Artificial intelligence has taken the financial markets by storm, playing a large part in rocketing the SPDR S&P 500 ETF Trust (NYSE:SPY) to a banner year in 2024. New data revealed companies now embracing AI are not limited to the usual suspects.
The Data: A post on X used data from Goldman Sachs showed trends in artificial intelligence.
AI is changing the investing landscape:
— The Kobeissi Letter (@KobeissiLetter) June 10, 2024
A record 41% of S&P 500 companies mentioned "AI" during Q1 2024 earnings calls.
In other words, 205 companies from the index mentioned "AI" during this earnings season, up from 180 and 155 in Q4 and Q3 2023.
In just 2 years, the number... pic.twitter.com/zZyQ5oFv5t
Why it Matters: It had previously been reported that artificial intelligence was being name-checked the most by tech giants such as NVIDIA Corp (NASDAQ:NVDA), Microsoft Corp (NASDAQ:MSFT) and Alphabet Inc (NASDAQ:GOOGL) (NASDAQ:GOOG). All of these companies have performed remarkably well in recent months.
While this holds, the data revealed an increasing number of tech-adjacent companies are embracing AI in earnings calls, as AI-focused S&P components comprise a smaller part of the overall index.
For example, Walmart Inc (NYSE:WMT) mentioned the eventual proliferation of a generative AI-driven search assistant on the retailer's website. Energy company Baker Hughes Co (NASDAQ:BKR) touted its AI partnership with C3.ai Inc (NYSE:AI). Professional services company Accenture Plc's (NYSE:ACN) latest earnings call repeatedly emphasized the importance of the evolution of AI within the company's business model.
The increasing mentions revealed AI tailwinds will soon impact a variety of industries not limited to tech.
Also Read: Ahead Of WWDC, Apple Analyst Foresees AI Integration Boosting Stock Value by $30-$40 Per Share: 'New AI Era For Cupertino Begins'
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