6 in 10 Singaporean CEOs amp up GenAI investment for competitive edge

To fund the investment, some are reallocating capital from other projects.

CEOs in Singapore are betting big on generative AI (GenAI), with six in 10 saying they are accelerating investments in the technology to maintain competitive advantage.

Some CEOs (66%), however, are finding it challenging to amp up their investments due to the uncertainty around GenAI.

A third of CEOs say the rapid pace of GenAI progress is the biggest challenge to making capital allocation decisions on GenAI initiatives.

At least two-thirds (73%) also believe a surge in companies claiming to have AI expertise complicates decisions about identifying and implementing credible ecosystem partnerships and acquisition targets.

Despite uncertainties, most CEOs in Singapore (95%) still plan or make significant investments in GenAI, EY reported.

The majority (93%) of CEOs in Singapore have either completed or are in the process of hiring new talent with relevant GenAI skill sets. Many are also establishing pilots and partnerships with multiple companies.

To fund investments in GenAI, firms plan to reallocate capital from other investment projects or technology budgets (73%)  and raise new capital (13%).