Demand for AI is boosting Prysmian and ST, but is holding back the consultancy sector
Yesterday, Accenture sounded the alarm, revising its 2026 forecasts downwards due to the transformation in IT consultancy brought about by AI
by Eleonora Micheli
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(Il Sole 24 Ore Radiocor) - Tech shares remain in the spotlight, whilst the first concrete data on the disruptive effects of artificial intelligence is emerging. Yesterday Accenture, a global leader in IT consultancy, published its quarterly results and revised its forecasts for the 2026 financial year downwards, taking into account not only the consequences of the war in the Middle East, but above all the transformation of the technology consultancy sector driven by AI.
This is one of the first warning signs to rock the IT consultancy sector, to the extent that, on the eve of the announcement, Accenture’s share price on Wall Street closed the trading session down 18 per cent. Conversely, in anticipation of growing demand linked to AI, the shares of companies providing the infrastructure needed for the ongoing technological revolution continue to rise. On the Milan Stock Exchange, Prysmian and Stmicroelectronics (up 4.2% the previous day). Infineon Technologies in Frankfurt, whilst ASML in Amsterdam is down, although it has posted a gain of nearly 70% since the start of the year.
Meanwhile, Banca Akros is turning the spotlight on the IT consultancy sector, which is set to face a slowdown in the acquisition of new contracts. Accenture’s downward revision of its forecasts for the 2026 financial year confirms the difficulties that many companies in the sector are facing due to the spread of artificial intelligence-based technologies and the gradual shift in the market towards smaller-scale projects and fixed-price contracts, at the expense of the traditional time-and-materials billing model.
Analysts at Banca Akros nevertheless maintain a “Buy” recommendation on the Italian company Reply (which operates specifically in IT consultancy), with a target price of 165 euros. In support of this positive assessment, they cite the network-based business model, the strong focus on fixed-price projects and a highly skilled workforce. These factors could enable the company to defend its margins more effectively against larger competitors and gain market share. “We would also emphasise that vertical sectors characterised by high barriers to entry, such as healthcare, cybersecurity, aerospace and defence, as well as high value-added fintech, naturally appear more resilient to the market slowdown than less specialised segments”, they concluded.
