[J.P. Morgan: Cloud Capital Expenditure Estimated at $954 Billion, Semiconductor Pullback is a Buying Opportunity] Deep Tide TechFlow reports, according to Tide Research, J.P. Morgan's research note dated September 18, 2026, indicates that cloud capital expenditure is expected to reach $954 billion in 2026, $1.41 trillion in 2027, and $1.54 trillion in 2028. The semiconductor industry is projected to grow by 118% in 2026 and 35% in 2027. Wafer manufacturing equipment is expected to grow by 31% in 2026 and 38% in 2027. The AI ASIC market is estimated to be around $60 to $70 billion in 2026, with a compound annual growth rate of 40% to 50% in the coming years. DRAM pricing is anticipated to rise by approximately 250% in 2026. J.P. Morgan believes that the upward revision of cloud capital expenditure and improvements in AI economics will support visibility into semiconductor demand, and the recent sector pullback presents a buying opportunity. The firm's top picks in the market include Broadcom, Analog Devices, Marvell, Micron, and KLA. Additionally, it remains optimistic about NVIDIA, Applied Materials, and Lam Research, recommending close attention to cloud capital expenditure and AI ASIC demand visibility.