October 15, 2026 08:00 PM GMT US Equity Strategy & GVAT Following AI's $1.6 trillion Money Trail: Mapping the Revenue Generated by the Capex Boom We map hyperscaler and neocloud cash and lease capex to single-stock revenue. Our new lease capex estimates increase total AI investment by $195bn to $1.6tr in 2027. This capex drives ~25% of SPX sales growth next year, and AI enablers/adopters broadly account for 78% of earnings growth. Key Takeaways | M | Not for redistribution without written consent of Morgan ...