Summary of IT Spending Survey - November 2025 Industry Overview - The survey focuses on the IT spending intentions of companies, reflecting the overall sentiment in the technology sector amidst global macroeconomic uncertainties. Key Findings IT Spending Indices - Overall IT Spending Index decreased to **68.0** from **74.0** [15] - IT Capital Spending Index decreased to **65.5** from **67.0** [15] - Both indices remain above the contraction/expansion breakpoint of **50** [27] Spending Intentions for 1H26 - **56%** of respondents expect Overall IT Spending to increase, down from **58%** in May 2025 [2] - **43%** anticipate an increase in Capital IT Spending, down from **48%** [17] Gen-AI Budget Allocations - **93%** of CIOs plan to allocate less than **10%** of their budgets to Gen-AI products in the next 12 months, consistent with previous surveys [3] - Over the next three years, **99%** of CIOs expect to spend on Gen-AI, with **85%** planning to allocate **1-15%** of their IT budget [4] Subsector Insights Software - Public cloud adoption remains strong, with **29%** of workloads currently in the cloud, expected to rise to **47%** in three years [103] - Azure leads in cloud workloads with **48%** IaaS and **43%** PaaS market share [10] Servers and PCs - Server spending expectations improved, with **37%** of respondents expecting to increase spending [50] - PC spending expectations worsened, with **28%** expecting to decrease spending [56] Storage - Mixed expectations for storage spending, with **47%** expecting to increase spending, slightly down from **48%** [63] Networking - Networking equipment spending expectations worsened, with only **38%** expecting to increase spending, down from **47%** [71] - Cisco is expected to gain share in networking budgets, with a net **12%** of respondents indicating an increase [80] IT Services - Discretionary IT Services spending intentions declined, with only **40%** expecting an increase [86] - Clients are increasingly cautious, with **53%** planning to cut or delay spending due to budget constraints [89] Security Software - Security budgets are expected to grow, with **67%** of respondents anticipating increases due to Gen-AI [25] - Security software valuations are trading at a **40%** premium compared to broader software coverage [25] Additional Insights - The overall sentiment indicates a moderation in IT spending due to ongoing macroeconomic uncertainties, including trade volatility and commodity supply issues [15][27] - Companies are focusing on AI-driven efficiencies, with many preferring to retain cost savings rather than reinvest in vendor spending [98] This comprehensive overview highlights the current state of IT spending intentions and the evolving landscape of technology investments, particularly in the context of Gen-AI and cloud adoption.

Summary of IT Services Industry Outlook and Key Insights Industry Overview - The IT Services industry is expected to see improved demand in 2026 as AI proof-of-concept projects transition to broader enterprise implementations, particularly benefiting consulting services [1][4] - Despite the anticipated improvements, the narrative surrounding AI disruption in IT Services is expected to persist, although it may diminish as the complexities of enterprise AI become more recognized [2][37] Key Insights Demand and Spending Trends - IT Services spending is projected to improve year-over-year for the first time in four years, shifting from infrastructure-focused spending to include applications and services [3][4] - Global IT spending is expected to reach $6.1 trillion in 2026, growing by 10% year-over-year [20] Business Model Evolution - Business models are evolving from time and materials to more outcome-based pricing, although this transition will not be universal due to varying complexities [5][62] - The shift towards outcome-based pricing is seen as a potential for higher margins, despite initial perceptions of deflationary pressures [62] Margins and Valuations - Margins are expected to be managed flat to slightly higher, but ongoing investments in AI may limit significant upside [5][84] - IT Services firms are currently experiencing depressed valuations, with multiples at historic lows, making it an attractive entry point for investors [6][34][92] Top Picks in IT Services - The top picks for large, mid, and small-cap companies within the IT Services sector are Cognizant (CTSH), EPAM Systems (EPAM), and Grid Dynamics (GDYN), respectively [1][15] - Cognizant is expected to see organic growth exit 2026 at a mid to high single-digit pace, while EPAM and GDYN are projected to improve their growth rates significantly [15][19] AI and Partnerships - Partnerships with IT Services firms are becoming increasingly vital for AI companies, as they often lack the sophistication to manage enterprise workflows independently [3][78] - The emergence of "killer use cases" in AI is anticipated to drive increased investment in growth-oriented initiatives, necessitating back-end modernization [4][59] Market Performance - The IT Services sector has underperformed the S&P 500 for four consecutive years, with a year-to-date decline of 26% [28][31] - Despite the underperformance, the sector is expected to outperform in 2026 as multiples re-rate higher due to improved growth prospects [6][34] Future Outlook - The complexity of enterprise AI is significantly underestimated, indicating a continued need for IT Services expertise as enterprises transform [10][44] - The overall sentiment suggests that while AI disruption fears remain, the reality of implementing enterprise AI will require specialized knowledge and support from IT Services firms [2][44] Conclusion The IT Services industry is poised for a recovery in 2026, driven by a shift in spending patterns and the maturation of AI applications. While challenges remain, particularly regarding valuations and the ongoing narrative of AI disruption, the sector presents potential investment opportunities, especially in firms that are adapting their business models and forming strategic partnerships.

Core Insights - Fujitsu is focusing on transitioning from sustainability principles to actionable strategies under the leadership of its first Chief Sustainability & Supply Chain Officer [2][3] - The company recognizes supply chain management as a critical area for addressing sustainability challenges [4] Group 1: Leadership and Structure - The Chief Sustainability & Supply Chain Officer role was established to enhance Fujitsu's commitment to sustainability, with a focus on integrating supply chain practices [2][3] - The previous Chief Sustainability Officer laid the groundwork for sustainability principles, which the current leadership aims to implement effectively [3] Group 2: Sustainability Challenges - Fujitsu identifies supply chain issues as a major challenge in its sustainability efforts, emphasizing the importance of green procurement and corporate social responsibility [4]

Core Insights - ICF has been awarded a $300 million digital experience contract by the state of Maryland, which spans nine years with a five-year base and two two-year options [1][2]. Group 1: Contract Details - The contract is an indefinite delivery, indefinite quantity vehicle aimed at enhancing digital experiences across Maryland's state and local digital properties [2]. - ICF will utilize agile methodologies, human-centered design, and digital product management to modernize government services and improve citizen interactions [3]. Group 2: Company Commitment - ICF aims to deliver reliable and scalable platforms that align with Maryland's vision for a more efficient government, focusing on measurable impacts [4]. - The company combines technology solutions with local expertise to enhance citizen services and has a history of achieving results in building resilient communities [4]. Group 3: Company Overview - ICF is a global solutions and technology provider with approximately 9,000 employees, specializing in addressing complex challenges for public and private sector clients since 1969 [5].

Core Insights - Thrive Capital has appointed Jim Siders, a former Palantir executive, as CEO of its new IT services business, Shield Technology Partners [1][2] - Shield Technology Partners aims to invest in and grow IT services companies by leveraging advanced AI technology [3][4] Company Overview - Thrive Capital, founded by Josh Kushner, launched Thrive Holdings in April to manage companies that can benefit from technological advancements [3] - Shield Technology Partners was established in June with initial funding exceeding $100 million from Thrive Holdings and ZBS Partners [3] Leadership Background - Jim Siders has over 12 years of experience at Palantir, where he served as chief information officer, managing global IT operations and infrastructure [2] - Siders began his career at Palantir as an IT helpdesk engineer, showcasing a strong technical background [2] Business Model and Strategy - Shield Technology Partners focuses on acquiring stakes in small and mid-sized IT services companies and aims to enhance their growth through access to cutting-edge AI technology [3][4] - The company currently collaborates with seven businesses and anticipates generating over $100 million in revenue this year [4]

Fujitsu Sustainability and Human Capital Strategy Briefing Summary Company Overview - **Company**: Fujitsu Limited - **Event**: Sustainability and Human Capital Strategy Briefing - **Date**: December 14, 2025 Key Points on Sustainability Management - Fujitsu aims to transition from principles to action in sustainability, with a focus on supply chain management as a major area of concern [1][2] - The company has set a vision for 2030 to become a technology company that realizes Net Positive through digital services [3] - Fujitsu's sustainability efforts are structured around three main contributions: planet (global environmental issues), prosperity (digital society development), and people (improving well-being) [5][6] - The company emphasizes the importance of both financial and non-financial KPIs, including greenhouse gas emission reduction and employee engagement [7][8] Human Capital Strategy - Fujitsu's human capital management is designed to enhance corporate value and business growth, focusing on job-based HR management and employee engagement [11][12] - The company has transitioned to a DX (Digital Transformation) promotion period, advocating purpose-driven management and qualitative transformation from an IT company to a DX company [12][13] - Market capitalization reached JPY 8.73 trillion as of December 12, 2025, indicating steady growth in corporate value [12] HR Transformation Initiatives - Fujitsu has implemented a job-based HR management model to align management strategies with human resource strategies, allowing employees to take ownership of their careers [17][18] - The internal posting system has seen significant use, with approximately 35,000 employees applying for internal postings over the past five years, leading to a growing sense of career ownership [18][19] - The company is shifting hiring methods to be more flexible, allowing for mid-career hires and year-round recruitment [19][20] Employee Engagement and Diversity - Fujitsu has seen an increase in employee engagement scores from 61 in FY 2019 to 69 in FY 2024, reflecting improved motivation and commitment [25][26] - The ratio of female employees reached 31.1% and female managers 21.4% in FY 2024, with initiatives in place to support women's growth and empowerment [25] - Employee engagement is linked to performance improvement and attrition rate decline, with a target to reduce the attrition rate from 2.72% in FY 2019 to 2.55% in FY 2024 [26][27] Financial Performance and Projections - Revenue in the service solutions business grew steadily, with adjusted operating profit margin improving from 8.2% to 15.5% from FY 2019 to FY 2024 [30] - Fujitsu plans to invest approximately JPY 40 billion in HR reform in FY 2024, aiming to optimize personnel allocation and improve productivity [31] - Sales are projected to grow 45% to JPY 700 billion in FY 2025, with significant increases in human sales (31%) and modernization sales (70%) [32] Future Directions - Fujitsu aims to enhance productivity through collaboration between people and AI, promoting organizational transformation and optimizing talent portfolios globally [39][40] - The company is committed to resolving human resource issues across society and developing industry through data-driven HR practices [39][40] This summary encapsulates the key insights from Fujitsu's sustainability and human capital strategy briefing, highlighting the company's commitment to sustainability, employee engagement, and financial growth.

Fujitsu's Sustainability Management Takashi Yamanishi © 2025 Fujitsu Limited Takashi Yamanishi Corporate Executive Officer, EVP, CSSO (Chief Sustainability & Supply Chain Officer) April 1989 Joined Fujitsu Corporate Executive Officer, EVP, CSSO (Chief Sustainability & Supply Chain Officer) Fujitsu Limited December 15, 2025 © 2025 Fujitsu Limited 1 Vice President, LSI and Electronic Component Procurement Division, Procurement Unit April 2010 January 2019 Head of Procurement Unit Corporate Executive Officer E ...

Market Capitalization Trends - The combined market capitalization of eight of India's ten most-valued companies fell by Rs 79,129.21 crore last week, reflecting a broadly weak trend in equities [4][6] - The BSE benchmark index dropped by 444.71 points, or 0.51%, during the same period [4][6] Major Losers - Bajaj Finance experienced the largest decline, with a market cap drop of Rs 19,289.7 crore, bringing its valuation to Rs 6,33,106.69 crore [4][6] - ICICI Bank followed closely, losing Rs 18,516.31 crore, resulting in a valuation of Rs 9,76,668.15 crore [4][6] - Other significant losses included Bharti Airtel (down Rs 13,884.63 crore to Rs 11,87,948.11 crore), State Bank of India (down Rs 7,846.02 crore to Rs 8,88,816.17 crore), Infosys (down Rs 7,145.95 crore to Rs 6,64,220.58 crore), TCS (down Rs 6,783.92 crore to Rs 11,65,078.45 crore), and HDFC Bank (down Rs 4,460.93 crore to Rs 15,38,558.71 crore) [4][6] Major Gainers - In contrast, Reliance Industries added Rs 20,434.03 crore to reach a market cap of Rs 21,05,652.74 crore, maintaining its position as India's most valuable company [5][6] - Larsen & Toubro also saw gains, increasing by Rs 4,910.82 crore to a valuation of Rs 5,60,370.38 crore [5][6] Company Rankings - The current ranking of India's most valuable companies is led by Reliance Industries, followed by HDFC Bank, Bharti Airtel, TCS, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Larsen & Toubro, and LIC [5][6]

Market Valuation Summary - The combined market valuation of eight of the top-10 most valued domestic firms decreased by ₹79,129.21 crore last week, with Bajaj Finance and ICICI Bank experiencing the largest declines [1] - The BSE benchmark index fell by 444.71 points or 0.51 percent during the same period [1] Individual Company Performance - Bajaj Finance's market capitalization dropped by ₹19,289.7 crore to ₹6,33,106.69 crore [2] - ICICI Bank's valuation decreased by ₹18,516.31 crore to ₹9,76,668.15 crore [2] - Bharti Airtel's market capitalization fell by ₹13,884.63 crore to ₹11,87,948.11 crore [3] - State Bank of India's valuation diminished by ₹7,846.02 crore to ₹8,88,816.17 crore [3] - Infosys lost ₹7,145.95 crore, bringing its market valuation to ₹6,64,220.58 crore [3] - Tata Consultancy Services (TCS) saw a decline of ₹6,783.92 crore to ₹11,65,078.45 crore [3] - HDFC Bank's market capitalization dipped by ₹4,460.93 crore to ₹15,38,558.71 crore [3] - Life Insurance Corporation of India (LIC) experienced a valuation erosion of ₹1,201.75 crore to ₹5,48,820.05 crore [3] Gainers in the Market - Reliance Industries' market capitalization increased by ₹20,434.03 crore to ₹21,05,652.74 crore, maintaining its position as the most valued firm [4] - Larsen & Toubro's valuation rose by ₹4,910.82 crore to ₹5,60,370.38 crore [4]

Market Overview - The BSE benchmark index declined by 444.71 points or 0.51 percent last week [1][7] - The combined market valuation of eight of the top-10 most valued domestic firms eroded by Rs 79,129.21 crore amid a largely bearish trend in equities [7] Company Valuations - Bajaj Finance's market capitalisation dropped by Rs 19,289.7 crore to Rs 6,33,106.69 crore [7] - ICICI Bank's valuation tumbled by Rs 18,516.31 crore to Rs 9,76,668.15 crore [4][7] - Bharti Airtel's market capitalisation tanked by Rs 13,884.63 crore to Rs 11,87,948.11 crore [5][7] - State Bank of India's valuation diminished by Rs 7,846.02 crore to Rs 8,88,816.17 crore [5][7] - Infosys lost Rs 7,145.95 crore from its market valuation, which stood at Rs 6,64,220.58 crore [6][7] - TCS's market capitalisation declined by Rs 6,783.92 crore to Rs 11,65,078.45 crore [6][7] - HDFC Bank's valuation dipped by Rs 4,460.93 crore to Rs 15,38,558.71 crore [6][7] - LIC's valuation eroded by Rs 1,201.75 crore to Rs 5,48,820.05 crore [6][7] - Reliance Industries' market capitalisation increased by Rs 20,434.03 crore to Rs 21,05,652.74 crore, maintaining its position as the most valued firm [7] - Larsen & Toubro added Rs 4,910.82 crore, taking its valuation to Rs 5,60,370.38 crore [6][7] Top Valued Firms - Reliance Industries remains the most valued firm, followed by HDFC Bank, Bharti Airtel, TCS, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Larsen & Toubro, and LIC [7]