JPMorgan Chase: The technology sector still has a surplus of $400 billion this year, and the AI infrastructure investment cycle is difficult to shake According to BlockBeats, on October 22nd, JPMorgan Chase's latest report showed that global listed technology companies are expected to generate approximately $2.2 trillion in operating cash flow this year, with a combined capital expenditure and research and development expenditure of approximately $1.8 trillion. After deduction, there is still a surplus of approximately $400 billion, which is sufficient to support current AI infrastructure investments without relying on external financing. In response to recent market concerns about the sustainability of the financing model for Neocloud, JPMorgan believes that its scale is still limited compared to the entire technology industry, and even if financing is under pressure, it will be difficult to shake the overall AI investment cycle. The report estimates that the operating cash flow of new cloud providers this year is about 30 billion US dollars, while capital expenditures and research and development expenditures are about 80 billion US dollars; If there is a shortage of construction funds, ultra large scale cloud service providers with more stable balance sheets can still take over related needs. In addition, JPMorgan Chase pointed out that the current financing needs of the technology sector are partly due to large-scale stock repurchases, and companies can release funds by reducing repurchases to maintain AI investment. At the same time, the overall stock position in the market has fallen from the high point in mid September, and the semiconductor long positions of trend following investors have been basically digested. The bank believes that the short-term downward space in the market is gradually narrowing.