Sam Altman, CEO of OpenAI, acknowledged a growing frustration among business leaders: despite massive investments in artificial intelligence, companies are struggling to see tangible returns on their spending. Speaking at Commonwealth Bank's Accelerate AI event, Altman revealed that the most common concern he hears from executives is a troubling disconnect between rising AI costs and stagnant revenue growth.

What Question Do CEOs Ask Sam Altman Most?

The question haunting corporate boardrooms is deceptively simple: "Our spending is going up and up, people feel like they're being very productive, but where is the revenue? Where are the actual productivity gains?". Altman's candid response acknowledged the tension at the heart of the AI boom. He conceded that he expected artificial intelligence to be delivering far greater economic benefits at this stage of technological maturity than it currently is.

This admission carries weight because it comes from the leader of one of the world's most valuable AI companies. OpenAI was last valued at $852 billion, and the company is reportedly preparing for an initial public offering later in 2026. Yet even Altman cannot ignore the productivity paradox that threatens to undermine investor confidence.

The data backing up CEO concerns is sobering. A National Bureau of Economic Research survey of 6,000 executives across the United States, United Kingdom, Australia, and Germany found that 90 percent reported no impact on productivity from their AI use. Goldman Sachs research from February reinforced this finding, stating that economists "still do not find a meaningful relationship between productivity and AI adoption at the economy-wide level".

United States, United Kingdom, Australia, and Germany found that 90 percent

Why Is the Productivity Gap So Persistent?

Altman offered a measured explanation: the technology is simply too new, and companies need more time to figure out how to restructure operations around these powerful new tools. "It's all still very new, and it's just gonna take a little bit longer to figure out how a company actually does run more efficiently as we make these great new products," he said. However, he added a note of caution: if companies are still asking the same question a year from now, he would become genuinely concerned.

Altman

The gap between hype and reality has created a credibility challenge for AI evangelists. Billions of dollars have flowed into semiconductors, data centers, and foundation model makers like OpenAI and Anthropic, fueling a stock market boom. Yet the promised productivity revolution remains elusive, giving ammunition to technology skeptics who question whether the AI boom is built on sustainable foundations.

How Can Companies Prepare for AI's Workforce Impact?

While productivity gains remain uncertain, one thing is clear: AI will reshape how companies operate and who they employ. Business leaders must take concrete steps to help their workforce navigate this transition.

• Transparent Communication: Acknowledge that job losses are likely inevitable as AI automates certain tasks, but avoid false reassurance about employment stability. Commonwealth Bank CEO Matt Comyn emphasized that "an employer of our scale has a responsibility to avoid false reassurance and give people the best possible chance to adapt".
• Skill Development Programs: Invest in training employees to work alongside AI systems and take on more complex work. Comyn noted that "some career paths will steepen as people use AI to take on more complex work sooner," creating opportunities for those who adapt.
• Proactive Workforce Planning: Don't delay in building the skills of your workforce. Waiting too long to help employees transition could result in losing talent and missing the chance to build a stronger organization.

"At CBA, as in many large organisations, some work will be done by smaller teams. At the same time, some career paths will steepen as people use AI to take on more complex work sooner. This will create opportunities for many people, but it will be demanding for everyone," said Matt Comyn.

Matt Comyn, Chief Executive Officer at Commonwealth Bank of Australia

Commonwealth Bank, Australia's largest lender with more than 50,000 employees, is rolling out new AI-backed services to retail and business customers in the coming months. The bank learned this lesson the hard way: last year, it was forced to backtrack on a plan to dismiss around 45 customer service roles due to new AI technology following pressure from the country's main financial services union.

Comyn stressed that "change will not be painless, so it must be handled with care". This acknowledgment reflects a broader shift in how corporate leaders are approaching AI adoption, moving away from pure cost-cutting narratives toward more nuanced conversations about workforce transformation.

Comyn

What Does Australia's AI Future Look Like?

Beyond the productivity question, Altman used his appearance at the Commonwealth Bank event to promote Australia as a potential global hub for AI infrastructure. He argued that Australia possesses unique advantages for becoming a data center capital, citing the country's abundant clean energy resources and natural advantages.

"Australia has among the best natural resources and abundant clean energy stories in the world, and if Australia wanted to become a data centre capital of the world it would certainly be able to," Altman stated. He added that demand for "sufficiently high quality and sufficiently low cost intelligence is effectively uncapped," positioning AI infrastructure as potentially one of the world's most important markets.

OpenAI is already backing this vision with concrete investment. The company will be the central tenant of NextDC's $7 billion Sydney data center, which once completed will be the largest in the southern hemisphere. Last July, OpenAI released a Blueprint for Australia outlining policy recommendations for how the country could capitalize on the AI wave, including tax incentives for businesses adopting AI and modernized copyright law to accelerate AI development.

Altman's candid admission about AI's current economic shortcomings, paired with his bullish long-term vision, captures the paradox of the moment. The technology is undeniably powerful and transformative, yet its practical benefits remain frustratingly out of reach for most organizations. As companies grapple with rising costs and stagnant returns, the pressure will intensify on AI leaders to deliver on the productivity promises that have justified the massive investments of the past two years.