Despite all the hype and billions pouring into AI, less than half of the S&P 500 companies actually mentioned it in their Q2 2024 earnings reports.
AI will transform the S&P 500
According to data released this month by FactSet, 42 percent of S&P 500 companies (210) mentioned AI in second-quarter earnings calls conducted between June 15 and September 13. FactSet noted that's well above the five- and 10-year averages for mentions of the technology, and only a single company mention failed to break the record in the first quarter of 2024.
Breaking it down by sector, the tech industry was naturally at the forefront of talking about AI — 91 percent of S&P 500 companies in that space referenced it last quarter. The financial, industrial and healthcare sectors followed closely behind.
With mentions of AI only dropping by a single company in the second quarter, it's safe to say the pace at which it's been discussed in earnings reports in the first half of 2024 is continuing – but it's not a good sign when the hype seems to indicate that growth is explosive.
