TD Cowen survey signals AI spending inflection point — established software companies positioned to capture more value than stock prices reflect

TD Cowen analyst Derrick Wood published a survey-based report showing that companies are moving from AI experimentation to actual business deployment, meaning they're shifting from testing to buying and paying for AI tools at scale.

Incumbent software vendors (Microsoft, Salesforce, Adobe, etc.) are better positioned to win this wave than newer AI-only startups, because existing customers can add AI features to tools they already use and trust, rather than replacing entire systems.

If the survey is right, stock prices for established software companies haven't yet reflected the revenue upside from AI monetization — meaning investors and business buyers should expect these vendors to announce higher AI-related earnings in coming quarters.