National Wealth: AI Transfers Its Gains to Operating Companies

“Al-Watani for Wealths,” as part of its Thought Leadership report series, stated that most of the returns generated by artificial intelligence (AI) over the past three years went to technology-developing companies, including chip manufacturers, cloud service providers, and model developers. In the second quarter of 2026, AI infrastructure-related companies contributed to nearly half of the earnings growth of S&P 500 index companies. The report added that the next phase may see a gradual shift in investment opportunities toward companies using the technology, as it has become widely available and its usage costs have declined. Ownership alone is no longer a competitive advantage; rather, the ability to practically leverage AI has become the most important factor in generating returns.

Widespread adoption: A global survey conducted by McKinsey in 2026 showed that about nine out of ten institutions regularly use AI in at least one area, while eight out of ten participants confirmed that the technology boosted their personal productivity. Despite this widespread adoption, only 37% of institutions reported that AI had made a difference in their operating profits, a figure unchanged from the previous year. Meanwhile, the proportion of companies that achieved an impact on earnings before interest and taxes (EBIT) of 5% or more remained around 6%.

The report noted that saving employees 20 minutes when preparing a report may facilitate their work, but it does not necessarily reduce corporate costs unless the organization restructures its processes to leverage the technology.

Operations management: Research confirms that the difference between companies lies in management approach rather than the tools used. According to a 2025 McKinsey study, workflow redesign was linked to profit gains. Approximately three-quarters of the best-performing companies followed an AI-centric process reengineering approach, compared to one-quarter of other companies, with senior executives responsible for implementation, measuring results, driving growth, and reducing costs.

A 2025 study by the Boston Consulting Group involving more than 1,000 companies revealed that only 5% successfully created real value by scaling AI, while 60% achieved limited or no gains. Leading companies generated more than three times the shareholder returns compared to others over the past three years, with top performers often being advanced even before the emergence of the technology.

Company size: Larger companies benefit from bigger datasets and larger budgets, enabling them to adopt AI at a faster pace. In the United States, 37% of companies with 250 or more employees used the technology in spring 2026, compared to less than 20% among smaller firms, according to the U.S. Census Bureau.

At the macroeconomic level, U.S. labor productivity rose by approximately 2.4% annually since the beginning of 2024, compared to an average of 1.6% during the five years preceding the pandemic, according to the Federal Reserve Bank of Dallas. The improvement was concentrated in the information, financial, insurance, and professional services sectors, which are most exposed to AI, where productivity grew at roughly twice the rate of the rest of the economy.

A survey by the Federal Reserve Bank of Atlanta showed that top chief financial officers believe the technology’s impact on productivity exceeds what official statistics reflect, with expectations that this effect will nearly double during 2026, despite additional revenues taking time to materialize.

Investor opportunities: The report emphasized that investor interest is gradually shifting from AI-developing companies to institutions capable of translating AI usage into tangible operational and financial gains.

Three characteristics define the companies that benefit most. First, they face high labor costs associated with cognitive tasks such as analysis, writing, information management, and customer service, where technology can boost efficiency and reduce expenses. Second, these firms retain savings rather than passing them on to customers through price cuts, relying on pricing power and customer loyalty. Third, they possess proprietary data that is difficult for competitors to replicate.

There are ongoing risks, and three main challenges warrant caution. The first is timing: the transformation of technological innovations into tangible financial results may take longer than market expectations. The second challenge is competition, which may pressure companies to pass savings on to customers instead of enhancing their profit margins. The third relates to the ongoing costs of operating and developing AI solutions, which may absorb a portion of the anticipated gains.

Execution capability, work reorganization, and the ability to retain savings remain critical factors in identifying benefiting companies, as the transitional phase continues between the widespread adoption of technology and the emergence of its financial impact on profits.

Key Conclusions:

1. Shift in Returns: A gradual transition of opportunities from chipmakers and cloud service providers to enterprises capable of leveraging technology.

2. Profit Gap: AI adoption approaches 90%, compared to only 37% of institutions that have recorded an impact on their operating profits.

3. Effective Management: Work restructuring, change leadership, and return measurement are essential factors for realizing gains.

4. Productivity Growth: Notable improvements in the financial, professional, and information sectors, which are the most intensive users of the technology.

5. Investment Opportunities: Preference for companies with high labor costs, pricing power, and exclusive data.

6. Selectivity and Patience: Realizing profits may take longer than market expectations, amid ongoing challenges related to competition and costs.