The study found that leaders tended to overestimate their knowledge of AI, with 93% claiming a good understanding. Yet, 80% thought AI has been in business for less than five years, and only 7% knew it's mainstream for over a decade.
Only 3% admitted not grasping generative AI, though 65% couldn't describe it accurately. Consequently, 61% reported failed AI projects. Despite this, 85% allocate up to half of IT budgets to AI solutions.
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