Tech spending expected to continue to rise in 2022 and 2023

I spotted this over on the Saul’s Investing forum. Originally posted by johnwayne235 and can be accessed at this link

Still learning my way around the boards. Here is a summary of what is at the link

Finally, Some Good News for Enterprise-Tech Startups: Battery Ventures Survey Finds Tech Spending Holding Steady, Even Increasing Despite Market Downturn

The Battery 2022 Cloud Software Spending Survey, conducted in early August via an independent research firm, queried 100 chief technology officers, chief information officers, chief information security officers and other buyers across industries ranging from financial services to healthcare to manufacturing, among others. Together, the respondents control roughly $29 billion in annual technology spend; 85% of them work at companies with more than 1,000 employees.

We found 35% of survey respondents expected their overall tech budgets to stay flat in 2022, while a surprising 54% expected their tech budgets to increase. Less than two percent of the respondents expected their budgets to contract by more than 10%. All of those more-cautious buyers were at companies spending less than $100 million annually on technology.

What Recent Cloud-Company Earnings Reports Say About the Current Economic Environment (Hint: It’s Good for Private Cloud Companies, Too)

corporate customers are anxious to move on-premise data stores to the cloud to boost productivity and cut down on unnecessary labor and capital expense” which the authors cited as directly benefiting SNOW.

I was expecting this even though everyone is crying economic wolf. Even with PC and consumer gaming down I expect AMD’s 3Q earnings to be in line with their previous guidance for the year as they continue to push server, business and laptops. It will be interesting to see how the market reacts.