Bank of America has released a research report titled "Funding APAC's AI Revolution," exploring artificial intelligence (AI) infrastructure investment in the Asia-Pacific region and its implications for credit markets.

The first report in the series focuses on China's AI infrastructure development, projecting $1.5 trillion in capital expenditure (CAPEX) between 2026 and 2030 to add 35 to 45 gigawatts (GW) of data center capacity and to fund equipment upgrades.

China's unit capacity capital expenditure stands at $21 billion to $29 billion per gigawatt, which is 40% to 45% lower than that of the United States.

Based on the midpoint of the forecast range of 35 to 45 GW in new capacity and $21 billion to $29 billion per GW in unit capacity capital expenditure, Bank of America estimates growth-type CAPEX at approximately $1 trillion.

Additionally, the bank estimates maintenance-type CAPEX at $500 billion. This estimate covers only IT equipment replacement spending, assumes a 6-year refresh cycle, and excludes 30% of existing capacity that does not require upgrades due to being vacant.