US Electrical Equipment & Multi-Industry "EE/MI Morning Note - Enterprise ..."

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US Electrical Equipment & Multi-Industry "EE/MI Morning Note - Enterprise ..."

Global Research

12 May 2026ab

US Electrical Equipment & Multi-Industry Equities

AmericasEE/MI Morning Note - Enterprise AI Survey,

Earnings incoming, Existing home sales / HVAC Industrial, Diversified

Amit Mehrotra

Analyst

amit.mehrotra@ubs.com

Enterprise AI Survey- Our software team (led by Karl Keirstead) recently published the +1-201-352 1410

6th iteration of the semi-annual Enterprise AI survey (link), leveraging UBS Evidence Lab.

Neal Burk

In several published reports YTD, the team made the observation that beginning around

Dec/Jan, they began hearing enterprise customers say that they’ve materially ramped neal.burk@ubs.com

their deployments of AI projects. As such, it is now “game on”. In this survey, the portion +1-212-713 4066

of organizations that are “in production at scale” was 19%, up from 17% in the

Pratap Singh

October 2025 AI survey and 14% in the year-ago March 2025 survey. In our previous

enterprise AI surveys, there was no convincing evidence that AI was serving as a catalyst pratap-za.singh@ubs.com

to displace humans. There is now. A full 42% of respondents are now saying that AI will +1-212-821 3112

cause them to somewhat or significantly reduce hiring, up markedly from 31% in

Zachary Walljasper

October 2025. The impact was most acute in the coding arena, with evidence of slower Associate Analyst

developer hiring. This is a negative trend for seat-based SaaS firms and will likely zachary.walljasper@ubs.com

accelerate the pivot away from per-employee pricing models. +1-212-713 9829

Earnings Incoming- Later this morning, Alliance Laundry and Zebra will report their 1Q

earnings results. We have included our expectations below -