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Artificial intelligence has taken the financial markets by storm, playing a large part in rocketing the SPDR S&P 500 ETF Trust (NYSE:SPY) to a banner year in 2024. New data revealed companies now embracing AI are not limited to the usual suspects.
The Data: A post on X used data from Goldman Sachs showed trends in artificial intelligence.
Why it Matters: It had previously been reported that artificial intelligence was being name-checked the most by tech giants such as NVIDIA Corp (NASDAQ:NVDA), Microsoft Corp (NASDAQ:MSFT) and Alphabet Inc (NASDAQ:GOOGL) (NASDAQ:GOOG). All of these companies have performed remarkably well in recent months.
While this holds, the data revealed an increasing number of tech-adjacent companies are embracing AI in earnings calls, as AI-focused S&P components comprise a smaller part of the overall index.
For example, Walmart Inc (NYSE:WMT) mentioned the eventual proliferation of a generative AI-driven search assistant on the retailer’s website. Energy company Baker Hughes Co (NASDAQ:BKR) touted its AI partnership with C3.ai Inc (NYSE:AI). Professional services company Accenture Plc’s (NYSE:ACN) latest earnings call repeatedly emphasized the importance of the evolution of AI within the company’s business model.
The increasing mentions revealed AI tailwinds will soon impact a variety of industries not limited to tech.
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