JPMorgan Chase: AI capital expenditure raised to $5.5 trillion, expected Broadcom AI revenue to exceed $150 billion by 2027 According to BlockBeats, on June 21st, JPMorgan Chase recently released a research report stating that it has raised its forecast for total AI capital expenditures before 2030 from $5.1 trillion to $5.5 trillion, and simultaneously raised the scale of supporting debt financing to $4.1 trillion. The report points out that the explosive demand for AI and the continuous shortage of computing power have jointly driven the acceleration of this round of expenditures. Among them, Google's monthly AI token processing volume has reached 32000 billion times, and companies such as Microsoft and Uber have exhausted their annual AI budgets in a few months this year. In terms of ultra large scale cloud providers, the four major American supercomputing giants (Google, Amazon, Microsoft, Meta) are expected to have a total capital expenditure guidance of approximately $700 to $725 billion in 2026, a year-on-year increase of about 75%, and are expected to exceed $1.1 trillion by 2027. JPMorgan expects its total operating cash flow to exceed $900 billion by 2027, but it is still insufficient to cover its massive spending plans, and debt and equity financing will become the norm. In terms of chip benefits, JPMorgan expects Broadcom to achieve over $150 billion in AI related revenue (including ASIC/XPU and AI networks) by 2027. Management has disclosed that the backlog of orders in 2027 will exceed $100 billion, far exceeding the bank's expected $60 billion in 2026, which is considered a conservative statement. The AI chip financing platform (AI XPV) jointly established by Broadcom, Apollo, and Blackstone is also regarded as a landmark structural innovation in the GPU financing field in the report. In terms of financing structure, the five major supercomputing companies have completed approximately $240 billion in external financing since the beginning of the year, and the high rated bond market remains the main channel. It is expected that the issuance scale of AI related high rated bonds will reach $2.1 trillion in the next five years. In terms of electricity, JPMorgan Chase has raised its data center capacity growth forecast from 122GW to 138GW, but electricity remains the most critical bottleneck, and supercomputer manufacturers are actively exploring alternative solutions such as self built power sources.