China Artificial Intelligence Asia Pacific Equity Research 27 March 2026 Question 1: How should we expect AI demand to grow – roughly linear, or tipping-point explosive? JPM view: AI demand is better understood as inflection-driven, as usage tends to accelerate once model quality becomes good enough to unlock a real application. Investor skepticism is not about AI's value (our bottom-up analysis leads to a $1.4tn global AI market size by 2030E); the debate is more about timing. We believe the demand is non- ...