JPMorgan Warns AI Capital Expenditure Growth Will Plunge from 100% in 2026 to 22% in 2027. According to JPMorgan's latest "Flows & Liquidity" report, the growth rate of AI computing capital expenditures by U.S. tech giants will sharply drop from 100% in 2026 to 22% in 2027, signaling a potential industry correction. The report cites Bloomberg consensus expectations, forecasting that the total capital expenditures of Google, Amazon, Meta, Microsoft, and Oracle will reach $758.1 billion in 2026 (up 100% year-over-year), then slow to $925 billion in 2027 (only 22% growth), and further decline to 7%, 2%, and 1% in 2028–2030. JPMorgan warns that a sharp slowdown in capital expenditure growth, driven by semiconductor companies' inability to sustain valuation growth amid slowing AI monetization, could trigger massive order cuts in the chip industry and put pressure on semiconductor stock valuations. #非农爆冷打压加息预期