Industry and Company Overview * **Industry**: Technology * **Focus**: IT spending trends, including hardware, software, services, and cloud computing. * **Key Companies**: Microsoft, Salesforce, Amazon Web Services (AWS), Google Cloud Platform (GCP), Cisco Systems, Palo Alto Networks, Dell/EMC, Pure Storage, HPE, IBM, Oracle, Snowflake, Elastic, MongoDB, Couchbase, Nutanix, F5, and many others. Key Points IT Spending Outlook * **Overall IT Spending**: Expected to grow by 3.1% in 2024, up from 2.4% in 2023. * **Software Spending**: Expected to grow by 3.1% in 2024, driven by Application and Analytics spending. * **Hardware Spending**: Expected to grow by 3.1% in 2024, with Communications and Storage seeing the most growth. * **Cloud Spending**: Expected to grow, with Public Cloud spending remaining strong. Software Trends * **Top Spending Priorities**: BI/Analytics, ERP, and CRM. * **Emerging Trends**: Databases, Observability, and RPA. * **Vendor Performance**: Positive for Microsoft, Salesforce, Snowflake, Elastic, and MongoDB; mixed for Snowflake, Elastic, and MongoDB; negative for HCM and legacy solutions. Hardware Trends * **Top Spending Priorities**: Communications and Storage. * **Emerging Trends**: Repatriation of workloads to private cloud/on-premise from public cloud. * **Vendor Performance**: Positive for Pure Storage and Arista Networks; mixed for HPE, CSCO, and DELL; negative for HPQ. Cloud Trends * **Public Cloud**: Expected to grow, with AWS and Azure leading the market. * **Private Cloud**: Expected to remain stable. * **Hybrid Cloud**: Gaining traction. * **Vendor Performance**: Positive for AWS, Azure, and GCP; mixed for Oracle, IBM, and Rackspace; negative for Dell/EMC and HPE. Security Trends * **Top Spending Priorities**: Endpoint Security, Cloud Security, and IAM. * **Emerging Trends**: SASE and Vulnerability Management. * **Vendor Performance**: Positive for CrowdStrike, Palo Alto Networks, Fortinet, Zscaler, and Varonis; mixed for Rapid7 and Tenable; negative for Check Point. IT Services Trends * **Overall Outlook**: More optimistic in 2024, with a shift back towards digital transformation. * **Key Areas**: Security Expertise, Digital Transformation, and ERP/Software Implementation. * **Vendor Performance**: Positive for Accenture, Cognizant, and EPAM; mixed for IBM and RXT; negative for CTSH. Additional Notes * The survey was conducted in Spring 2024 and included 100 CIO responses. * The survey results are based on the opinions of CIOs and may not reflect the views of all IT professionals. * The survey results are subject to change as the IT industry evolves.

J P M O R G A N Asia Pacific Economic Research 16 April 2024 China: Home price recorded sharpest fall in current cycle Vanke in focus, testing (quasi-) SOEs resiliency The year-on-year fall in NBS 70-city home prices widened to the sharpest Emerging Markets Asia, Economic magnitude in the current housing cycle, despite the marginally narrower and Policy Research sequential decline in March. New home price declined 2.7%oya (vs -1.9% in Tingting Ge February), along with a 5.9% drop for secondary home price (v ...

J P M O R G A N Asia Pacific Economic Research 16 April 2024 China Solid 1Q GDP growth at 5.3%oya; yet activity slowed notably in March • Chinas 1Q24 GDP came in above expectations, growing 5.3%oya. Our Emerging Markets Asia, Economic seasonal adjustment process suggests the economy expanded at a solid pace of and Policy Research 7.4% q/q saar in 1Q24, compared to the growth rate at 5.8% q/q saar in 4Q23. Haibin Zhu • Following the stronger-than-expected Jan-Feb activity data, economic (852) 2800-7039 haibi ...

J P M O R G A N Global Commodities Research 17 April 2024 Oil Demand Tracker Global flight activity surpasses pre-pandemic levels for the first time ever • Our high-frequency demand indicators estimate that worldwide oil Global Commodities Research consumption so far in April averaged 101.0 mbd, 200 kbd below our published Prateek Kedia AC estimates (Figure 1). On a year-over-year basis, demand growth in April is (1-646) 326 1124 tracking at 1.46 mbd against our expectations of a 1.7 mbd increase. From the ...

ab Global Research and Evidence Lab 15 April 2024 Global Commodities Equities US/UK limit Russia metal sales Global Basic Materials Dim Ariyasinghe US/UK move to restrict Russian metal sales Analyst On Friday, the US (link) and the UK (link) took further action to limit Russian profit from dim.ariyasinghe@ubs.com the trade of its aluminium, copper & nickel. Specifically, the order restricts Russian metal +61-3-9242 6385 from entering London Metal Exchange (LME) (link) or the Chicago Mercantile Exchange Lach ...

ab Global Research and Evidence Lab 15 April 2024 Global Strategy Global Strategy Global leveraged loans look set to outperform Global despite fundamental concerns as rate cuts get James Martin Strategist pushed out james.martin@ubs.com +1-212-713 7960 Matthew Mish, CFA Strategist Summary of Key Takeaways: matthew.mish@ubs.com ˜ US and European Leveraged Loans are outperforming other credit classes this year, +1-203-719 1242 but valuations still look attractive versus HY counterparts Julien Conzano Strategi ...

ab Global Research and Evidence Lab 19 April 2024 US Equity Strategy Equity Strategy Earnings Brief 1Q24: Apr 19 Americas Jonathan Golub Strategist YTD, the price of oil has risen 15%. Over the same period, 1Q estimates for Energy jonathan.golub@ubs.com +1-212-713 8673 stocks have fallen -14%. Against this backdrop, we see the potential for positive surprises for the group. Patrick Palfrey Strategist patrick.palfrey@ubs.com 14.1% of the S&P 500's market cap has reported. 1Q expectations are for revenues to ...

ab Global Research and Evidence Lab 19 April 2024 Global Rates Strategy Interest Rates Rates Map: Pricing risk of US "no landing" Europe including UK Emmanouil Karimalis Strategist ˜ Market's increasing confidence about a "no landing" scenario for the US emmanouil.karimalis@ubs.com +44-20-7567 8000 economy, coupled with the ECB's readiness to cut rates in June, suggests that the divergence between US and EUR rates is likely to persist for longer. Reinout De Bock Strategist ˜ While the current market pricing ...

J.P. Morgan Equity Strategy MislavMatejka(44-20) 7134-9741, mislav.matejka@jpmorgan.com Global Equity Research Pedro Martins Junior (55-11) 4950-4121, pedro.x.martins@jpmorgan.com Global Equity Research 15 April 2024 DubravkoLakos-Bujas(1-212) 622-3601, dubravko.lakos-bujas@jpmorgan.com 15 April 2024 Global Developed Markets Strategy Dashboard Global Equity Strategy Mislav Matejka, CFAAC Prabhav Bhadani, CFA Table of Contents Page # (44-20) 7134-9741 (44-20) 7742-4404 Markets and Global Sectors Performance ...

M Idea April 16, 2024 09:00 PM GMT Asia EM Equity Strategy | Asia Pacific Morgan Stanley Asia (Singapore) Pte.+ Daniel K Blake Equity Strategist Alpha, Beta, Thematic Biweekly Daniel.Blake@morganstanley.com + 65 6834-6597 Jonathan F Garner Equity Strategist – Navigating Higher Rates, Jonathan.Garner@morganstanley.com + 65 6834-8172 Kristal Ji Equity Strategist Elections and Geopolitics Kristal.Ji@morganstanley.com + 65 6834-6949 Morgan Stanley Asia Limited+ Crystal Ng Asia and EM equities are adjusting to a ...