BREAKING
Franklin Templeton: AI Spend Durable to 2028
Early stage of a decade-long cycle
2026 AI CapEx by hyperscaler
Amazon
200
Microsoft
190
Alphabet
180
Meta
125
Oracle
50
0
B
2026 CapEx (Goldman)
0
T
2031 CapEx (Goldman)
0
T
2030 demand (McKinsey)
Bull case vs bear case
Bull case
Dudley
●
Structural demand persists
●
Durable into 2028
Bear case
Wall Street
●
ROI not yet justified
●
Near-term monetization doubts
Long-term AI demand stays intact
AI NEWS BLITZ
Franklin Templeton's Katrina Dudley says the AI infrastructure bull case is winning out.