Q2 earnings calls highlight immense cross-industry appetite for AI

July 31, 2023

Earnings call

An examination of Q2 company earnings calls reveals AI’s rising role in business activities across multiple sectors and industries. 

Earnings calls drew attention to AI’s rising ubiquity, as many of the companies placing AI at the heart of their discussions were traditionally non-tech businesses, underlining the broad influence of AI across multiple industries. 

According to an analysis by Reuters, Q2 earnings calls by S&P 500 companies saw mentions of “AI” rise significantly.

Intel is one such company that has ramped up discussions surrounding AI. In its recent earnings call, AI was mentioned 58 times, substantially increasing from just 15 mentions in April. 

Intel has massively lagged behind Nvidia in chip manufacturing, with a drop of 15% in its data center and AI business in Q2. However, increased mentions of AI are partly why its post-call stock rose by 6.6%. 

Conversations revolving around AI were evident in Alphabet’s recent analyst call, where AI was mentioned 62 times, an increase from 52 times during their last quarter’s call. Microsoft was the same, with 58 mentions vs 35 times prior. 

This coincides with the recent Markets Live Pulse survey that indicated some 75% of investors remain optimistic about AI, and just 10% believe it’s a bubble liable to bursting soon. 

More organizations discuss AI in the earnings calls

According to the Reuters analysis, approximately 1/3 of S&P 500 corporations reported AI mentions at least once during their recent earnings calls with analysts. 

This represents a significant uptick from Q1 when only about 1/4 of companies mentioned AI somehow.

It doesn’t stop there – the terms “AI” or “artificial intelligence” were used 827 times across 76 out of 221 calls held, resulting in an average of 3.7 mentions per call, more than double the rate of 1.8 mentions per call in the last quarter.

Organizations mentioning AI were highly diverse, from healthcare and biotech to insurance, law, and finance.

Businesses don’t want to miss the boat, even despite the potential impact of forthcoming regulations, which could become somewhat of a speed buffer on AI’s tremendous acceleration.

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Sam Jeans

Sam is a science and technology writer who has worked in various AI startups. When he’s not writing, he can be found reading medical journals or digging through boxes of vinyl records.


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