JPMorgan Raises AI Spending Forecast: $5 Trillion for Data Centers by 2030

JPMorgan analysts have raised their global AI capital spending forecast, predicting over $5 trillion for AI and data centers by 2030. Major cloud companies like Meta, Alphabet, Microsoft, Amazon, and Oracle spent $342 billion last year, up 62% from the year before.

JPMorgan expects 122 gigawatts of new data center power demand from 2026 to 2030, enough for about 91.5 million homes. As of mid-2025, global data center investment hit $40 billion annually, up 30% year-over-year, driven by unprecedented AI computing needs.

Over the next five years, leveraged financing for AI data centers could reach $150 billion, with investment-grade bonds hitting $1.5 trillion. This surge requires massive funding but signals long-term growth in AI infrastructure investment.