Hardware & Networking: Key Takeaways from Industry Updates on Data Center Demand

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Hardware & Networking: Key Takeaways from Industry Updates on Data Center Demand

J P M O R G A N North America Equity Research

27 July 2026

Hardware & Networking

Key Takeaways from Industry Updates on Data Center

Demand

Over the prior week, several third-party analysts, including BloombergNEF, IT Hardware/ Telecom & Networking

Gartner, and Datacenter Hawk, hosted webinars to discuss latest views on the data Equipment

center demand outlook and project pipelines. Key takeaways from the webinars Joseph Cardoso AC

are: (1-212) 622-9036

joseph.cardoso@jpmchase.com

• Demand for data center capacity continues to expand at a robust pace. AI Manmohanpreet Singh

has reset the capex baseline, driving a clear shift in both the size and number (1-212) 622-4527

of individual data center campuses needed to house advanced AI infrastructure manmohanpreet.singh@jpmchase.com

and support continued innovation (individual campuses now exceed 10 GW vs. Marc Vitenzon

traditional 1 GW). Bloomberg’s base case, built on current project timelines (1-212) 622-3342

and buildout, implies U.S. data center power demand reaching 118 GW by the marc.vitenzon@jpmchase.com

end of the decade, up from a prior (2H25) forecast of 77 GW. That upward Akanksh Chauhan

revision is driven by a rapidly growing project pipeline but, according to the (1-212) 622-0045

akanksh.chauhan@jpmorgan.com

Bloomberg analysts, remains conservative. A more aggressive “AI-chip” case, J.P. Morgan Securities LLC

meanwhile, based on AI server forecasts from semiconductor manufacturers

and OEMs, points to demand of 160 GW by the end of the decade.

Figure 1: U.S. Data Center Demand Outlook Figure 2: Base Case vs. AI-Chip Case Outlook

2030 GW

GW

140 200 1H 2026 Base Case AI-chip Case 1H 2026

118 160 120

77 120 118

60 80

0 0