US banks post strong Q2 earnings as AI spending forecast hits $1 trillion

JPMorgan Chase CEO Jamie Dimon said artificial‑intelligence spending is expected to reach about $1 trillion next year, up from roughly $700 billion this year and $400 billion the year before. He noted that total corporate capital expenditure is around $4 trillion, with AI accounting for a growing share.

Meanwhile, U.S. regional lenders such as US Bancorp, PNC Financial Services Group, Citizens Financial and Regions Financial reported solid second‑quarter results. Average loan growth hit 7% year‑on‑year, and capital‑markets and advisory revenue rose about 55% as IPO activity rebounded. The banks also saw higher fee income and continued demand for credit across sectors, including technology firms financing AI infrastructure.

The earnings beat suggests that both large and midsize U.S. banks are benefitting from resilient consumer spending, steady hiring, and a resurgence in deal‑making, despite broader macro‑economic uncertainties.