“Trust us, bro, AI is the future.” Well, skeptical analysts aren’t trusting you, “bro,” and now they’re increasingly questioning whether the technology will yield returns to justify the massive investments. Bloomberg’s Parmy Olson reports that businesses aren’t embracing AI — calling into question the tools’ usefulness, long-term viability, and the US market’s record rally.

• Only 5% of US companies use AI — the number of business leaders planning to boost AI investments over the next 12 months has fallen from 93% to 63% since the start of the year.
• Sequoia’s analysis found that tech firms made just $3B in revenue from AI products last year, while the industry spent over $50B on NvidiaNVDA
  chips in the same period.

Just like magic: Olson highlights that AI proponents have been vague about the technology’s potential use cases, which has stirred questions about AI’s usefulness and readiness for mainstream use. Promising investors an “AI God” will only work for so long… especially when they expect higher efficiency, buybacks, and dividends.