JPMorgan Chase Raises AI Capital Expenditure Forecast to $5.5 Trillion by 2030; Broadcom AI Revenue Expected to Exceed $150 Billion in 2027

According to a JPMorgan Chase research report released on June 21, the firm raised its forecast for total AI capital expenditure through 2030 from $5.1 trillion to $5.5 trillion, with accompanying debt financing scaled up to $4.1 trillion. The four major U.S. hyperscalers (Google, Amazon, Microsoft, Meta) are guiding combined capital expenditure of $700–$725 billion for 2026, representing approximately 75% year-over-year growth, with projections to exceed $1.1 trillion by 2027.

JPMorgan Chase estimates Broadcom will achieve more than $150 billion in AI-related revenue in 2027, including ASIC/XPU and AI networking products. The company has disclosed order backlogs exceeding $100 billion for 2027, significantly surpassing JPMorgan's prior 2026 estimate of approximately $60 billion. The analyst cites sustained power constraints as a critical bottleneck for hyperscalers.