Microsoft, Oracle, SAP considered 'AI winners' among software companies: Oppenheimer

What happened

Oppenheimer said Microsoft, Oracle and SAP could be among software companies that benefit from AI, citing a survey of 449 IT buyers. The survey found AI is taking a larger share of budgets, but further sales growth depends on customers proving returns. Analysts expect spending growth to moderate in 2027.

Confirmed

Global impact / market context

If businesses take longer to prove AI delivers worthwhile results, they may delay or limit additional purchases. That would slow revenue growth across software companies, while concentrating gains among selected platforms; weaker growth could also restrict profit forecasts and put pressure on company valuations.

Analyst inference

Oppenheimer’s view is positive on AI as a lasting budget priority, but more cautious about how quickly it creates sales. Its survey suggests spending growth may narrow in 2027, challenging expectations that software companies broadly regain faster growth next year.

Confirmed

What to watch

1. Watch whether enterprise customers report clear financial returns from AI use; the survey says further sales growth depends on validating those returns. Analyst inference
2. Track whether AI spending growth moderates in 2027 as Oppenheimer expects, and whether purchases concentrate among Microsoft, Oracle and SAP. Analyst inference
3. Compare later company results with the survey’s finding that AI is taking a larger budget share, while checking for evidence of faster or slower monetization. Analyst inference

Evidence

• seekingalpha.com