UBS Report Highlights Growing Enterprise AI Investments – Strong Outlook for Microsoft & Nvidia
In December 2023, UBS researchers released a report detailing enterprise AI spending plans based on a survey of IT executives from around 130 organizations. The survey covered various AI components, including chips, models, cloud infrastructure, data, security, and application software. After more than six months, UBS has updated its findings, presenting new insights on the changes from November 2023 to May 2024.
The survey revealed a strong outlook for Microsoft and Nvidia at the GPU level. Microsoft has notably increased its dominance in hosting AI workloads and GPUs among cloud infrastructure providers, while AWS maintained its position in second place and Google Cloud’s influence declined. Additionally, 66% of respondents believe AI initiatives will positively influence their plans for migrating from on-premise systems to the cloud.
At the application level, Microsoft’s Copilot roll-outs have exceeded expectations. OpenAI leads in creative AI, and Microsoft’s GitHub Copilot has expanded its lead in code generation. The demand for internally-facing AI applications has increased, which bodes well for ServiceNow.
The survey also identified favorable trends for other software companies, including Adobe, Databricks, Snowflake, and Amazon Web Services. One significant change from the November survey is that 52% of respondents have implemented at least one Generative AI (GenAI) use case, up from 39% six months ago. However, only 10% have scaled their AI projects to production, with the remaining 90% expected to do so by 2025, indicating a shift in the timeline from late 2024 to 2025.
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