UBS's latest estimates indicate that global AI capital expenditure will reach $998 billion in 2026, nearly doubling from $506 billion in 2025, and further rising to $1.447 trillion in 2027. This significant upward revision is primarily driven by rapidly increasing memory prices, rather than an overall expansion in infrastructure investment. Approximately 90% of the nearly $1 trillion in incremental spending between 2025 and 2027 is expected to come from rising memory expenditures. UBS notes that if expenditure growth is mainly price-driven, its impact on US real GDP will be limited, benefiting Asian memory producers more.