瑞银上修AI资本支出：2026年9980亿美元，内存支出增至3670亿

Investing.com -- UBS now expects artificial intelligence capital expenditure to reach nearly $1 trillion in 2026 before climbing to around $1.4 trillion in 2027, with surging memory costs accounting for most of the increase. The bank’s updated estimates put total AI capex at $998 billion this year, almost double the $506 billion recorded in 2025. Spending is forecast to rise again to $1.447 trillion next year. Memory is emerging as the main source of that growth as prices rise sharply. UBS estimates memory spending will climb from $71 billion in 2025 to $367 billion this year and $923 billion in 2027. Other AI-related costs are estimated at $631 billion in 2026 before declining to $525 billion next year. That means higher memory costs will account for about 60% of the increase in AI capex this year and more than the entire net increase in 2027, as spending on other components falls. Across the two years, UBS calculates that roughly 90% of the nearly $1 trillion increase in AI capital expenditure between 2025 and 2027 will come from higher memory spending.

据瑞银最新估算，2026年全球AI资本支出总额将达9980亿美元，较2025年的5060亿美元几乎翻倍。这一预测的大幅上修，主要源于内存价格的快速攀升。瑞银估计，全球内存支出将从2025年的710亿美元跃升至2026年的3670亿美元。