Big-company “AI spend” does not automatically mean high ROI. Some large tech firms still show weak or negative return on broad AI investment, while targeted operational use cases can be strongly positive. #57

TopCat AI Signal Report #57- The strongest signal today is that the AI trade is splitting in two. On one side are companies seeing AI-linked growth and stronger infrastructure economics. On the other are companies spending aggressively but facing investor skepticism because the cash flow or operating return does not look durable.[buttondown]That’s a major shift. It means AI is no longer just a strategic theme — it is becoming a discipline test for leadership, finance, and operations.[buttondown +1]