[JPMorgan Expects Global AI Capital Expenditure to Reach $870 Billion by 2026, Investment Logic Shifts to Commercial Monetization] JPMorgan's report on July 20 predicts that global AI-related capital expenditure will approach $870 billion by 2026, a year-on-year increase of 77%, with hyperscale vendors contributing approximately $750 billion. By 2027, Google's capital expenditure is expected to reach about $300 billion, Amazon's about $300 billion, and Meta's about $200 billion. The five major tech giants' bond financing is projected to rise from $40 billion to $50 billion in 2022 to about $190 billion by 2026, with Google completing $85 billion in equity financing in June. JPMorgan believes that the logic of AI investment is shifting from competing on capital expenditure to competing on commercial monetization, with the mid-term risk-reward ratio for hyperscale vendors being more favorable than for AI hardware. Semiconductor revenue growth, excluding memory, is expected to exceed 30% this year, but the hardware sector has recently corrected by about 15%. Google, Microsoft, Meta, Amazon, and NVIDIA will successively release their earnings reports, with capital expenditure guidance serving as a key indicator.