French insurer AXA SA said it’s exercising greater caution on the artificial intelligence build-out when backing financing for the sector, amid growing awareness of emerging risks in private markets.“We are convinced of the medium-term trend, but we want to avoid financing technological gambles,” AXA Group Chief Investment Officer Jean-Baptiste Tricot said in an interview in Paris. AI infrastructure has seen “astronomical volumes allocated in recent months.” Data centers — the huge real estate developments ...