Peter Smith
Artificial intelligence has officially taken center stage on Wall Street. A newly published chart tracking "AI" mentions in S&P 500 earnings calls shows a historic surge, revealing how deeply companies are embedding AI into their strategies. The momentum now eclipses every previous wave of tech hype.
S&P 500 Earnings Calls Hit New Record for AI References
According to market analyst The Kobeissi Letter, S&P 500 companies mentioned "AI" over 10,000 times in the latest earnings season—an all-time high.
The rolling three-month total now sits well above the previous ~9,000 peak from mid-2024, showing the trend is accelerating. This contrasts dramatically with early 2023, when "AI" appeared just around 1,000 times in the same period. In less than two years, mentions have increased more than tenfold.
Corporate Adoption of AI Is Expanding at Record Speed
Over 60% of S&P 500 companies now mention AI during earnings calls—double the share from Q4 2022. Megacap tech companies are pouring billions into AI infrastructure, while non-tech industries like banks, healthcare, and manufacturers now treat AI as a strategic priority. Executives increasingly use AI narratives to justify capital expenditure and long-term forecasts. The chart shows this shift visually: after years of flat activity, the bars surge vertically starting in 2023.
Why Mentions Are So High Now
Several forces are driving this surge. The rapid commercialization of advanced AI models like GPT-4, Gemini, and Claude 3 has pushed companies to rethink their strategies. There's an AI infrastructure boom underway, with semiconductor giants like Nvidia and AMD sparking a global race for compute power. Investor expectations have shifted—AI commentary increasingly influences stock performance, and companies without an AI strategy risk being seen as lagging. Additionally, businesses now frame AI as essential for reducing costs and improving productivity.
Chart Analysis: What the Data Shows
The chart, based on Bloomberg and Strategas data, tracks a rolling three-month total of AI mentions across S&P 500 transcripts. It shows a near-vertical acceleration starting in early 2023, with recurring peaks that keep getting higher. The new all-time high above 10,000 mentions dwarfs any prior period over the past decade.
Peter Smith
