Who are the JPMorgan strategists behind the forecast?

Nathaniel Rosenbaum and Eric Beinstein.

How much of the net new supply comes from tech and media?

Tech and media account for $612B of net new supply, with roughly $225B from hyperscalers and another roughly $225B for data-center and chip-related financing.

What did JPMorgan change about its data-center bond forecast?

It lifted its five-year data-center high-grade bond call from $1.5T to $2.1T.

AI Stocks & MarketsAI Business & IndustryAI Weekly3h agoNov 14, 2026, 22:01 JST

JPMorgan lifts 2027 US IG bond forecast to record $2.1T on AI build

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3 Key Points

What happened
JPMorgan strategists Nathaniel Rosenbaum and Eric Beinstein now expect $2.1T of US investment-grade bond issuance in 2027, a record, and lifted their five-year data-center high-grade bond call from $1.5T to $2.1T.
Why it matters
The bank attributes the record supply primarily to the AI buildout, making data centers and related infrastructure the central driver of high-grade issuance over the next several years.

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Context & Analysis

JPMorgan's revision is a direct response to the scale of AI infrastructure spending, which is increasingly being financed through the corporate bond market. The bank now sees $2.1T of US investment-grade issuance in 2027, a record, with the AI buildout cited as the biggest driver. That call represents a sharp upgrade from its earlier view: five-year data-center high-grade issuance is now expected at $2.1T, up from $1.5T.

The breakdown of net new supply shows where the pressure is concentrated. Tech and media account for $612B, split roughly evenly between hyperscalers and data-center and chip-related financing. This suggests the borrowing need is not limited to a handful of cloud giants but extends to the semiconductor and data-center ecosystem supporting them.

For bond investors, the forecast implies a heavier calendar of high-grade deals tied to AI infrastructure, which could shape supply-demand dynamics in the investment-grade market over the coming years.

FAQ

Who are the JPMorgan strategists behind the forecast?: Nathaniel Rosenbaum and Eric Beinstein.
How much of the net new supply comes from tech and media?: Tech and media account for $612B of net new supply, with roughly $225B from hyperscalers and another roughly $225B for data-center and chip-related financing.
What did JPMorgan change about its data-center bond forecast?: It lifted its five-year data-center high-grade bond call from $1.5T to $2.1T.

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