The CEOs of the world’s biggest companies are preparing to throw more money into AI next year, despite mounting evidence that their investors aren’t paying off at all.

the Wall Street Journal It is now reported that 68% of chief executives plan to increase AI spending by 2026, citing an annual survey of more than 350 CEOs of public companies conducted by advisory firm Teneo. Surprisingly, the same executives admit that less than half of their current AI projects have generated returns that exceed their initial costs. The survey focused on CEOs of public companies with at least $1 billion in annual revenue and was conducted this fall.

The survey findings come as fears of an AI bubble continue to rise. AI investments now account for nearly 40% of US GDP growth by 2025, and AI companies are responsible for those 80% of the gains in the American stock market. Even as the US economy becomes increasingly dependent on AI, there is surprisingly little to show for it today, even in the small ways of non-AI corporations.

Wall Street analysts have increasingly noted the circular nature of major AI investments. For example, Nvidia announced this year that it is investing $100 million in OpenAI, which will then go back and buy Nvidia chips for the data centers it plans with Oracle. Making matters worse, data centers are slow to materialize. Reports that Oracle has delayed some of its data center projects only raised the anxiety of Wall Street, as they pushed back any tangible compensation in the future. Meanwhile, AI companies continue to promise that more advanced models will unlock significant productivity gains, spark innovation, and perhaps even help cure diseases.

Non-AI companies are already beginning to test the technology, rolling out AI tools in various departments including customer service, IT, marketing, and human resources. But there is little evidence that even in those spaces AI tools are changing operations or even meaningfully improving the bottom line.

Today’s survey echoes a report released by MIT in August. Despite the big push for AI adoption in the corporate world, less than one in ten AI pilot programs have generated real revenue gains, the report found. The MIT analysis was derived from 150 executive interviews, a survey of 350 employees, and a review of 300 public AI deployments.

“Only 5% of integrated AI pilots are taking in millions of dollars, while the majority remain without measurable (profit and loss) impact,” the report said. Meaning “95 percent of organizations get zero return.”

The findings briefly shocked investors and sent AI stocks sliding for the time being.

And yet, CEOs still appear convinced that AI will eventually justify the expense. According to Teneo’s survey, 84% of leaders of companies with more than $10 billion in annual revenue believe that it will take six months to pay off AI investments.