Bank of America’s cloud spending outlook puts 2026 infrastructure investment near $1 trillion, a scale that could lift demand across six semiconductor companies tied to AI infrastructure.
The bank estimates spending at about $510 billion in 2025 and roughly $1 trillion in 2026. It also considers a 37% increase in 2027 possible.
Nvidia, Marvell Technology, Intel, Micron, Synopsys and Lam Research make up the six-company list of potential beneficiaries identified by the bank. The outlook rests in part on increased use of AI tokens and broader adoption of open-weight models.
Those models make their parameters available to developers, but still require substantial computing resources to run. Bank of America cited both that demand and rising token use as drivers of the infrastructure buildout.
