In this paper, based on the sample of the listed company of AI concept stocks from 2015 to 2017 as the panel data, research shows that R & D capital investment is negatively correlated with the profitability of the AI enterprise, and there is a lag effect. And R & D personnel inputs have nothing to do with profitability. AI listed companies have the problem of “investing more and output less” and limiting role of technical personnel. In this case, It’s necessary for AI enterprise to strengthen their core technical capacity, allocate resources reasonably and play a long-term role in promoting profitability through R & D.