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Artificial intelligence has become the business world’s favourite performance recently. FTSE 100 earnings calls now mention AI more than inflation, and investor briefings increasingly resemble tech expos. Analysts report that AI references in UK company filings have tripled in the past year, yet the results aren’t matching the rhetoric. Markets are beginning to glance sideways. AI is, for a lot of companies, buying time for results that may never arrive. How do you know if your AI strategy is theatre before it’s too late?

New data from the Office for National Statistics highlights how shallow much of the progress really is. Just 23 per cent of UK businesses say they are using some form of AI technology, and only four per cent of those report a reduction in h

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