In a sign of our times, CNBC's Jim Cramer "said Wednesday that it's time for companies to prove artificial intelligence is paying off," reports CNBC: "I need cold hard return facts," the "Mad Money" host said. "Or, I, too, will grow more skeptical than I am now...." While Cramer said he remains optimistic about the long-term opportunity, he argued the market needs more evidence that those investments are translating into measurable financial returns for customers. Cramer said one of his biggest concerns this earnings season is that companies adopting AI have largely failed to point to meaningful revenue gains or cost savings from the technology. "We're still early in the earnings season but already we are not hearing anything material about the use of AI," he said... While AI infrastructure companies continue to benefit from the spending boom, Cramer said the same cannot yet be said for many of the businesses buying the technology... Cramer said only a handful of companies, most notably fintech firm Block and web-security provider Cloudflare, have clearly attributed recent layoffs to AI adoption. Block did so in February, while Cloudflare's job cuts were disclosed in May. Plus, critics argue some companies may also cite AI as a buzzy excuse for cuts, leading to the creation of the term "AI washing." Ultimately, Cramer said that if more businesses do not begin reporting tangible returns, the AI skeptics will grow louder, with ramifications for the tech industry's big spenders.Read more of this story at Slashdot.
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