Corbin Perception, a leading investor research and investor relations (IR) advisory firm, today released its quarterly Technology Sentiment Survey, revealing a slight softening in sentiment as the overall economy faces macro headwinds that continue to impact tech earnings. The survey, part of Corbin’s Inside The Buy-side® research group, captures views from 43 investors and analysts globally who manage $1.4 trillion in total assets and have $57.8 billion invested in technology as of Sept. 30, 2015.

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As Apple, Amazon and eBay prepare to announce results this week, surveyed investors report that global economic issues weigh on their outlook, with a staggering 80% now expressing concerns about growth prospects and their potential impact on the sector. Of those, 30% say general macro conditions lead tech sector worries, while 27% point to China’s growth deceleration as the chief driver of reserved views.

Technology remains one of the last bastions of growth in the investment world. Drilling down, survey participants are most bullish on the Cloud, big data and Analytics. “The digital transformation and the Cloud are driving growth”, noted one European analyst. That transformation is leaving some behind; sentiment for Computer Hardware spiked to 81% bearish, up from just 44% last quarter.

“We continue to see a shift – more dramatic this quarter – to Software and big data, as investors seek pockets of growth, while bullish views on social took a nosedive,” said Rebecca Corbin, Founder and Managing Partner of Corbin Perception. “With valuations considered rich amid the backdrop of slowing global growth and capex uncertainty, survey respondents took some money off the table and remain in a holding pattern. Attention will be centered on margin sustainability and expense control, which should bode well for EPS, as well as balance sheet strength.”

Finally, with organic growth seen as a challenge in the current environment, reinvestment remains the top choice for excess cash, though it fell to 42% from 58% in the previous quarter. M&A grew in favor to 26%, up from 16% last quarter.

Since 2006, Corbin Perception has tracked investor sentiment on a quarterly basis. Inside The Buy-side® and other research on real-time investor sentiment, IR best practices and case studies are available at CorbinPerception.com.