J P M O R G A N North America Equity Research 30 October 2025 Semiconductors Datacenter Capex Read-Through: Continued Upside in CY25 and Sustained Strong Momentum in CY26 Support Our View of 50%+ CAGR Growth for AI Accelerator GPU/XPU As anticipated, cloud and hyperscale datacenter infrastructure spending—across compute, networking, and storage/memory—is likely to remain structurally elevated over the longer term and we believe this suggests significant upside to out-year capex expectation (see recent note ...