AI Appeared on 67% of S&P 500 Earnings Calls in Second Quarter
The 331 calls mentioning artificial intelligence exceeded five-year and 10-year averages, while companies citing AI posted stronger average gains through Sept. 17.
Artificial intelligence appeared on 331 of 493 S&P 500 earnings calls reviewed between June 15 and Sept. 14, highlighting how deeply the technology has entered corporate discussions and earnings expectations.
The 67% share was well above the five-year average of 178 calls mentioning AI and the 10-year average of 114. It also marked the third straight quarter in which AI appeared on more than 65% of S&P 500 earnings calls.
Information Technology recorded the highest share, with AI mentioned on 72 calls, or 97% of calls in the sector. Financials followed with 67 calls, representing 91% of the sector’s calls. Communication Services had the third-highest share, at 90%.
Companies whose calls mentioned AI posted an average share-price increase of 15.7% from Dec. 31, 2025, through Sept. 17, compared with 8.1% for companies whose calls did not mention it. The comparison measures average performance and does not show that AI references caused the gains.
AI investment also contributed substantially to S&P 500 earnings growth in 2026. Nearly half of the index’s earnings-per-share growth came from AI investment, while the largest U.S. hyperscalers were on track to spend $800 billion on capital expenditures during the year, a 94% increase from 2025.
That spending is benefiting semiconductor companies, technology hardware suppliers, industrial companies and utilities. Its contribution to S&P 500 earnings is expected to shift from a tailwind in 2026 to a marginal drag in 2028.
“Hyperscaler capex has consistently surprised relative to consensus estimates during the last few years, and the potential for additional surprises going forward creates a wide range of potential S&P 500 earnings outcomes,” said Ben Snider, chief U.S. equity strategist.
