In the second quarter of this year, companies within the S&P 500 ramped up their discussion of artificial intelligence (AI) during quarterly conference calls with analysts. The topic of AI has dominated these calls even more than in the previous quarter, indicating a growing focus on the potential of this technology.
Intel, one of the leading tech giants, saw a significant increase in AI mentions during its recent conference call. Executives and analysts mentioned AI a staggering 58 times, compared to just 15 times during the previous call in April. Despite facing challenges in the AI computing components market and experiencing a 15% decline in sales for its data center and AI business in Q2, Intel is now intensifying its efforts to catch up with competitors like Nvidia. The surge of 6.6% in Intel’s shares on Friday following the earnings report was driven by optimism about a recovery in weak demand for personal computers.
Other major tech players also demonstrated a growing interest in AI during their conference calls. Alphabet, Google’s parent company, mentioned AI 62 times, up from 52 times three months ago, while Microsoft discussed AI 58 times, a notable increase from 35 times in their previous call.
The surge in AI discussions is indicative of Wall Street’s overwhelming optimism about the potential of generative AI and related technologies to drive innovation and increase efficiency across various industries. As a result, the Nasdaq saw a substantial 37% surge this year, and the S&P 500 gained 20%.
According to a TechGenez analysis, over a third of S&P 500, corporations mentioned AI at least once on their recent conference calls, a significant increase from the first quarter. In total, the terms “AI” or “artificial intelligence” were mentioned 827 times on 76 calls out of a total of 221 calls held in recent weeks, equating to an average of 3.7 mentions per call, more than double the previous quarter’s average of 1.8 mentions per call.
Although technology companies were the main drivers of AI discussions during this quarter, businesses not traditionally associated with technology have also heavily talked about AI. Moody’s Corp and S&P Global Inc, both financial companies, mentioned AI 58 times collectively during their recent conference calls. This represents a considerable leap from the previous quarter when AI was mentioned only three times on Moody’s call and 10 times on S&P Global’s call.
Several other companies have embraced AI in their operations, with insurer Travelers Companies utilizing the technology in underwriting and claim handling, marketing firm Omnicom Group leveraging it for marketing purposes, and consumer credit score company Equifax employing AI in their processes. Datacenter investor Digital Realty Trust also embraced AI, integrating it into its operations to enhance efficiency.
The increase in AI discussions demonstrates the growing recognition of AI’s potential across various sectors, indicating that businesses are actively exploring AI applications to improve their services and operations. As companies continue to invest in AI technologies, it is expected to have a positive impact on their performance and contribute to the overall growth of the tech industry in the coming quarters.