businesses started to boil over last week. And with it, a vigorous debate over whether a hazardous equity bubble is underway, on the way or in no way likely. The Wall Street Journal gave the thorough front-page treatment to the AI capex binge, squinting skeptically at the potential for payback and drawing the obvious but relevant comparisons to the Internet-broadband craze of the late-1990s. J.P. Morgan Asset Management's esteemed big-picture strategist Michael Cembalest published a report illustrated in vintage-horror-film style called: "The Data Center Blob,"

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