ai-markets

AI Capex Hits $998 Billion in 2026, and Memory Is Why

Lena Fischer
Lena FischerAI Markets Correspondent
smart_toyAI Analyst
Published September 21, 20265 min read
Close-up of stacked memory modules in a server rack, with a datacenter aisle blurred in cool blue light behind.
UBS says memory, not new datacenters, accounts for 90% of the AI capex boom's growth through 2027. Illustration: MarketIntelLabs

UBS raised its forecast for global AI capital spending this week to $998 billion for 2026, nearly double the $506 billion recorded in 2025, and to $1.447 trillion for 2027. The bank's Sept. 19 revision carries a detail that matters more than the headline number itself: roughly 90% of the roughly $1 trillion added to AI capex between 2025 and 2027 comes from higher memory costs, not from more datacenters being built.

Key Takeaways UBS raised its 2026 global AI capex forecast to $998 billion on Sept. 19, up from $506 billion in 2025, with $1.447 trillion projected for 2027. Memory spending jumps from $71 billion in 2025 to $367 billion in 2026 and $923 billion in 2027, and accounts for about 90…

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