Corporate America is still spending heavily on AI. Investors just want proof it is actually being used. The days of rewarding AI capex on faith alone appear to be over, with markets now looking for real downstream adoption rather than infrastructure for infrastructure’s sake.
Right now, measuring adoption is messy. Surveys range from low double-digit AI usage to numbers north of 60 percent, depending on how broadly AI is defined. That uncertainty makes it harder to tell whether today’s spending boom will translate into sustained earnings growth.
Offense, defense, and a lot of confusion
AI investment is pulling double duty. On offense, companies are chasing new products, services, and revenue streams that did not previously exist. On defense, incumbents are spending aggressively to avoid getting disrupted by faster-moving competitors.
The issue is that many Fortune 500 firms want AI exposure without a clear plan. They know they need it, but they do not always know how to deploy it. That gap has created an opening for companies that can guide strategy, integration, and execution.
Consultants as the canary
One of the clearest signals of real-world AI demand shows up in consulting. Accenture $ACN ( ▲ 0.04% ) has positioned itself as a central player in helping enterprises operationalize AI, revamping its own workforce, partnering with firms like OpenAI and Anthropic, and acquiring AI-focused consultancies.
Management has made it clear that client demand is driving this push. Accenture is no longer breaking out AI-specific financials, which may actually underscore how embedded AI has become in its broader growth story.
IBM’s AI flywheel
IBM $IBM ( ▼ 0.18% ) offers another useful lens. Its AI book of business spans consulting, software, and infrastructure, creating a feedback loop where AI services feed directly into recurring software revenue.
IBM’s leadership has pointed to AI as a key reason consulting has returned to growth, suggesting that companies are moving beyond experimentation and into scaled deployment. That is exactly the kind of confirmation investors are looking for.
Whether Corporate America’s AI spending ultimately pays off will depend less on how much money is spent and more on how quickly that spending turns into everyday tools, workflows, and measurable productivity gains. For now, watching firms that sit closest to actual enterprise adoption may offer the cleanest signal.