JPMorgan strategist Jorn Veeneman announced on Wednesday, September 30, 2026, that chip manufacturers from emerging markets are attractive within the technology sector. Speaking on Beursplein 5 with ABM Financial News, Veeneman highlighted that hyperscalers are projected to invest 750 miljard dollar this year—five times the expenditure seen during the 2022 launch of ChatGPT—driven by confidence in artificial intelligence returns despite higher chip and interest costs.
The Bottom Line
- Strategic Shift: JPMorgan strategist Jorn Veeneman says chip manufacturers from emerging markets are attractive, with Samsung and SK Hynix benefiting from better market positioning than American and European sectorgenoten.
- Explosive CapEx: Hyperscalers are expected to invest 750 miljard dollar this year, five times as much as in 2022.
- Value Leaders: Samsung and SK Hynix benefit from more attractive valuations and improved market positioning.
Capital Expenditure Surge and the AI Infrastructure Boom
The technology sector is seeing investment from hyperscalers, who are expected to invest 750 miljard dollar this year. According to Jorn Veeneman, these expenditures point to confidence in the future returns of artificial intelligence, despite higher chip and interest costs. The demand for extra computing power continues to increase.
For chipmakers, this dynamic is present. JPMorgan strategist Jorn Veeneman notes that chip manufacturers from emerging markets are currently attractive. Samsung and SK Hynix, in particular, benefit according to Veeneman from more attractive valuations and improved market positioning relative to American and European sectorgenoten.
Why Samsung and SK Hynix Lead the Valuation Shift
JPMorgan strategist Jorn Veeneman points to Samsung and SK Hynix as companies that benefit from more attractive valuations and improved market positioning relative to American and European sectorgenoten.
| Metric / Factor | 2022 Baseline (ChatGPT Launch) | 2026 Projected Figures |
|---|---|---|
| Hyperscaler CapEx | – | 750 miljard dollar |
| Primary Market Focus | – | Chip manufacturers from emerging markets (Samsung, SK Hynix) |
| Key Cost Pressures | – | Higher chip and interest costs |
The demand for extra computing power continues to increase. Chip manufacturers from emerging markets are currently attractive within the technology sector.
Navigating High Interest and Silicon Costs
JPMorgan strategist Jorn Veeneman notes that hyperscalers are expected to invest 750 miljard dollar this year. These expenditures point to confidence in the future returns of artificial intelligence, despite higher chip and interest costs. The demand for extra computing power continues to increase.
Chip manufacturers from emerging markets are currently attractive within the technology sector. Samsung and SK Hynix benefit from more attractive valuations and improved market positioning relative to American and European sectorgenoten.
