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That continues a trend from 2023, when generative AI companies raised $25.9 billion for the full year, up more than 200% from 2022. The average round for AI companies is 140% bigger this year compared with last, the data shows, while for non-AI companies the increase is only 10%. Most venture investors are bullish on the potential for generative AI to eventually create big returns at the application layer. John-David Lovelock, an analyst at Gartner and a 35-year veteran of the IT industry, sees a big opportunity for generative AI in the enterprise. Yet, in 2024, only 1% of the trillion dollars spent on software will be from businesses spending on generative AI products, he said.

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☆ Capital One Job Cuts Signal Trouble for IT Labor Market
▼ + stars: | 2023-01-21 | by ( Belle Lin | ) www.wsj.com time to read: +5 min

Technology sector employment overall has remained stable, but job postings for future tech hiring have declined for the second consecutive month, according to IT trade group CompTIA. Companies across industries hired 137,000 tech workers in December, compared with 130,000 the month prior, CompTIA estimates based on an analysis of U.S. Labor Department data. Newsletter Sign-up WSJ | CIO Journal The Morning Download delivers daily insights and news on business technology from the CIO Journal team. News of the job cuts was reported earlier by Bloomberg. Some employers might be shedding the additional technology workers they hired to ramp up remote-work capabilities during the early days of the Covid-19 pandemic, said Mark Muro, a senior fellow at Brookings Institution.

☆ Global IT Spending Decreased in 2022
▼ + stars: | 2023-01-18 | by ( Angus Loten | ) www.wsj.com time to read: +4 min

Companies worldwide made deep cuts in enterprise technology spending last year, with tighter information-technology budgets likely to stretch well into the year ahead. Global IT spending contracted 0.2% in 2022, dropping to $4.38 trillion—a rare instance of corporations spending less on digital business tools than in the previous year, according to IT consulting and research firm Gartner Inc.Gartner had initially estimated that IT spending had increased 0.8% last year. Newsletter Sign-up WSJ | CIO Journal The Morning Download delivers daily insights and news on business technology from the CIO Journal team. Spending on business software and IT services is expected to remain steady year-over-year, together accounting for more than $2.16 trillion in projected spending in 2023, Gartner said. Within IT services, spending on consulting services alone is projected to reach $264 billion, up 6.7% from 2022, Gartner said.

☆ Going Into 2023, CIOs Weigh Tech Priorities Against Economic Realities
▼ + stars: | 2022-12-23 | by ( Angus Loten | ) www.wsj.com time to read: +6 min

Bonnie Titone, chief information officer at Duke Energy Corp., a Charlotte, N.C.-based power producer, said CIOs are being told to get by with less, but without decreasing output or positive outcomes. Newsletter Sign-up WSJ | CIO Journal The Morning Download delivers daily insights and news on business technology from the CIO Journal team. One resource to keep top of mind is talent, said Brad Peterson, Nasdaq Inc.’s chief technology and chief information officer, adding that economic slowdowns can provide opportunities to reassess talent development and succession planning. Diogo Rau, chief information and digital officer at Eli Lilly Photo: Eli Lilly & Co. “My perceptions of the economy haven’t changed the way I plan to approach my role,” said Diogo Rau, chief information and digital officer at Eli Lilly & Co.

☆ CIOs Can Play Key Role in Guiding Companies Through Slowdown
▼ + stars: | 2022-11-27 | by ( Steven Rosenbush | ) www.wsj.com time to read: +7 min

The market for cloud computing, business software, artificial intelligence and other so-called enterprise technologies has been a relative bright spot. “During times of economic uncertainty, companies look for ways where technology can drive growth and create more economic value faster,” said Juan Perez, chief information officer at Salesforce Inc. When budgets are under scrutiny, companies tend to focus on short-term solutions that can drive efficiency and productivity, Salesforce’s Mr. Perez said. Companies should take this opportunity to reconsider the pace of hiring and employ freelance workers where it makes sense. Additionally, CIOs say they are looking at the opportunity to hire valuable workers who lost their jobs at other companies or renew technology contracts on more favorable terms.

☆ Why technology spending will rise even as tech stocks tank and layoffs mount
▼ + stars: | 2022-11-07 | by ( Tim Mullaney | ) www.cnbc.com time to read: +6 min

The path of tech demand has been one of the key questions as markets try to handicap the odds of a 2023 recession. "CEOs and CFOs have no intention of cutting tech spending," said Gartner chief forecaster John-David Lovelock. On the bright side, the GDP report painted a picture of fairly strong technology demand, said Bank of America Merrill Lynch economist Michael Gapen. The shortfall in investment spending was driven by a sharp decline in residential investment, he said. In percentage terms, cloud spending will rise by about 20 percent for the next two to three years, according to Gartner's forecast.

☆ Tighter IT Budgets Hit Global Laptop, PC Shipments
▼ + stars: | 2022-10-10 | by ( Angus Loten | ) www.wsj.com time to read: +4 min

Global shipments of desktop and laptop computers fell in the third quarter by a record 18% on a year-over-year basis to a total of 69.4 million units, according to market research firm Canalys. International Data Corp., a technology industry research firm, reported similar declines in third-quarter consumer PC sales. The firm is expected to report commercial PC sales next week, said IDC research manager Jitesh Ubrani. On Monday, Gartner said laptop demand among large enterprises fell sharply in the third quarter, while overall global PC sales saw their steepest decline in over two decades, Gartner said. In the third quarter, worldwide shipments of personal computers dropped 19.5% from a year ago, Gartner reported.

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