BofA projects AI infrastructure annual capital spending to nearly triple to $1.4 trillion by 2030, with 25‑30% capex intensity.
The bank prioritizes AI compute chips, then semicaps, networking and memory, naming Nvidia, Broadcom, AMD and Micron as top picks.
Broadcom secured a custom AI chip deal with OpenAI, expected to generate billions in revenue through 2029; FY2024 revenue hit $51 billion.
Micron plans a $25 billion FY2026 investment in HBM capacity, with its supply sold out through that year, trading at $377.76.