BNP Paribas 软件经销商调查：Oracle 出现 GenAI 驱动的强劲拐点，AWS/Google/Microsoft 领先，Adobe/IBM/Zoom 偏弱

According to BNP Paribas' latest software reseller survey, Oracle ( ORCL ) is in the midst of an “impressive inflection,” aided in part by generative artificial intelligence. The survey showed improvements in October, after falling in July, with Europe as a standout, BNP analyst Stefan Slowinski said in a note to clients. Slowinski added that the trailing spending score (which encompasses the last three months) was “surprisingly” higher for Oracle, while Adobe ( ADBE ) had the lowest score. Zoom ( ZM ) also showed a deterioration in its results, Slowinski explained. Others that saw strong, positive results were Amazon ( AMZN ) Web Services, which had the highest score, Google ( GOOG ) ( GOOGL ) Cloud Platform, and Microsoft ( MSFT ). On the flip side, IBM ( IBM ) had the lowest score, followed by Zoom and Adobe. Spending breakdown Generative AI is still the area that is seeing the highest demand, notable given that it has replaced cybersecurity, Slowinski said. In comparison, human capital management and procurement saw the lowest demand in spending, Slowinski explained. “We see this as a potential inflection point for GenAI now reaching a level of maturity that is driving budget allocation,” Slowinski wrote. “Oracle shows impressive inflection in key product categories, with Microsoft Copilot cruising. Microsoft 365 Copilot moved up to the 2nd most in-demand Microsoft product, up from 5th last quarter, with Dynamics now the product with the weakest demand, and Europe weakened some. Considering it was Microsoft's weaker FQ1, we find the Copilot data supportive. Oracle DB@AWS & @Azure jumped to [the] top 3 in demand products, with OCI and Fusion also showing improvements. Considering the importance in delivering both growth (OCI) and profitability (DB@), we find the Oracle results reassuring.” Other takeaways from the survey include Snowflake ( SNOW ) outperforming competitor Databricks, thanks to strong showings from Data Science and Snowpark.