The recent results of CNBC’s latest Technology Executive Council study are showing just how important AI is to those in the know, with almost half of the technology officers surveyed (47%) making AI their top spending priority over the next 12 months. (Cloud computing was the second-largest area of spending, at 21%.)
But the allocation of capital isn’t the only indication that technology officers see AI’s bright future. 47% believe AI to be a job creator, with 26% believing it to be a job destroyer and 26% saying it’s too soon to know whether the development of AI will have an effect on jobs.
Interestingly, in a separate survey of CFOs conducted by CNBC at the same time, those numbers were essentially flipped; 18% of CFOs surveyed believe AI to be a job creator, while 41% believe it will “destroy more jobs than it creates.”
CNBC’s results come on the heels of Foundry research (“Role & Influence of the Technology Decision-Maker Study 2023”) which found technology to be “recession proof,” but the process of purchasing necessary technology becoming more complex, with a longer buying cycle that involves more people influencing what’s purchased.
The Technological Executive Council survey took place from May 15 to June 20. In discussing the environment of the study’s timetable, CNBC noted the NASDAQ 100’s doubling of the broader market (rising 12.968%) as well as the Fed’s hawkish pause signaling (“possibly two more hikes in the future”).
63% of respondents said their company’s AI investment is accelerating; 37% said they’re proceeding with caution. “Important to note,” CNBC reported, “zero percent said that they’re not investing.”
“Our survey is showing just how widespread this AI buzz really is.”