JPMorgan nâng dự báo chi tiêu vốn về AI lên 5,5 nghìn tỷ USD, dự đoán doanh thu AI của Broadcom năm 2027 sẽ vượt quá 150 tỷ USD

The Huoxing Finance report states that on June 21, J.P. Morgan recently released a research report raising its forecast for total AI capital expenditures before 2030 from $5.1 trillion to $5.5 trillion, with corresponding debt financing scaled up to $4.1 trillion. The report notes that the surge in AI demand and persistent compute shortages are jointly driving this acceleration in spending, with Google alone processing 32 quintillion AI tokens per month, while companies like Microsoft and Uber have already exhausted their entire annual AI budgets within just a few months this year. Among hyperscale cloud providers, the four major U.S. supercomputing giants—Google, Amazon, Microsoft, and Meta—are collectively guiding 2026 capital expenditures of approximately $700 billion to $725 billion, representing a year-over-year increase of about 75%, with projections exceeding $1.1 trillion by 2027. J.P. Morgan expects their combined operating cash flow to surpass $900 billion by 2027, yet still insufficient to cover their massive spending plans, making debt and equity financing the norm. Regarding chip beneficiaries, J.P. Morgan forecasts Broadcom will generate over $150 billion in AI-related revenue by 2027 (including ASIC/XPU and AI networking). Management has disclosed backlog orders exceeding $1 trillion for 2027, far surpassing J.P. Morgan’s prior expectation of approximately $60 billion for 2026—a figure considered conservative. Broadcom’s joint AI chip financing platform, AI XPV, formed with Apollo and Blackstone, is also highlighted in the report as a landmark structural innovation in GPU financing. In terms of financing structure, the five major supercomputing companies have completed approximately $240 billion in external financing year-to-date, with the high-grade bond market remaining the primary channel; AI-related high-grade bond issuance is projected to reach $2.1 trillion over the next five years. On power, J.P. Morgan has raised its forecast for data center capacity growth from 122 GW to 138 GW, yet power remains the most critical bottleneck, with supercomputing firms actively exploring alternative solutions such as self-built power sources.