JPMorgan has raised its estimates for both power capacity and AI-related capital expenditures, while flagging strong year-to-date performance in high-yield data center debt.
JPMorgan analysts now project global AI and data center spending will hit at least $5 trillion by 2030, with a ceiling that could stretch to $7 trillion.
The capex surge is accelerating
The major hyperscalers, Meta, Alphabet, Microsoft, Amazon, and Oracle, are expected to spend $342 billion on capital expenditures in 2025 alone. That represents a 62% increase year over year.
JPMorgan estimates 122 gigawatts of new data center capacity is slated for deployment between 2026 and 2030. One gigawatt can power roughly 750,000 homes.
