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September 11, 2026
Partner, Chief Economist
Data from the S&P 500 second quarter earnings season shows that AI adoption keeps broadening: 69% of companies now point to a live deployment, up from 64% last quarter, see the first chart below.
But the disclosure thins out fast.
Only 29% put a number on a result, 2% report a metric tracked over time, and none break AI value out as its own KPI or P&L line.
Where companies do quantify the impact of AI, the evidence skews heavily toward cost, which accounts for 70% of disclosed proof points versus 22% for revenue, see the second chart. Some of that is timing, since efficiency gains land inside existing operations well before new revenue lines take shape.
That still leaves investors without a verifiable link between AI capex and the top line.
The question is no longer who is deploying AI. It is who can prove the ROI.
For more data and discussion, see the AI Value Gap here.
Note: For Level 3+, Level: L1 named as a priority with a clear goal: an ambition, target or planned investment with no result yet; merely mentioning AI is not enough, L2 a live deployment (usage / adoption / spend only), L3 the first quantified result, L4 a defined metric tracked over time, L5 AI value broken out as its own KPI or P&L line. Aspirational claims and future targets sit at L1; pilots are capped at L2. Sources: The AI Value Gap, Apollo Chief Economist
Note: For Level 3+, Level: L1 named as a priority with a clear goal: an ambition, target or planned investment with no result yet; merely mentioning AI is not enough, L2 a live deployment (usage / adoption / spend only), L3 the first quantified result, L4 a defined metric tracked over time, L5 AI value broken out as its own KPI or P&L line. Aspirational claims and future targets sit at L1; pilots are capped at L2. Sources: The AI Value Gap, Apollo Chief Economist
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