JPMorgan believes that the slowdown in data center construction will not significantly alter 2027 capital expenditure plans, as most 2027 projects have already commenced and secured financing. The real impact is more likely to emerge after 2028. The slower pace of construction allows AI commercialization revenue more time to catch up with initial capital investments, while also extending the tight supply of computing power. On the financing side, the market may reduce data center-related bond issuance in the short term, with new financing tending to flow to regions with relatively "safe" regulatory environments and GPU projects; the decrease in bond supply will also help alleviate some of the industry's financing technical pressures.
