Ever since ChatGPT arrived on the scene, nearly everyone has been obsessed—some terrified—by artificial intelligence (AI). Is all this excitement justified or is this just another shiny new object that investors will eventually discard? AI has already demonstrated that it can improve productivity, but is it also the ultimate disruptor that can threaten our very existence?
AI has been developing in various forms for years, but based on the current excitement about the field, one might think it is brand new. When ChatGPT surfaced early this year, conditions were perfect for saturation media coverage. Investors had already cycled through other “new things” such as cannabis, self-driving cars, cryptocurrency, meme stocks and the metaverse. I guess it was time for something new to focus on! Coverage and interest in AI increased exponentially in the investment community. As a measurable example, first quarter earnings conference calls this year logged in a huge count of the term “AI.” The second quarter’s count continues to grow. An analysis by Reuters revealed that over a third of S&P 500 companies mentioned AI in their earnings calls, compared to about a quarter in the first quarter. The terms “AI” or “artificial intelligence” were mentioned 827 times on 76 calls out of a total of 221 calls analyzed. This represents an average of 3.7 mentions per call, more than double the previous quarter. Why is the trend increasing?
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