Oppenheimer says enterprise AI spending shifting toward measurable returns
Oppenheimer’s research notes that enterprise artificial‑intelligence budgets are moving out of the experimental phase and becoming a recurring operating expense. Chief financial officers are now weighing AI costs alongside labour and demanding clear financial and operational returns, the firm said.
Key points
- Enterprise AI spending is becoming a recurring operating expense, with CFOs demanding measurable ROI
- Microsoft, Oracle, Salesforce and ServiceNow each have AI businesses generating more than $1 billion
- Oppenheimer favors Microsoft, ServiceNow and Braze, while warning that Figma and SoundHound AI face growth and profitability risks
The analyst group highlights a favourable environment for system‑of‑record software vendors that use seat‑plus‑consumption pricing. Microsoft, Oracle, Salesforce and ServiceNow each run AI businesses that generate more than $1 billion, while Workday reports high AI attach rates. Oppenheimer also named Microsoft and ServiceNow as preferred stocks because of strong demand, cash‑flow generation and exposure to automation and cybersecurity spending. It cited Braze for profitable growth, and gave a cautious outlook on Figma and SoundHound AI, noting valuation and profitability uncertainties.
Investors, according to Oppenheimer, are paying closer attention to whether AI adoption can be turned into sustained revenue growth, pushing companies to demonstrate measurable value higher up the IT stack.
Oppenheimer Says AI Software Spending Is Shifting Towards Measurable Returns
finance.yahoo.com · 4 October 2026
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