UBS raises AI capital expenditure forecast for 2026 to $998 billion

UBS estimates that global AI capital expenditures will reach $998 billion in 2026, an increase from $506 billion in 2025, and rise to $1.447 trillion in 2027. Memory expenditure will increase from $71 billion in 2025 to $367 billion in 2026 and reach $923 billion in 2027; During the same period, non memory AI capital expenditures will be approximately $631 billion in 2026, but will decline to $525 billion in 2027. About 90% of the nearly $1 trillion increase between 2025 and 2027 comes from rising memory expenditures.