There’s a growing gap between the AI hype cycle and the AI reality cycle, and JPMorgan just put numbers on it.
The bank’s asset management research hub published an analysis of the KPMG AI Quarterly Pulse Survey, and the headline finding is a contradiction baked into a single dataset. Agentic AI deployment among large organizations, those pulling in over $1 billion in annual revenue, jumped from 11% to 26% between 2025 and February 2026. That’s a meaningful leap. But zoom out to overall enterprise AI engagement, and the trajectory looks far less dramatic.
The agentic boom, by the numbers
JPMorgan’s framing of the data is telling. The bank calls this period “The Agentic Boom,” a phrase that captures the shift from basic chatbot interactions to autonomous, multi-step AI workflows.
The survey data, collected through February 28, 2026, backs this up in several ways. Reasoning models now account for more than 50% of all AI interactions during the period analyzed. The complexity and length of AI-generated outputs have also increased significantly, suggesting that organizations deploying these tools are pushing them harder and expecting more sophisticated results.
