58% of small and mid-cap companies claim AI strategies. Fewer than 1% have built them. The market prices the press release. The financial statements have not yet learned to lie.
Pilot Purgatory is a research paper published by Sargasso Capital Management. © 2026 Sargasso Capital Management. All rights reserved. Nothing herein constitutes investment advice or a solicitation. See full disclaimers in the paper.
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