摩根大通：2026年人工智能与经济转型报告（英文版）

Al-related capex should continue to drive overall growth, supported by sustained hyperscaler spending - which should exceed $1tn in 2027 - and the ongoing buildout of compute and power capacity. Al-related spending will remain the dominant driver within business spending. Productivity gains are likely. Al, like prior general-purpose technologies, should raise output perworker, particularly with organizational change. Al-exposed industries are seeing a clearer acceleration in productivity, wit