AI Spending Surge Without Profit Gains Intensifies 'Show Me' Phase

Goldman's Snider reports only 2% of S&P 500 companies see profit gains from AI spend, despite surging capex. A study shows AI disclosure specificity correlates with 8% higher revenue growth, offering a filter for real adopters. Big investors are shifting focus from capex angst to profit sustainability, favoring hyperscalers. This reinforces the need for selective, fundamentals-driven positioning.