Jefferies says Microsoft, AWS, Palo Alto Networks, ServiceNow screen well in IT exec survey

Industry
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Summary · why it matters

A Jefferies survey of 40 IT executives found Microsoft, Amazon Web Services, Palo Alto Networks, and ServiceNow as the strongest performers, while Adobe registered a sharply negative read-through. The survey showed accelerating software budgets, with CIOs expecting 6.2% growth in 2026 versus 4.8% in 2025, and 83% of respondents expecting software budgets to increase. On AI spending, approximately 68% of CIOs now hold a dedicated AI budget and 73% report year-to-date token and API spend tracking above initial expectations, with 38% planning to raise AI budgets. Microsoft was the standout with 85% of CIOs expecting to spend more in 2026 and none planning to spend less, while Adobe saw only 11% expecting slightly higher spend and 38% expecting lower, producing a net score of negative 27%.

Impact on stocks 5

Artificial Intelligence± Mixed · 4 stocks
Microsoft Corporation
MSFT
▲ PositiveDemandrelevance

85% of CIOs expect to spend more on Microsoft in 2026, none less; standout in survey.

Amazon.com Inc
AMZN
▲ PositiveDemandrelevance

AWS is a strong performer in the survey; accelerating software budgets and AI spending benefit AWS.

ServiceNow Inc
NOW
▲ PositiveDemandrelevance

ServiceNow screens well as a strong performer in the IT exec survey.

Cybersecurity & Digital Trust▲ · 1 stocks

Theme Impact 8

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