Group 1 - Generative AI has been a major topic in 2025, but financial returns have not matched the initial excitement, leading to a recalibration of market expectations according to JPMorgan's 2026 outlook [1][6] - A PwC survey of over 4,700 CEOs revealed that while over 40% expected GenAI to increase revenue and nearly half anticipated profitability improvements, only about one-third reported significant gains by year-end [2] - Efficiency improvements were noted, but they also fell short of initial expectations, indicating a gap between anticipated and actual performance [2][3] Group 2 - The shift in focus is towards return on investment, with boards and CFOs prioritizing projects that demonstrate clear financial outcomes rather than open-ended experimentation [4] - Valuation frameworks are tightening, with metrics like the Rule of 40 and JPMorgan's stricter Rule of X becoming more critical in evaluating projects [4] - For 2026, the narrative around AI remains important, but companies must demonstrate durable earnings power alongside innovation to attract investor interest [6]