"FactSet examined conference call transcripts for all S&P 500 companies that held earnings calls from September 15 through December 4 and found that the term "AI" was cited on 306 calls. This is the highest number of S&P 500 earnings calls on which "AI" has been cited over the past 10 years; the previous record was 292 in Q2 2025, according to John Butters, VP and senior earnings analyst at FactSet."
"At the sector level, information technology (95%) and communication services (95%) sectors have the highest percentages of earnings calls citing "AI" for Q3. In addition, S&P 500 companies that cited "AI" on their Q3 earnings calls have seen a higher average price increase than those that did not-since Dec. 31, 2024 (13.9% vs. 5.7%), June 30, 2025 (8.1% vs. 3.9%), and Sept. 30, 2025 (1.0% vs. 0.3%)."
"He found that, similar to the pattern seen with "tariff" citations, mentions of "uncertainty" spiked in Q1 2025 but declined significantly over the following two quarters. In Q1 2025, there were 415 mentions of "uncertainty," compared to 282 in Q2 and 201 in Q3. Following President Donald Trump's " Liberation Day" earlier this year, significant uncertainty emerged around the new administration's economic and geopolitical agenda, Yuval Atsmon, CFO at McKinsey, recently told me."
FactSet data show "AI" was cited on 306 S&P 500 earnings calls between September 15 and December 4, the highest in ten years and well above five- and ten-year averages. Information technology and communication services led with 95% of calls citing AI in Q3. S&P 500 companies mentioning AI on Q3 calls posted higher average stock price gains versus those that did not across multiple date benchmarks in 2024–2025. Mentions of "uncertainty" peaked in Q1 2025 with 415 mentions, then declined to 282 in Q2 and 201 in Q3. Significant political events increased economic and geopolitical uncertainty for some executives.
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