Artificial intelligence (AI) is the top technology spending priority for nearly half of companies polled in a recent CNBC survey.
In the latest CNBC Technology Executive Council bi-annual survey, some 47% of tech companies said AI spending is their first tech spending priority over the next year. That’s more than double the second-most-frequent option, cloud computing, which 21% of respondents selected.
The survey, conducted May 15 to June 20 includes responses from technology executives in and outside of the tech sector, including chief technology officers, chief information officers and chief information security officers. In addition to tech, respondents come from marketing, pharmaceuticals, telecom and utilities and public sector entities.
Additionally, about two-thirds of respondents report that their investment in AI is accelerating, even as more than half reported an overall decline in spending.
Importantly, the survey window overlapped with the day that Nvidia reaced a $1 trillion market cap for the first time.
AI applications
There are no shortage of possible uses for AI, but perhaps the most common among survey respondents is using generative AI for customer relationship management.
AI functionality is capable to scanning incoming client emails, chatting with clients and forwarding messages to the correct teams.
Other respondents said they are using generative AI to remove bias from job descriptions, create images for marketing, manage social media, as well as IT and HR tickets, according to reports.
Then there’s cybersecurity. That’s a more complex challenge but a necessary one respondents say, as hackers are already turning to AI for malicious actions.
In terms of jobs, 47% said they believe AI will create more jobs than it destroys, 26% said it will destroy more jobs than it creates and another 26% said it’s too soon to tell.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
Follow him on Twitter @andrew_kessel