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Rational exuberance drives IT spending

“IT spending remains recession-proof.” Thus spake John-David Lovelock, distinguished VP analyst at Gartner. This might raise eyebrows, given Big Tech’s big layoffs (more than 200,000 and counting) over the past 12 months. Lovelock’s views notwithstanding, Gartner very recently revised downward its 2022 forecast of 5.1% IT spending growth to just 2.4%. However, this apparent reversal belies the reality of where cuts are coming: The personal devices segment is declining, coupled with headwinds from a strong dollar, rather than diminished cloud/software spending, which is holding steady at 5.4%.

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