New Delhi [India], June 11 (ANI): The artificial intelligence (AI) boom is spreading well beyond semiconductor companies, with software, storage, networking and fintech firms increasingly emerging as beneficiaries of the technology spending cycle, according to a Bank of America (BofA) Global Research report.

The report, based on discussions at BofA's 2026 Global Technology Conference, said AI remains the primary growth driver across multiple technology segments, with demand expanding from chipmakers to companies providing software platforms, cybersecurity services, storage infrastructure and payment solutions.

In its software sector assessment, BofA said, 'Demand trends across Neoclouds, infrastructure software, and cybersecurity remain constructive, with AI the primary growth driver.'

The report noted that AI-related spending is supporting demand for cloud infrastructure, enterprise software and cybersecurity platforms as companies seek to integrate AI capabilities into their operations.

BofA said infrastructure software companies are benefiting from platform consolidation and broader adoption of multiple products by customers, while cybersecurity firms are seeing increased demand as AI creates a more complex threat landscape.

The report also highlighted growing opportunities in the networking segment, where AI-driven data centre expansion continues to support investment.

According to BofA, 'AI-driven data centre demand remains robust, led by hyperscaler buildouts,' while AI Ethernet deployments are moving from pilot projects into production environments.

The report added that networking is evolving into a broader growth cycle, with AI remaining the key driver and enterprise and government customers contributing increasingly to demand.

Beyond software and networking, BofA said storage infrastructure is emerging as a significant beneficiary of the AI buildout.

'Storage also emerged as an increasingly more strategic bottleneck as AI increases the amount of data that must be stored, queried, protected, etc.,' the report said.

The report noted that growing AI workloads are driving demand for hard-disk drives and enterprise storage systems as organisations store and process larger volumes of data.

In the fintech sector, BofA said AI is creating new growth opportunities rather than disrupting existing business models.

The report said discussions with payments and consumer finance companies showed that firms are increasingly using AI to improve product development, customer acquisition and monetisation strategies.

Summing up the broader trend across sectors, BofA said, 'AI rewires growth across Fintech,' while software, networking and hardware companies continue to see AI-led demand expansion.

The report also noted that demand for AI infrastructure remains strong across the technology ecosystem, with companies reporting solid visibility on orders and spending plans as enterprises continue to invest in AI deployment.

BofA's conference brought together technology companies across semiconductors, software, networking, hardware, internet and payments sectors to assess key trends shaping the next phase of AI-driven growth. (ANI)