U.S. companies are likely to maintain an unusually strong capital-expenditure cycle through 2026, driven by rapid adoption of artificial-intelligence systems, growing electricity needs and government policy incentives, Fitch Ratings said in a report on Tuesday. The rating firm estimates that spending on data-center construction, grid upgrades and related projects will keep corporate outlays well above historical averages, even as the broader economy slows. Research cited alongside Fitch’s analysis suggests AI-related technology spending is currently boosting U.S. GDP growth by about 0.5 percentage point each quarter. However, the burst of investment carries financial strain for utilities, Fitch warned. The sector’s aggregate free cash flow is expected to turn increasingly negative, widening to roughly 20% of revenues in 2025 as companies finance transmission upgrades and new generation capacity to meet surging power demand from AI workloads.