Only About 2% Of Large Public Companies Track An AI Metric Over Time

An index of 532 large public companies, which scores what firms say on earnings calls and in filings, finds 74% state an AI intent and 69% report a live deployment. Only 29% report a result quantified once, 12 companies (about 2%) track a result over time with a defined metric, and none break AI out as its own P&L line. About 70% of disclosed effects are on the cost side; 22% are on the revenue side. Hyperscaler AI capex is projected to rise from about $416 billion in 2025 to roughly $780 billion in 2026.

Reported by: Apollo Daily Spark, via a16z State of Markets II; Pebblous analysis

Norm's Take

69% of companies say they use AI. Only 2% can show it’s working.

Before your next earnings call, insist on:

  1. One metric, reported every quarterCost per transaction, cycle time or revenue per employee, with the definition fixed.
  2. The revenue share of AI value, not just savings70% of disclosed effects are cost-side. Boards should ask where the growth is.
  3. A plan for AI as its own P&L lineNobody does it yet. The first firm sets the template investors demand of everyone.

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Analysis and opinion, not investment or legal advice. © 2026 Norm Murray. All Rights Reserved.

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Norm Murray, CEO and Founder of Norm E. Murray
About the author
Norm Murray
AI Leadership Advisor · Psychologist · Economist
Norm advises CEOs, boards and senior leaders on the psychology and economics of AI adoption: what AI does to leaders and organizations, not just what it does. He has led global businesses across multiple continents and writes The Norm Report for executives navigating the AI shift.
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