# US Banks Report Strong Consumer Spending and Rising Demand for AI Financing in Q3

- URL: https://stocks.freetheai.org/news/us-banks-report-strong-consumer-spending-and-rising-demand-for-ai-financing-in-5d22f0
- Published: 2026-10-14T01:13:55Z
- Category: earnings; sentiment: mixed; impact: medium
- Symbols: [NYSE:JPM](https://stocks.freetheai.org/symbols/NYSE-JPM), [NYSE:GS](https://stocks.freetheai.org/symbols/NYSE-GS), [NYSE:C](https://stocks.freetheai.org/symbols/NYSE-C), [NYSE:WFC](https://stocks.freetheai.org/symbols/NYSE-WFC)
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Third-quarter earnings from major U.S. lenders showed steady consumer spending and ongoing growth in corporate borrowing. JPMorgan Chase & Co. (JPM) reported a 10% year-over-year increase in credit card spending alongside a net charge-off rate of 1.27%. Meanwhile, average loans expanded across top banks, rising 10% at JPMorgan Chase, 12% at Citigroup Inc. (C), and 11% at Wells Fargo & Company (WFC). Actual credit losses across the sector did not experience a broad increase.

Lenders are seeing strong interest in funding artificial intelligence projects and technology infrastructure. Goldman Sachs Group, Inc. (GS) observed that client demand for computing power is currently outpacing supply, creating new financing opportunities. However, the bank noted it intends to stay selective with its capital commitments and underwriting standards. Similarly, executive commentary from JPMorgan Chase highlighted an active pipeline for AI-related financing as corporate clients seek funding for technological expansion.

Moving forward, investors should monitor how asset valuations and broader market conditions influence the speed of deal closing. While the appetite for AI infrastructure remains robust, bank management teams emphasized that underwriting selectivity and market stability will determine how quickly these financing deals proceed.

## Key points

- JPMorgan Chase & Co. credit card spending grew 10% year over year in the third quarter, with a net charge-off rate of 1.27%.
- Average loans expanded 10% at JPMorgan Chase, 12% at Citigroup Inc., and 11% at Wells Fargo & Company.
- Goldman Sachs Group, Inc. reported that demand for computing power exceeded supply, creating new opportunities for tech financing.
- Bank executives noted that valuation levels and market conditions will influence the pace of upcoming AI deal closures.

## Questions and answers

### How did major US banks perform on loan growth in Q3?

JPMorgan Chase, Citigroup, and Wells Fargo reported average loan growth of 10%, 12%, and 11%, respectively, alongside resilient spending and stable credit loss levels.

### What is driving demand for AI financing at major banks?

Banks report strong corporate demand for computing power and technology infrastructure, though lenders remain selective about capital commitments and underwriting standards.

### What was JPMorgan Chase's credit card spending growth in Q3?

JPMorgan Chase reported that credit card spending increased by 10% year over year during the third quarter, with a net charge-off rate of 1.27%.