Following our 2022 BNPP Exane Global Cloud Scanner Survey report published recently (link), we publish this ''teardown'' version, unpacking trends on a more granular basis by region and by respondent profile for the 100+ Global Software buyers to dig deeper into software buyer trends. US and APAC software spending more positive than in Europe At a high level, US respondents indicated positive increases in aggregate spending scores for 8/12 software segments and APAC indicated 7/12, showing broad-based strength in spending intentions. In Europe (50% of our survey pool) however, just 3/12 software segments saw positive aggregate spending scores (and this was before the beginning of the Ukraine War). Microsoft and AWS dominate spending intentions 80% of respondents in every region indicated increasing spend with Microsoft. AWS was 2nd with 55% in every region, with 3rd place taken by Salesforce/Snowflake (US), Salesforce (Europe) and Google (APAC). In the US, Adobe and Snowflake saw the most positive y/y change in spending intentions, while ServiceNow and Coupa were at the bottom in the US on y/y spending scores. Comparing Survey results with our recent Global Software recommendation re-balancing We recently published a Software sector report with our new valuation framework, re-balancing our recommendations as part of an eCommerce Technology deep dive (link). We believe these ''tear down'' results are supportive of the Microsoft Outperform, as well as the Adobe Outperform where US spending intentions improved y/y. For ServiceNOW, where we are Underperform, the Workflow Automation data are mixed (good for spending priorities but less favourable on spending intentions, especially for large enterprises) with ServiceNOW seeing flat y/y vendor specific spending intentions with large enterprises. We see the risk vs reward as unattractive near term (link). Snowflake, where we are Underperform, delivered more reassuring results than was first...