2Q26 CIO Survey Takeaways: Networking Rises in Priority as Budget Revisions Improve

研报英文原文证据摘录

2Q26 CIO Survey Takeaways: Networking Rises in Priority as Budget Revisions Improve

Foundation

July 16, 2026 02:25 AM GMT

Morgan Stanley & Co. LLCMTelecom & Networking Equipment | North America Meta A Marshall

Equity Analyst

2Q26 CIO Survey Takeaways: Meta.Marshall@morganstanley.comAntonio Jaramillo +1 212 761-0430

Research Associate

Antonio.Jaramillo@morganstanley.com +1 212 761-4438

Networking Rises in Priority as

Telecom & Networking Equipment

North America

Industry View In-LineBudget Revisions Improve

CIO survey supports a constructive networking read, with firmer

budget sentiment, improving Communications expectations, and

Networking Equipment moving higher as a spend priority while

remaining defensible. Results favor CSCO / HPE; most cautious

for FFIV.M

Key Takeaways

Overall IT budget growth improved to +3.8% y/y in 2Q26, up 11 bps q/q, with up-

to-down revision ratio improving to 1.2x.

Network Comms growth improved to +2.6% y/y, up 35 bps q/q, but remains 10

bps below 2025 growth expectations.

Networking Equipment screens as a top-four spend priority, rising to 5.3% from

4.7% q/q as CIOs continue to fund AI, cloud and security infrastructure.

Networking Equipment remains one of the most defensible IT categories, with its

+6% net score unchanged Q/Q despite strength in ERP and Digital

Transformation.

AI/ML and Security remain top two spend priorities, while AI funding is 54% net

new and only 2% reallocated from data networking.

Please note that our CIO Macro survey was fielded 5/8-6/8.

Networking read-through improves as CIO budget sentiment firms in 2Q26.

Overall external IT budget growth expectations improved to +3.8% y/y, an +11bp

acceleration relative to 1Q26. Communications growth expectations also improved