The hype machine gets a speed bump
AI has been behaving a bit like the friend who keeps saying they’re “about to launch a startup” but hasn’t shipped a product yet. The premise here is simple: companies are pouring cash into AI, but unless those tools actually create meaningful financial gains, all that spending starts to look suspiciously like a very expensive hobby.
The article leans on a McKinsey report saying only 37% of AI adopters see an EBIT increase in 2026, and that figure apparently isn’t improving versus 2025. Translation: the AI adoption story may still be more promise than proof.
Why investors should care
That matters because the market has been treating AI capex like a golden ticket. If the benefits don’t show up fast enough, investors may start asking awkward questions like:
- Who’s actually monetizing all this AI infrastructure?
- Are enterprise customers getting real productivity gains, or just prettier slide decks?
- Is this spending creating durable profit growth, or just inflating costs?
If the answer to those starts leaning negative, the market’s enthusiasm for the whole AI trade could cool off — especially for the companies spending big to build the picks-and-shovels side of the boom.
Big picture
This isn’t “AI is dead.” It’s more like “show me the receipts.” The winners will be the companies that can turn AI from a buzzword into better margins, better cash flow, and actual EBIT. Everyone else may end up with a shinier cost center.