A trader works at his desk on the floor of the New York Stock Exchange (NYSE) in New York on Oct. 7, 2025. Photo by TIMOTHY A. CLARY/AFP via Getty Images

There’s growing doubt that firms are getting what they pay for when it comes to artificial intelligence , the latest Markets Pulse survey showed. That is adding to concerns the US$16 trillion rally from the brink of a bear market is nearing its breaking point.

The trend of AI fuelling outperformance in corporate results is here to stay, according to more than two thirds of 149 respondents to a poll conducted from Sept. 29 to Oct. 8. Yet about the same number of survey takers said the amount of money firms are spending on AI isn’t justified by the returns.

That tension mirrors one seen in the broader equity market. The S&P 500 has

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