GE Capital released its Technology & Business Services Industry Research Update for November 2014, revealing revenue and earnings results for bellwether public tech vendors were mixed with foreign revenue exposures fighting currency headwinds and cloud services business models outperforming traditional infrastructure.

Despite the usual conservative near-term outlook, the consensus for continued improvements in U.S. and global GDP growth bode well for the possibility of accelerating overall IT spending growth during the typically seasonally strong 4th quarter, according to the report.

Industrial production of computer and communications related equipment has been flat or down slightly over the 12 months through September. Conversely, production of semis and related equipment has been robust over the same timeframe. During September, the index for production of communications equipment was up only 0.3% year-over-year while computer related equipment was down 1.1%. Meanwhile, production of semiconductors and related equipment increased more than 8% over the prior year.

Global sales of semiconductor capital equipment in September were down 3.3% from August but increased nearly 23% year-over-year. Orders in September decreased 13% month-over-month but increased 18% year-over-year. Putting these dynamics together, the September semi capital equipment book-to-bill of 0.94 snapped an 11-month streak above parity.

GE Capital’s Telecom, Media and Technology (TMT) financing business completed a combined total of 59 deals worth $5.5 billion during 2013.

To view the full GE Capital report, click here.