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  "authorName": "J.P. Morgan Asset Management",
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  "notes": "The slide uses a combination of a bar chart for absolute capex and a line chart for financial ratios, highlighting the shift in investment intensity.",
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      "text": "Capex from the major AI hyperscalers",
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      "text": "Source: Bloomberg, J.P. Morgan Asset Management. Data for 2026, 2027 and 2028 reflect consensus estimates. Capex shown is company total. *Hyperscalers are the large cloud computing companies that own and operate data centers with horizontally linked servers that, along with cooling and data storage capabilities, enable them to house and operate AI workloads. Guide to the Markets – U.S. Data are as of March 30, 2026.",
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      "text": "Capital expenditures: $798",
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      "text": "Artificial intelligence: Hyperscaler investment",
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