Hot Trend: S&P 500 Companies Obsessed with Artificial Intelligence!
Artificial intelligence has taken the business world by storm, and the S&P 500 companies are jumping on the bandwagon! The latest trend in their earnings conference calls is mentioning the hot topic of AI. But just how many companies are talking about it? Brace yourself for this shocking revelation!
FactSet Document Search, the ultimate tool for tracking down information, did some digging to find out how many S&P 500 companies mentioned “AI” during their earnings calls for the second quarter. And the results? Mind-blowing!
A whopping 177 companies cited the term “AI” during their earnings calls in Q2. Hold on to your seats because this is way above the average! The 5-year average is a mere 60 mentions, and the 10-year average is only 37. Talk about a shift in focus!
In fact, this is the HIGHEST number of S&P 500 companies talking about AI since at least 2010. Beat that! The previous record, set in Q1 2023, was a still impressive 117 mentions. But now we’re skyrocketing with a 50% increase quarter-over-quarter.
But wait, there’s more! The Information Technology sector is leading the charge, with a whopping 56 companies jumping on the AI bandwagon. That’s an impressive 88% of the S&P 500 companies in the sector. The tech world knows where it’s at.
And get this: companies that mention “AI” during their Q2 earnings calls are seeing some serious stock price performance. Comparing them to those companies that don’t mention AI, the difference is staggering.
On average, the AI enthusiasts have seen a change in stock price of -0.8% since June 30, while the non-believers have dropped by -2.3%. And since December 31, the AI mentioners have seen a rise of 13.3%, while the non-mentioners have crawled up by a mere 1.5%. That’s some powerful evidence!
It’s clear that the S&P 500 companies are embracing the AI revolution and reaping the rewards. Even without the big players like Alphabet, Amazon, Apple, Meta Platforms, Microsoft, NVIDIA, and Tesla, those who mention AI are coming out on top.
What do you think? Are AI-obsessed companies onto something big, or is it all just a passing fad? Leave a comment below and let us know your thoughts!
Disclaimer: The views and opinions expressed in this article are solely those of the author and do not necessarily reflect the official policy or position of FactSet. Always do your own research and consult with a professional before making any investment decisions. Remember, investing in AI may be exciting, but it also comes with risks. Don’t put all your chips on the AI table!
IntelliPrompt curated this article: Read the full story at the original source by clicking here