CEOs Extol Benefits of AI on Earnings Calls But Not in Official Filings

S&P 500 groups from a burrito maker to a cruise-ship operator tout promise of emerging technology. From a report: The rapid rise of artificial intelligence has sparked excitement in industries from fast food to theme parks, with executives rushing to show how they will be among beneficiaries of the new technology. Analysis of their regulatory filings, however, suggests much of the talk is only talk. Almost 40 per cent of companies in the blue-chip S&P 500 index have mentioned AI or related terms in earnings calls in the latest financial quarter, according to data from Alphasense. Less than one in six -- 16 per cent -- mentioned it in their corresponding regulatory filings, highlighting how AI has yet to make a material impact for the vast majority of companies. "The joke out there was that all you had to do last quarter was say 'AI' and your stock would pop immediately," said Bryant VanCronkhite, a senior portfolio manager at Allspring Global Investments, the $550bn asset manager. "Some companies are saying they're doing AI when they're really just trying to figure out the basics of automation. The pretenders will be shown up for that at some point," he said.

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