According to Chaoxiang Research, J.P. Morgan’s July 20 U.S. equity strategy report forecasts that global AI-related capital expenditures will reach nearly $870 billion in 2026, a 77% year-over-year increase, with hyperscalers contributing approximately $750 billion. In 2027, growth rates remain high at +54% for Google (~$300 billion), +42% for Amazon (~$300 billion), and +42% for Meta (~$200 billion). The five major tech giants’ bond financing has risen from $40–50 billion in 2022 to approximately $190 billion in 2026, and Google completed an $85 billion equity financing in June.
JPMorgan: Global AI Capital Spending to Reach $870 Billion by 2026
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Summary
JPMorgan’s July 20 report highlights that global AI capital spending is projected to reach $870 billion by 2026, a 77% increase from 2025. Hyperscale companies will drive $7.5 billion in spending. Google, Amazon, and Meta are set to increase their AI budgets in 2027, with bond financing for the top five tech firms rising to $190 billion by 2026. In June, Google raised $85 billion in equity, amid evolving global crypto regulations and growing news surrounding AI and crypto.
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