Tom Giles

Because we do have the MIT, pilots aren't working.

There's always a counter example for every time there's a negative.

But Bloomberg Intelligence had some great analysis out showing that actually only 10% of companies at the moment or people surveyed are saying that they're using generative AI for revenue or for new products.

Right, I think there's still, I mean, first of all, if you take a look at kind of adoption rates for the AI cycle relative to the internet and things like that, people are pointing out the Federal Reserve and others that you've seen a much faster acceleration of adoption.

But to your point, we're still very much early days.

And so I think one of the things that we look at is just at the earnings.

seasoned themselves and looking at what companies are saying.

And a lot of the commentary around AI at this point is still very generic.

It's not very specific in terms of how AI is actually transforming those businesses.

And I think also watching to see how earnings in the broader economy are responding.

Are you starting to see those cost savings come through?

which I think is, of course, the first leg.

And then ultimately, you'd also want to see the revenue, which we're seeing from the hyperscalers.

But I think that real world application is really what we're going to be keying off of.

And I think it's going to take time.

I think you still need to build that capacity to see the earnings impact, broadly speaking.

Marta, it's always great to have you in.

Thank you for coming into the studio.

Marta Norton, of course, there of Empower.

Meanwhile, NVIDIA CEO Jensen Huang is already on stage, ahead of his earnings publication, of course.