JPMorgan: Cloud Capex to Hit $954B, Semiconductor Pullback Offers Buying Opportunity

In a report released on September 18, 2026, JPMorgan (小摩) stated that the semiconductor industry's fundamentals are strengthening, viewing recent sector pullbacks as constructive. The firm projects 118% growth for the semiconductor industry in 2026 and 35% in 2027. Cloud capital expenditure is expected to reach $954 billion in 2026, rising to $1.41 trillion in 2027 and $1.54 trillion in 2028. JPMorgan highlights that AI infrastructure spending sustainability, high valuations, and geopolitical risks remain volatility factors, but underlying demand remains robust. The firm estimates the custom AI ASIC market will reach $60-$70 billion in 2026, with Broadcom (博通) and Marvell (Marvell) dominating the space. Additionally, DRAM and NAND pricing are expected to rise significantly, and the recovery in analog chips is broadening. JPMorgan also raised its 2026 wafer fabrication equipment growth forecast to 31%.