Q3 earnings will be a critical stress test. Nearly a year of unexpected inflation continues to dampen demand and this rapidly rising rate environment has sharply compressed the circle of priorities for business spending. With the CFO now firmly in the driver's seat, we expect few positive surprises on guidance for the remainder of the year. Key themes and debates for 3Q are:

Budget cuts continue
Network Defects
Streaming race for the bottom
Big-ticket purchases on hold
Return-to-office resistance withering