Background: The rise of AI in the context of the fourth industrial revolution has captured the public’s attention. Given the potential for transformative change in business at an unprecedented scale and pace, it is imperative for stakeholders to ensure that technological advancements bring benefits to humanity and address societal challenges. With the potential to create value, as well as to destroy value, the implications of AI are substantial. Despite growing scholarly interest, there re- mains a lack of research on how AI can utilised to create shared value. 

Purpose: This study explores the utilisation of AI by firms to create shared value. Specifically, it examines the underlying dynamics involved in striving to create shared value whilst utilising AI. In doing so, the study enhances the comprehension of how firms can employ this technology to create shared value, both theoretically and in practice. 

Method: This study is conducted from a relativist ontology and social constructionism epistemology as philosophical standpoint. The study has adopted an inductive approach to generating theory through qualitative research. Data was collected through qualitative interviews with 12 business leaders and managers from practice. The gathered data has been analysed using thematic analysis. 

Conclusion: The study indicates that companies must be driven to go beyond simply creating economic value and instead focus on creating shared value. This motivation can arise from either intrinsic- or extrinsic sources. Additionally, companies striving to create shared value must overcome barriers and exploit catalyst to extract value from utilising AI. Moreover, the potential to destroy value with AI through risks and consequences must be mitigated through a combination of self-regulation and external regulation to maximise value creation and minimise value destruction as a result of utilising AI, pointing at a shared responsibility for individuals, firms, and regulators.