Jamie Dimon noted that big tech companies (Microsoft, Amazon, Google, Meta, and Apple) are expected to increase their AI capital spending from $450 billion in 2025 to $725 billion by 2026. Most of this money will go toward data center upgrades. Infrastructure and hardware providers are positioned to benefit the most. Data center REITs like Equinix and Digital Realty are solid plays for yield. Chipmakers like Nvidia, Broadcom, and TSMC, along with optical equipment suppliers like Lumentum and Corning, should also see a boost from the hardware demand. On the other hand, older cloud software companies like Salesforce and ServiceNow might struggle to compete with new AI models from OpenAI and Anthropic. Smaller unprofitable AI software companies like C3.ai could also get squeezed out as hyperscalers roll out their own competing services.