JPMorgan Sees Global AI Infrastructure Spending Reaching $5.5 Trillion by 2030

Generative AI model training and cloud services continue to drive demand for computing capacity, data centers and electricity, prompting major cloud companies to accelerate infrastructure investment. JPMorgan expects the scale of this spending to far exceed the companies’ own cash flows, making financing demand and the high-grade bond market’s capacity to absorb new issuance key indicators of whether AI expansion can continue.

As of July 20, 2026, JPMorgan analysts had raised their forecast for cumulative global AI and data center capital expenditure to $5.5 trillion by 2030. The report said most of the funding was expected to be raised through high-grade bonds and other financing channels, underscoring continued strong demand for capital among major cloud companies expanding AI computing infrastructure.