Small and mid-cap companies claiming AI plans
Describe AI implementation as mature
Share of S&P 500 price returns captured by 42 AI-related companies since November 2022
Share captured by the other 458 companies
AppLovin revenue per employee, 2025
AppLovin adjusted EBITDA margin, 2025
Corporate generative AI initiatives failing to yield meaningful operational results
S&P 500 boards with a dedicated technology committee
YoY growth in LLM spend across Blackstone's portfolio companies, Q1 2026. Implementation, per Jonathan Gray, remains "frustratingly slow."
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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