JPMorgan: Cloud Capex Forecast at $954 Billion, Semiconductor Pullback Is a Buying Opportunity

According to Chaoxiang Research, a JPMorgan report dated September 18, 2026, projects cloud capital expenditure at $954 billion for 2026, $1.41 trillion for 2027, and $1.54 trillion for 2028. The semiconductor industry is forecast to grow 118% in 2026 and 35% in 2027. Wafer fabrication equipment is expected to grow 31% in 2026 and 38% in 2027. The AI ASIC market will be approximately $60 billion to $70 billion in 2026, with a compound annual growth rate of 40% to 50% over the coming years. DRAM pricing is projected to increase by roughly 250% in 2026.