If the optimistic hype of ChatGPT dominated the news two weeks back, the current topic du jour is undoubtedly more ominous, with the failure of Silicon Valley Bank continuing to impact the global financial sector. Given the severity of the situation, ETR conducted a flash survey of C-Level IT Executives from our community to measure what and how much that impact may be. We polled respondents for the impact on their organizations as it relates to their IT departments and vendor procurement. The impact of the bank failures, in tandem with the overall macroeconomic conditions, negatively impacts IT spending and project rollouts. ETR’s current Macro Survey data supports this notion, with 2023 IT Budget growth being revised lower yet again, from 4.6% growth in January to 3.4% today.