Bank of America Predicts AI Spending Will Fuel Worldwide Growth Until 2026

AI Investment Fuels Global Growth, Bitcoin Miners Ride the Wave

Bank of America’s (BofA) 2026 outlook underscores artificial intelligence (AI) as a major driver of global growth, while cautioning that market volatility could rise as investors digest AI’s broader economic impact.

The bank expects U.S. GDP to grow 2.4% in 2026, surpassing consensus forecasts, supported by business investment, fiscal stimulus, and recent rate cuts. China is also projected to outperform, with growth of 4.7% in 2026 and 4.5% in 2027.

AI spending is the standout factor shaping these projections. According to Candace Browning, head of BofA global research, “Concerns about an imminent AI bubble are overstated.” AI-related capital investment is poised to expand further next year, potentially launching a new investment cycle and driving productivity gains.

Bitcoin miners have emerged as unexpected beneficiaries of the AI boom. High demand for high-performance computing has boosted the value of mining infrastructure, with firms earning revenue not only from mining but also by leasing data center capacity to AI companies. IREN (IREN) is up 337% YTD, Cipher Mining (CIFR) nearly 300%, and TeraWulf (WULF) 190%, even as bitcoin remains near $90,000.

Markets are shifting from a consumption-led recovery to one driven by capital expenditure and infrastructure, which could extend into digital infrastructure, blockchain, and data monetization, areas where crypto has a foothold.

BofA warns of potential turbulence. As AI reshapes inflation, labor, and supply chains, markets may experience sharp swings. The ongoing “K-shaped” recovery—where some sectors soar while others lag—could intensify a two-speed economy, creating risks of sudden revaluations.

Emerging markets may benefit from a weaker dollar and low oil prices, particularly those that have adopted digital infrastructure, which aligns with growing AI demand.

Overall, BofA’s outlook is cautiously optimistic. With two projected Fed cuts in 2026 and supportive fiscal policies, global markets appear positioned for growth. The question remains whether AI will become a productivity engine or a source of instability, with crypto infrastructure poised to play a supportive role.