Demand for cloud computing and data is keeping software tech companies stable while inflation and economic instability cause other tech stocks to plummet, according to the CIOs of tech companies, The Wall Street Journal reported June 2.
Software-based companies such as Oracle have displayed resilience, outperforming market benchmarks while other tech companies have suffered. While Oracle's shares did decrease by 17 percent this year, this has remained above the 23 percent fall of the Nasdaq composite index, a very tech-heavy group. Other tech giants such as Microsoft and Amazon have used their cloud computing departments to drive revenue over the last year.
According to Jim Swanson, executive vice president and enterprise chief information officer at Johnson & Johnson, the pandemic put the ability of the cloud and cloud-based enterprises in the spotlight.
"There's more demand for technology than there ever was before," he told the Journal.