Investing in an AI transformation

J.P. Morgan Asset Management

Research

17 Pages

March 2026

J.P. Morgan Asset Management published a chartbook on investing in an AI transformation.

Key Takeaways

Model Costs Are Falling: GPT 5 Nano is priced at $0.14 per 1M tokens.

Adoption Is Moving Fast: 18% of businesses reported AI use in production in February 2026.

Capex Is Surging: Major hyperscaler capex is projected to reach $775 billion by 2028.

Markets AI

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