AI will be the No. 1 spending priority for 47% of technology officers over the next year, according to a study by the CNBC Technology Executive Council.
At 21%, AI budgets are more than double the second-biggest spending area in tech: cloud computing, the study adds.
But 63% say cloud computing will be a critical area in their company’s tech strategy over the next 12 months, while 58% say the same about AI. Another 42% listed cybersecurity.
Rising interests rates have caused 53% of tech executives to slow their overall spending.
But only 16% say that cost-cutting pressures due to fears of a recession are their top challenge, down from 30% last year.
As for job security, 47% feel AI will create more jobs than it destroys, while 26% say the opposite and 26% feel it is too soon to know.
The study was conducted from May 15-June 20.