Recent weeks have brought red flag after red flag for investment in AI and the related data center boom. Bond yields soared for AI infrastructure giant CoreWeave, a sign that investors view the buildout as increasingly risky. And Meta’s reporting of negative free cash flow for the quarter to fund its infrastructure buildout while saying it might need to raise even more capital to fund its AI buildout not only hit its own stock but contributed to a price decline across the big tech companies.

These developments raised questions across Wall Street about whether too much is being spent too quickly on data center expansion. How questions over data center investment play out has big implications for how companies and investors approach the future of energy and, by extension, climate.…