AI has the potential to transform industries. Companies are pouring billions into research and development, and AI stocks have added trillions in value to the U.S. stock market.

However, a recent interview with Goldman Sachs analysts suggests that stock prices in the AI sector may be overinflated. Some estimates suggest that fewer than 50 percent of companies are using AI in any meaningful way.

We’re not suggesting that AI is a bubble–only that the threat exists that it could be. We’ve heard this hype before, as technologies like virtual and augmented reality have fizzled.

 This raises the question: Is AI adoption as slow as it seems? And if so, why?