CFOs are responding to record levels of pessimism with massive investment in technology. The trend is evident in both the US and Europe

Chicago, 27 July 2026 – The confidence of CFOs at US companies in macroeconomic developments has fallen to an all-time low. However, rather than making across-the-board cost cuts, companies are investing heavily in digital transformation and the implementation of artificial intelligence. This is according to a survey by Grant Thornton. A similar trend is also evident in Europe.

Finance managers are pessimistic; they believe that investment in technology is the solution

Only 37 % of finance managers expressed optimism about the outlook for the US economy over the next six months, the lowest figure in the last five years. A survey of nearly 240 finance managers shows that, for the first time in a long while, pessimists outnumber optimists – corporate sentiment is being affected by concerns over inflation, tariffs and geopolitical instability. However, as many as 67 % of them expect their companies to increase spending on information technology and digital transformation next year, as artificial intelligence is becoming an increasingly important business priority.

Key findings of the survey:

• 48 % of companies cited technology modernisation as a top priority, representing a quarter-on-quarter increase of 13 percentage points.
• The rise of artificial intelligence: As many as 97 % of organisations are already actively testing, deploying or have fully integrated AI into their processes.
• Even in a challenging situation, 68 % of managers expect their net profit to rise in the coming year, precisely thanks to the increased efficiency brought about by technological innovations.

The European context and parallels for our market

Around 67 % of respondents expect inflation to rise in the coming year, whilst a similar proportion – around 66 % – state that tariffs, energy supply disruptions and supply chain issues will have at least a moderate impact on their business.

In this environment, spending on technology is becoming an increasingly high priority for companies: 48 % of finance managers cited technology modernisation as one of their main organisational priorities, which is 13 percentage points higher than in the first quarter. Almost all companies are seeking to gain an advantage from the deployment of artificial intelligence in their operations, but many are struggling to keep governance, risk management and internal controls in step with the pace of this technology’s implementation.

According to experts at Grant Thornton, European firms are also facing similar challenges due to market conditions. In Europe, where companies are grappling with high energy prices and a shortage of skilled labour, investment in automation is becoming a key way to remain competitive against Asian and American markets.

“These investments require disciplined oversight,” said Mike Hennessey, a partner specialising in financial transformation at Grant Thornton US. “CFOs need clear processes through which to validate the return on investment and ensure accountability.”

About the survey

Grant Thornton conducts its quarterly CFO Survey amongst finance executives. The full survey results can be found here.