According to a study report released on Monday by Morgan Stanley (MS), the first half of the earnings season saw a shift in how businesses discussed artificial intelligence (AI), with 15% of organizations estimating the revenue or cost-benefit from deploying machine learning across a wide range of applications. The bank reports that 316 qualified enterprises cited AI, with 106 explicitly attributing essential business advancements to the application of AI or machine learning.
“29 quantified the revenue opportunity, 36 quantified a cost or productivity gain, 12 discussed customer service and in-housing as the lowest hanging fruit, 8 saw efficiency and in-housing of creative advertising, 82 other comments referred qualitatively to revenue or cost gains,” analysts led by Edward Stanley wrote.
The “lion’s share” of this activity occurred in the U.S., the note said. The three most significant trends among non-tech company earnings were “biopharma gains from AI applications from strain selection to regulatory filings; large-cap banks discussing costs savings and onboarding from autonomous and in-house customer service; legal use cases from summaries to drafting appeared across the spectrum of reporting companies,” the bank said.
The bank’s analysis included businesses with a market valuation of more than $10 billion that have been publishing results since July 1. Between 2025 and 2030, according to rival Wall Street behemoth Goldman Sachs (GS), the adoption of AI will probably have a significant impact on the American economy.