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Purpose Most recent C-suite surveying suggests current applications of generative AI, although hyped, are fragmented and unlikely to yield major financial returns anticipated. Instead, business leaders expect major value from generative AI will be achieved through application of generative AI to innovation: operational innovation, product and service innovation, and most elusive of all, business model innovation. Design/methodology/approach Findings and analysis presented draws on data from several surveys of C-level executives conducted by IBM Institute for Business Value in collaboration with Oxford Economics during 2023. Each survey focused on the potential of generative AI in a particular business area. The n-count of each survey ranged from 100-3000. Findings 1. Business leaders expect generative AI to build on returns achieved from investments in traditional AI, with 10 percent RoI expected on generative AI investments by 2025. 2. Executives anticipate that generative AI will have most impact when implemented to expand innovation. 3. Specific examples provided for operational innovation, product innovation, and business model innovation Research limitations/implications We are still very early in the generative AI development cycle. We have made best efforts to project, but only time will tell for sure. Practical implications Business application of generative AI are extremely fragmented. Despite the desire to throw investments at the wall to see what sticks, it is important that leaders take a structured approach to generative AI, focusing on RoI from innovation investments. Social implications To alleviate negative impacts of generative AI, focusing on innovation potential and value maximization is crucial. Originality/value This research is based on completely new surveying and data. This papers adds to the sum total of new knowledge in the generative AI domain.