US Large Cap Software in focus for our 4th Annual Global Software Spend Survey We surveyed 100+ Software Buyers Globally, with a focus on Europe (50% of our respondents), looking at key spending trends across 20+ SaaS / PaaS / IaaS categories and spending intentions for 27 companies, mainly in the Large Cap US Software space. Overall, IT Spend Trends appear to be ''rolling along the bottom''; stable over 2023, with ~50% of respondents expecting IT budgets to be up 5%+ in 2024. The outlook has improved y/y in the US and with Large Enterprises, with more cautious y/y data in Europe and SMEs (small businesses). Key recommendations in the Large Cap US Software sector Microsoft (and Google to a lesser extent) appear to be leveraging AI to take share from AWS where spend intentions have dropped. 35% of respondents plan to use Oracle Cloud Infra. We reiterate our Outperforms on Alphabet, Microsoft and Oracle and y/ Neutral on Amazon. We also initiate coverage of Meta with an Underperform rating (AI Capex set to spike without new revenue streams to match) and IBM Underperform (spend intentions deteriorating for IBM and for Containers). We upgrade Shopify and Snowflake to Outperform. We reiterate key Outperforms on Accenture, Salesforce, SAP and Workday, and Underperforms on Adobe and Zoom. We remain Neutral on Intuit and ServiceNOW. Also see the following reports published today IBM: GenAI not a panacea for growth outlook META PLATFORMS INC: Back to Reality. Growth to slow, and investments to grow SHOPIFY: Shopping for Growth SNOWFLAKE: The Year of G.A.