J P M O R G A N {[{OlovNe2ew156I71eiBJk_Rzm9ZCoD3PoAnEZ48qeRLgaEpS8Emokc0BFGVtvXvn2v1RIMAPczSfFp7oj}]} Latin America Equity Research 27 October 2025 The latest Global Capex Survey report (link here) from our European colleagues published overnight showed a bullish outlook for demand for data centers (DC) and associated upstream infrastructure capex. The survey shows that global capex (across all end markets) in 2025 will increase by 10% yoy on average (2pp higher than the May publication), led by Internet, ...