Welcome to the AI trough of disillusionment

Tech giants are spending big, but many other companies are growing frustrated

WHEN THE chief executive of a large tech firm based in San Francisco shares a drink with the bosses of his Fortune 500 clients, he often hears a similar message. “They’re frustrated and disappointed. They say: ‘I don’t know why it’s taking so long. I’ve spent money on this. It’s not happening’”.

This article appeared in the Business section of the print edition under the headline “The trough of disillusionment ”

From the May 24th 2025 edition

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