Bullish spending intentions for Microsoft, Amazon in 2026: Jefferies

Jefferies’ survey of 40 IT executives points to accelerating software, cloud and AI budget growth in 2026, with cyber spending remaining resilient though not yet reaccelerating. The findings are supportive for large enterprise software and cloud vendors, especially Microsoft, Amazon AWS, Palo Alto Networks and ServiceNow, which appear best positioned to capture higher IT spend. The survey also suggests AI remains a top priority, with strongest perceived ROI in software development and customer service. One notable soft spot is Adobe, where spending expectations turned net negative. Overall, the article reinforces a constructive medium-term demand outlook for enterprise tech, cloud and cybersecurity budgets, which could support sentiment for the sector and related stocks.