RBC Analysts Warn of Slowdown in Enterprise AI Adoption

RBC Capital Markets analysts have signaled a potential slowdown in the enterprise adoption of artificial intelligence. According to a note led by analyst Rishi Jaluria, the share of U.S. businesses paying for AI services fell from 44.5% in August to 43.8% in September. This represents the first measurable pullback in spending since the acceleration began in 2023.

The findings rely on data from Ramp's Fall 2025 Business Spending Report. Jaluria argues that the strong financial performance of Big Tech firms—including Microsoft, Amazon, Meta, Oracle, and Google—is primarily driven by spending on AI-native firms and model training rather than broad adoption across traditional enterprises.

The analysts attribute the current chill to a productivity paradox where promised gains remain marginal. They also cite pilot fatigue caused by privacy concerns and overblown expectations, as well as a lack of transformative killer apps in sectors such as healthcare and supply chain. Despite these challenges, RBC remains cautiously optimistic that demand will eventually rebound as the technology matures and use cases become more practical.