Capgemini stock highlights rising AI costs and multi-model plans

Capgemini has put the economics of artificial intelligence at the center of a new research release. The Capgemini Research Institute said on Thursday, November 12, that AI costs are a concern for 53% of executives surveyed, while companies are increasingly considering several models for different business tasks.

The findings come from a September 2026 survey of 500 senior executives at organizations with annual revenue above USD 1 billion. The survey covered 10 countries and 13 industries, including technology finance, AI strategy and value realization functions. Capgemini published the results in a new snapshot report on AI economics.

Unexpected Spending Raises Pressure

According to Capgemini, 59% of respondents said their organization's AI-related expenditure had been significantly higher than expected or budgeted during the previous 12 months. Among organizations affected by overspending, expenditure was 24% above expectations or budget on average. One in five, or 21%, exceeded its AI budget by more than 30%.

Only 56% of executives said they were fully confident in forecasting how AI costs would change as adoption expands. Half said AI spending was approved without adequate visibility into the full cost, including human oversight, rework and governance. Two thirds of organizations that exceeded their AI budgets reported negative financial consequences such as lower free cash flow or reduced discretionary spending.

Multi-Model Plans Gain Ground

The research points to a shift in how companies plan their AI estates. More than three in five executives expect their organizations to adopt a multi-model strategy within the next 12 months. They cited cost, capability, latency, risk and other business requirements as factors for selecting models dynamically.

More than half of organizations affected by unexpected spending increased expenditure controls, either by tightening budgets, introducing company-wide controls or reducing the scale of an initiative. Only one in five changed tools or processes, including the choice between AI-led and human-led activities or the model configuration.

AI Yield Targets Business Value

Capgemini is also advocating AI Yield, a metric that measures the verified value of an AI-assisted outcome after accounting for the full cost of delivering it safely. Only one in five organizations currently calculates the metric. Although two thirds of executives said they were confident they could verify business value, most organizations cannot directly match AI spending with successful outcomes.

Demonstrating enough value to secure approval and funding was the biggest obstacle for 57% of respondents. Productivity and released capacity were the most frequently cited benefits, followed by operating-cost reductions and faster processes. Less than a third, or 32%, cited revenue growth from new products, services or business models.

Capgemini's research suggests that investors will need to watch not only AI adoption, but also whether clients can convert spending into measurable operating benefits. For Capgemini, the report supports its positioning around AI transformation and governance, while the findings also highlight the execution challenge of proving economic returns.

Capgemini stock traded at 124.88 euros on Lang & Schwarz at 10:35 CET on Thursday, November 12, 2026.

Investors are also monitoring the broader French equity market through the CAC 40 market environment.

For further coverage, see More news and analyses on Capgemini stock.