JPMorgan Chase stock strategist predicts that AI capital spending has greater upside potential.

JPMorgan Chase points out that the capital expenditure of American businesses in the quarter exceeded expectations, and the annual capital expenditure guidance for super-scale AI companies has been raised again, with an expected significant increase in investment spending growth rate in 2026. The strategy team led by Dubravko Lakos-Bujas stated that the 12-month capital expenditure is generally expected to increase from around 35% last week to about 39%, an increase of about 4 percentage points. The report indicates that the 30 AI companies that have released their financial reports show stronger growth compared to the rest of the S&P 500 index components: a profit growth rate of 23.9% and a revenue growth rate of 14.3%.