全球科技与通信：花旗CIO调查，IT预算随AI优先级提升而改善

Citi CIO Survey: IT Budgets Improve As AI Moves Higher In Priority CITI'S TAKE Tyler RadkeAC+1-415-951-1660tyler.radke@citi.com Our 2Q26 survey (N=100) of key IT decision makers suggests an improvedspending backdrop vs. last Q with both US and EMEA NTM IT budgetsaccelerating as AI continues to rise in investment prioritization. Overallforward IT budget growth expectations rose to +3.3% from +2.6% in theMar-26 survey, which was 0.8 pts above the 7-year historical average.Data/AI remained the top priority for respondents and gained further sharefollowed by cybersecurity, (2) digital transformation, (3) and customer-facing applications (#4). We summarize takeaways by sector for Software,European Tech, Internet, Hardware, IT Services, and CommunicationsServices and Infrastructure. Fatima Boolani+1-212-816-9115fatima.boolani@citi.com Steven Enders, CFA+1-415-951-1745steven.enders@citi.com Michael Rollins, CFA+1-212-816-1116michael.rollins@citi.com Global IT Budgets Accelerate with Growth in Both US and EMEA —CIOs areexpecting IT budgets to grow +3.3% over the next twelve months, seeing anacceleration of 0.7 pts from the March Survey, which is above the historical average.EMEA saw another modest acceleration, moving up 0.8 pts to 3.9%, while the USaccelerated by 0.6 pts to +3.0%. Balajee Tirupati, CFA+44-20-7500-6682balajee.tirupati@citi.com Data Analytics/AI Top Investment Priority, Ahead of Cybersecurity —NTM cyberbudget growth decelerated ~1pt with the remaining 2nd-ranked in CIO investmentpriorities, with a widened gap to data analytics/AI in 1st-place. We continue to seepositivetrends in tokenization helping to fuel the#1 category.We'd noterespondents citing GenAI investments fueling cyber spend and cyber holding the #1spot as a tool consolidation destination as reasons to stay constructive on categoryspend trends, and by extension platform consolidators with broad AI portfolioexposure/tangible momentum. Interestingly, web security leapt into top-prioritycohort (likely spurred by surge in malicious and legitimate agentic/bot internettraffic vols + expanded API surfaces which we prognosticated), while Identity,Endpoint, Cloud, Network security practices collectively continue to demonstratebudgetary resilience. Asiya Merchant, CFA+1-415-951-1752asiya.merchant@citi.com Ronald Josey+1-212-816-4545ronald.josey@citi.com AI Trends —MSFT remained the top vendor that CIO are considering increasingspend on with AI followed by Amazon and Google. In terms of cutting spend for AIinvestments, the most noted vendors included Cisco, Dell, IBM and ServiceNow. It’sestimated that AI currently represents ~6.5% of the IT Budget with 69% (previously73%) of funding coming from new/additional funding and 50% (previously 47%)majority of CIOs expecting AI to drive headcount reduction over the next 6-12months, and an increase in CIOs seeing AI spending cannibalizing other areas of thebudget (nearly ~50% vs. 40% in March and 30% in December). There was also aslightly positive trend of AI use cases moving into production which increase to 24%(previously 22%) while PoC went up to 40% (previously 37%). Sector-Specific Impacts nApplication + Data/Analytics Software (Radke) –We continue to see mixed andbifurcated enterprise software read-throughs following our CIO survey as AIspending is increasingly cannibalizing other parts of the portfolio. Dataanalytics/AI remains the top priority, while digital transformation stayed at (#3)and consumer-facing apps moving up 2 spots to #4. For hyperscaler and cloud consumption peers, survey results were relativelypositive with 38% of CIOs seeing consumption spending growth YoY uptickslightly (vs. 31% in the March survey) and 52% seeing consistent spending vs.last year (from 50% in the March Survey). LTM public cloud infrastructurespending expectations downticked to ~6% and NTM public cloud downticked to7% (vs. 8% for NTM/LTM in our last survey). It is unsurprising to see DataAnalytics/GenAI at the top spot again as recent data points from multipleconferences intra Q, Snowflake Summit, Databricks events, AWS Summits andCannes all reinforced the strategic imperative of a modern data architectureplatform on the path to productionalizing Agentic and AI PoCs. While wecontinued to see an increasing demand for Agentic AI among enterprises, we didwitness a much greater % of respondents indicating AI funding is negativelyimpacting the overall IT Budget, which signal increasing cannibalization. Overall,we continue to see the most positive read-throughs to hyperscalers such as(MSFT and CRWV,) and AI platform/consumption names (MDB, SNOW, PLTR),which can benefit from increased enterprise AI workloads that could start tocontribute more meaningfully over the next few quarters. Customer-facing applications moved to #4 (previously #6) in the list of mostimportant CIO priorities. In terms of vendor consolidation, customer-facing appdevelopment/deployed was less of a priority moving to #11 from #8 last su