Earnings calls seem to have transformed into artificial intelligence (AI ) pep rallies. If you're not tossing around phrases like "leverage artificial intelligence," are you even a CEO? But, it turns out that AI adoption is taking longer than predicted.
Name Dropping
Analysis by NBC News has unveiled that around 50% of S&P 500 earnings calls since May have given a nod to artificial intelligence (AI). That puts it shoulder-to-shoulder with hot topics like interest rates and the Federal Reserve. It's the talk of the town, but is anyone actually walking the walk?
Saying vs. Doing
Boasting about your AI-related plans is way trendier than actually doing anything. But thankfully for CEOs late to the party, here's a revelation: falling behind on the hype doesn't necessarily mean trailing in terms of true integration.
A recent US Census Bureau survey spilled the beans, revealing that a mere 3.8% of businesses are actively using AI for their goods or services. Some industries, like the "information" sector, are lapping others with 13.8% usage, while construction and hospitality are still grappling at 1.2% respectively.
The ideas are out there, they're just not being used:
Much Ado About Nothing
All this suggests that the doom mongers who were predicting the end of the world when Sam Altman went through his in-out-in-out, will he, won’t he affair at OpenAI might just have jumped the gun.
Sure, there are valid concerns about AI. From how it generates content to the control it could one day hold over our lives, but that day is not now. There seems to be time before businesses truly expose us to it in any meaningful manner.
A Slow Ride into the Future
The slow rate of adoption isn't shifting gears anytime soon. A year after ChatGPT's grand entrance, enterprise tools are still a rare breed. Execs are tangled in deciphering the hidden costs, and snatching up talent? Good luck.
The EU just threw a regulatory wrench with the AI Act, imposing hurdles on water and energy industries. But here's the silver lining for CEOs – even if you're just mulling over the hurdles, you're ticking that box.
