When Nvidia delivered yet another blockbuster earnings report this week – $46.73 billion in second-quarter revenue, a 56 per cent increase from a year earlier, slightly above analyst expectations – it looked like a victory lap for the poster child of the artificial intelligence boom.
With its shares up 35 per cent this year, making it the first company to breach a $4 trillion market capitalisation, the US-based chip maker has smashed earnings expectations repeatedly.
But markets, already nervous about the stretched valuations of companies linked to AI, were less convinced. Nvidia’s shares slipped about 2 per cent in early Thursday trading, as uncertainty over its sales in China – amid rising tensions between Washington and Beijing – clouded its growth outlook.
But part of the market anxiety stems from a deeper concern: despite the hundreds of billions of dollars being poured into AI, there is a creeping suspicion it may not yet be delivering real business value.
That suspicion was given further weight by a Massachusetts Institute of Technology report that claimed last week that 95 per cent of organisations have not yet seen any payoff from their investments in generative AI. No boost in productivity. No revenue gains. Not even a noticeable dent in the bottom line.
So where is the disconnect? Why are some companies pouring vast sums into AI infrastructure – Nvidia’s biggest customers, Microsoft, Google, Meta and Amazon are on track to spend $350 billion this year – while so few see meaningful gains?
The uncomfortable truth is that many businesses do not know what they are doing with AI. Too often, tools are used haphazardly – bolted on to legacy IT systems or confined to a handful of specialists – with efforts aimed at small gains in individual productivity, rather than improving how the whole organisation runs.
The result is predictable: scattered results, wasted investment and frustrated expectations.
In theory, generative AI should be transformative, driving productivity gains, cutting costs and unlocking new revenue. In practice, it rarely delivers. Yet real success is possible.
The companies seeing meaningful returns from AI today tend to share three key traits. Firstly, they democratise the technology. Not just training top executives or data scientists, but equipping rank-and-file employees with a working understanding of what AI can (and cannot) do. That means treating AI not as a mysterious force to be outsourced to technology vendors, but as a capability to be embedded across an organisation.
Secondly, successful companies define specific, high-value use cases. Not vague aspirations like “improve customer service” or “optimise the supply chain”, but tangible outcomes with dollar signs attached.
One Asian bank I advise, operating in a tightly regulated market, moved third-party models on to its own IT servers so the AI was able to work with sensitive data that could not be shared externally. It then built custom tools around these models – starting with simple applications for general staff, and later expanding to more advanced tools for bankers – while closely tracking the results at each stage.
Thirdly, the firms that thrive give AI the infrastructure it needs. This is not plug-and-play technology. It requires dedicated engineering, careful integration into existing workflows and well-defined governance frameworks to ensure it delivers real value.
You cannot just throw a large language model at a problem and hope it sticks. Companies that do so often end up with demo-friendly prototypes and no commercial payoff.
Contrast this with a pharmaceutical retailer that approached AI with surgical precision. It categorised its efforts into three clear categories: making existing processes more efficient; optimising operations using historical data; and monetising new products and services. That clarity created the conditions for real impact – and financial returns.
Sam Altman's warning of an AI bubble may be true. But the bigger threat is an AI winter
All of this stands in sharp contrast to the surge that has carried US equities to record highs in recent months, powered by investor bets on generative AI. The S&P 500 is up 9 per cent this year, while tech stocks rebounded strongly from their April lows.
But they lost ground last week, as concerns mounted over the stretched valuations of companies linked to AI. The unease deepened after Sam Altman, chief executive of OpenAI, warned that an AI bubble might be forming.
Nvidia, software group Palantir and chip maker Arm were among those caught in the sell-off, which was reinforced by the publication of the MIT report questioning business returns from generative AI. This was a sharp reminder that hype cannot outrun fundamentals forever.
Mr Altman's warning of an AI bubble may be true. But the bigger threat is an AI winter. If executives continue to overpromise and underdeliver, the shift in investor sentiment we are already seeing will only accelerate – not in a sudden crash, but in a long, quiet chill.
What companies should be doing now is recalibrating, moving past the PowerPoint phase and starting to ask tough questions. Does this AI tool fit with our systems? Can our people actually use it? And does it measurably improve something we care about?
For these companies, Nvidia’s earnings are only a weak signal of what is happening on the ground, even if the world’s most valuable public company is treated as a bellwether for the AI boom.
There is a long lag between the chips Nvidia sells and the business results its customers deliver. Its processors power the training of models such as OpenAI’s ChatGPT and Google’s Gemini – tools that then take months to be built into products and workflows.
If Nvidia ever stumbles, it will say less about what is happening in offices today and more about what could unfold six to 12 months down the line.
Which brings us back to the headlines. Are 95 per cent of companies failing with AI? Perhaps. But the failure has less to do with the technology than with how executives choose to use it.
The companies already seeing results are the ones that spread understanding of the tools across their workforce, tie projects to clear business goals – and put the right infrastructure in place to make them work.
There is no shortage of potential. What is missing is strategy. It is not about the chips companies buy from Nvidia, but what they do with them.
Amit Joshi is professor of AI, analytics and marketing strategy at IMD
Dubai World Cup factbox
Most wins by a trainer: Godolphin’s Saeed bin Suroor(9)
Most wins by a jockey: Jerry Bailey(4)
Most wins by an owner: Godolphin(9)
Most wins by a horse: Godolphin’s Thunder Snow(2)
Trump v Khan
2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”
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%3Cp%3EDate%20started%3A%20January%202022%3Cbr%3EFounders%3A%20Omar%20Abu%20Innab%2C%20Silvia%20Eldawi%2C%20Walid%20Shihabi%3Cbr%3EBased%3A%20Dubai%3Cbr%3ESector%3A%20PropTech%20%2F%20investment%3Cbr%3EEmployees%3A%2040%3Cbr%3EStage%3A%20Seed%3Cbr%3EInvestors%3A%20Multiple%3C%2Fp%3E%0A
Important questions to consider
1. Where on the plane does my pet travel?
There are different types of travel available for pets:
- Manifest cargo
- Excess luggage in the hold
- Excess luggage in the cabin
Each option is safe. The feasibility of each option is based on the size and breed of your pet, the airline they are traveling on and country they are travelling to.
2. What is the difference between my pet traveling as manifest cargo or as excess luggage?
If traveling as manifest cargo, your pet is traveling in the front hold of the plane and can travel with or without you being on the same plane. The cost of your pets travel is based on volumetric weight, in other words, the size of their travel crate.
If traveling as excess luggage, your pet will be in the rear hold of the plane and must be traveling under the ticket of a human passenger. The cost of your pets travel is based on the actual (combined) weight of your pet in their crate.
3. What happens when my pet arrives in the country they are traveling to?
As soon as the flight arrives, your pet will be taken from the plane straight to the airport terminal.
If your pet is traveling as excess luggage, they will taken to the oversized luggage area in the arrival hall. Once you clear passport control, you will be able to collect them at the same time as your normal luggage. As you exit the airport via the ‘something to declare’ customs channel you will be asked to present your pets travel paperwork to the customs official and / or the vet on duty.
If your pet is traveling as manifest cargo, they will be taken to the Animal Reception Centre. There, their documentation will be reviewed by the staff of the ARC to ensure all is in order. At the same time, relevant customs formalities will be completed by staff based at the arriving airport.
4. How long does the travel paperwork and other travel preparations take?
This depends entirely on the location that your pet is traveling to. Your pet relocation compnay will provide you with an accurate timeline of how long the relevant preparations will take and at what point in the process the various steps must be taken.
In some cases they can get your pet ‘travel ready’ in a few days. In others it can be up to six months or more.
5. What vaccinations does my pet need to travel?
Regardless of where your pet is traveling, they will need certain vaccinations. The exact vaccinations they need are entirely dependent on the location they are traveling to. The one vaccination that is mandatory for every country your pet may travel to is a rabies vaccination.
Other vaccinations may also be necessary. These will be advised to you as relevant. In every situation, it is essential to keep your vaccinations current and to not miss a due date, even by one day. To do so could severely hinder your pets travel plans.
Source: Pawsome Pets UAE
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
The specs
Engine: 3.8-litre V6
Power: 295hp at 6,000rpm
Torque: 355Nm at 5,200rpm
Transmission: 8-speed auto
Fuel consumption: 10.7L/100km
Price: Dh179,999-plus
On sale: now
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
The specs
Price: From Dh180,000 (estimate)
Engine: 2.0-litre turbocharged and supercharged in-line four-cylinder
Transmission: Eight-speed automatic
Power: 320hp @ 5,700rpm
Torque: 400Nm @ 2,200rpm
Fuel economy, combined: 9.7L / 100km
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
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%3Cp%3ESixteen%20boys%20and%2015%20girls%20have%20gone%20on%20from%20Go-Pro%20Academy%20in%20Dubai%20to%20either%20professional%20contracts%20abroad%20or%20scholarships%20in%20the%20United%20States.%20Here%20are%20two%20of%20the%20most%20prominent.%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EGeorgia%20Gibson%20(Newcastle%20United)%3C%2Fstrong%3E%0D%3Cbr%3EThe%20reason%20the%20academy%20in%20Dubai%20first%20set%20up%20a%20girls%E2%80%99%20programme%20was%20to%20help%20Gibson%20reach%20her%20potential.%20Now%20she%20plays%20professionally%20for%20Newcastle%20United%20in%20the%20UK.%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMackenzie%20Hunt%20(Everton)%3C%2Fstrong%3E%0D%3Cbr%3EAttended%20DESS%20in%20Dubai%2C%20before%20heading%20to%20the%20UK%20to%20join%20Everton%20full%20time%20as%20a%20teenager.%20He%20was%20on%20the%20bench%20for%20the%20first%20team%20as%20recently%20as%20their%20fixture%20against%20Brighton%20on%20February%2024.%0D%3C%2Fp%3E%0A
'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
%3Cp%3E%3Cstrong%3EEdited%20by%3A%3C%2Fstrong%3E%20Idries%20Trevathan%3Cbr%3E%3Cstrong%3EPages%3A%3C%2Fstrong%3E%20240%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Hirmer%20Publishers%3Cbr%3E%3Cstrong%3EAvailable%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
DUBAI%20BLING%3A%20EPISODE%201
%3Cp%3E%3Cstrong%3ECreator%3A%20%3C%2Fstrong%3ENetflix%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EKris%20Fade%2C%20Ebraheem%20Al%20Samadi%2C%20Zeina%20Khoury%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
Aayan%E2%80%99s%20records
%3Cp%3E%3Cstrong%3EYoungest%20UAE%20men%E2%80%99s%20cricketer%3C%2Fstrong%3E%3Cbr%3EWhen%20he%20debuted%20against%20Bangladesh%20aged%2016%20years%20and%20314%20days%2C%20he%20became%20the%20youngest%20ever%20to%20play%20for%20the%20men%E2%80%99s%20senior%20team.%20He%20broke%20the%20record%20set%20by%20his%20World%20Cup%20squad-mate%2C%20Alishan%20Sharafu%2C%20of%2017%20years%20and%2044%20days.%3Cbr%3E%20%3Cbr%3E%3Cstrong%3EYoungest%20wicket-taker%3C%2Fstrong%3E%3Cbr%3EAfter%20taking%20the%20wicket%20of%20Bangladesh%E2%80%99s%20Litton%20Das%20on%20debut%20in%20Dubai%2C%20Aayan%20became%20the%20youngest%20male%20cricketer%20to%20take%20a%20wicket%20against%20a%20Full%20Member%20nation%20in%20a%20T20%20international.%3Cbr%3E%20%3Cbr%3E%3Cstrong%3EYoungest%20in%20T20%20World%20Cup%20history%3F%3C%2Fstrong%3E%3Cbr%3EAayan%20does%20not%20turn%2017%20until%20November%2015%20%E2%80%93%20which%20is%20two%20days%20after%20the%20T20%20World%20Cup%20final%20at%20the%20MCG.%20If%20he%20does%20play%20in%20the%20competition%2C%20he%20will%20be%20its%20youngest%20ever%20player.%20Pakistan%E2%80%99s%20Mohammed%20Amir%2C%20who%20was%2017%20years%20and%2055%20days%20when%20he%20played%20in%202009%2C%20currently%20holds%20the%20record.%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
