STORY: :: Lisa Bernhard, Reuters:: Nancy Tengler, CEO and Chief Investment Officer, Laffer Tengler InvestmentsGlobal markets have been volatile this month as investors worry that Alphabet, Microsoft, Amazon and other tech heavyweights may be overspending on data centers as they race to build out AI infrastructure."I actually think they are right to spend," Tengler said. "Make no mistake, we're in an AI arms race. I think you will continue to see spending."Speaking with Reuters' Lisa Bernhard, Tengler also discussed this week's Federal Reserve policy meeting, the second under new Chair Kevin Warsh.And though markets are pricing in rate hikes before the end of the year, Tengler said she believes Warsh will "persuade his colleagues that raising [rates] would be perilous in this environment."