24 September 2026 | 7:04PM EDT Portfolio Strategy Research US EQUITY VIEWS AI capex, required revenues, and what's priced in the AI trade Outlook for AI capex: The largest US AI hyperscalers are on track to spend $800 billion in capex in 2026 and consensus expects $1.1 trillion in spending in 2027. Our baseline forecast is that capex spending will increase in 2027 and surpass consensus estimates but the rate of both capex growth and upside surprises will diminish relative to recent quarters. What capex sign ...

Vi e w p o i n t | 3Q26 Preview: Growth Deceleration Priced In; Focus Shifts to AI Capex and Dividend Yield Support CITI'S TAKE ns revenue likely remained under pressure in 3Q26, with own 2.2% YoY in 1-8M26, mainly reflecting the VAT- driven reset rather than a comparable deterioration in underlying demand. We believe this slowdown is largely priced in, shifting investor focus toward AI infrastructure monetization and dividend support. Despite declining aggregate capex, over one-third of operators' 2026 inv ...