AI beats cloud computing in CTO investment

AI has become the top tech spending priority for businesses, with 47% allocating the largest budgets to AI, according to a CNBC survey.

Cloud computing is the second-largest spending area at 21%. About two-thirds of respondents said their investments in AI are accelerating, while 53% said rising interest rates have led to a slowdown in overall spending. 47% say AI will create more jobs than it destroys, 26% think otherwise, and 26% say it's too early to tell. The survey polled top technology executives from a variety of sectors, including chief information officers and chief technology officers from industries such as marketing, pharmaceuticals, and utilities.