Got this in an email (not my analysis/research, but it makes sense):
Biggest change vs. two weeks ago - industries that were benefiting from pull-forward have started to see moderation in growth.
In the tech space, we are seeing several dynamics. Cloud (IaaS) appears to have seen a near-term pick-up in demand (consumption of preexisting customers accelerating, some pull-forward of deals), with AWS and Azure struggling to meet demand (seeing capacity constraints). IT security and remote work tech remains strong, while networking equipment growth appears to be slowing.
For software, feedback across SaaS vendors has been mixed. IT and collaboration oriented tools like ServiceNow and Atlassian appear to be faring well, while the application vendors (Adobe, Salesforce, and Workday) have seen sales cycles elongate, as have IT ops vendors (Splunk). ERP and HR software upgrades are also seen deferring, likely impacting SAP.
In consumer tech, both mobile and consumer electronics are seeing downside demand, with smartphone shipments likely down 10%; public safety radio equipment refresh also delaying. Marketing budgets are actively getting cut, with digital advertising hit as a result.
No offense, but this sounds so old and out of touch, like something a career-BOH guy in a cost center would say.