J P M O R G A N Marc Vitenzon (1-212) 622-3342 marc.vitenzon@jpmchase.com J.P. Morgan Securities LLC North America Equity Research 13 October 2026 Hardware & Networking Cloud DC Capex Outlook Climbs Higher for 2026 and 2027, Supported by Rising Power Capacity The data center capex outlook among the top four U.S. CSPs continues to trend higher for both 2026 and 2027 following our last update, driven by revised expectations from the CSPs themselves, as well as robust trends across installed and planned North ...