Microsoft is Well Positioned to Grow its Share of Enterprise Spending

        <h2>Microsoft is Well Positioned to Grow its Share of Enterprise Spending</h2>      
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    <p>Microsoft (MSFT) is well positioned to grow its share of enterprise spending on information technology even as overall IT budgets decline this year, investment bank Morgan Stanley said Thursday. Microsoft stock notched a record high on the news.

Based on a second-quarter survey of chief information officers, Morgan Stanley expects IT budgets to fall 4.4% this year. It surveyed 100 chief information officers in the U.S. and Europe for the latest report. Some 83% of those surveyed have downwardly revised their IT budgets based on the impact of the Covid-19 pandemic. “This represents the first expected IT budget decline in over 10 years, and the lowest level recorded in the history of our CIO survey,” the firm said in a note to clients.

The latest survey is a sharp contrast to the results of the firm’s first-quarter survey. After the first-quarter survey, Morgan Stanley projected 2020 IT budgets would grow 3.5%. Read more…………..

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Big Tech is leading the rally in stocks. The Nasdaq closed at another record on Monday with its best one-day gain since mid-May. It was driven higher by tech stocks like Apple, Amazon, Microsoft and Alphabet.

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