This new research challenges nearly every big AI narrative of 2026

OpenAI CFO Sarah Friar leads one of the most popular AI companies among chief information officers, said RBC.

Mike Segar/Reuters

New research from RBC Capital Markets turned up a string of unexpected findings that challenge many of the biggest AI narratives.Every six months or so, Rishi Jaluria and other RBC tech analysts survey more than 100 chief information officers and other tech leaders to gauge spending on corporate IT. These annual budgets represent many billions of dollars.And Jaluria is no AI cheerleader. He's urged caution when it comes to AI adoption by businesses. So I pay attention when he publishes.This time, the message is clear: Companies are spending a lot on AI and are willing to spend even more."We came away encouraged by broad-based enterprise spending momentum into 2H 2026, with AI adoption beginning to transition from pilot to production," Jaluria wrote.Surprise No. 1For months, investors have worried that ballooning token bills would become AI's biggest headache. RBC's survey found the opposite.Nearly nine in 10 respondents said token budgets are manageable, even though almost half have already exceeded their original spending plans.

A chart from a chief information officer survey by RBC.