Artificial Intelligence (AI) continues to dominate the discussions during quarterly earnings calls of tech giants. A Financial Times report shows that mentions of AI and related phrases have increased for ‘Magnificent 7’ companies, excluding Nvidia.
While AI remains the key focus area, layoffs on the back of the emerging sector also continue. Meanwhile, some administrations have started to integrate the sector more deeply into the economies.
AI discussions continue to grow YoY
Data by AlphaSense reveal a year-over-year (YoY) rise in mention of AI across major tech companies between 2020 to 2024. Microsoft, Tesla, Meta, Apple, Amazon, and Alphabet have all seen a multi-fold increase in the use of AI and related phrases.
Big tech is still betting on AI:
The number of mentions of "AI" during Q2 2024 earnings calls of the Magnificent 7 companies excluding Nvidia, $NVDA, reached 271, the third highest on record.
The largest number was recorded in Q1 2024, when "AI" was referenced 292 times,… pic.twitter.com/7rnbhHPWAi
— The Kobeissi Letter (@KobeissiLetter) August 6, 2024
In 2020, AI use was minimal, with Alphabet noting only 6 instances. By 2021, the figure had increased to 8. The trend continued in 2022 and 2023. By 2024, the total number of cases of AI-related discussions have reached new heights of 292.
The report comes as Microsoft, Alphabet, Amazon, and Meta all increased their spending in H1 2024, according to the Financial Times. The investments have now touched $106 billion cumulatively despite stock market jitters.
AI has also become more ingrained in both the administrative and economic structures. TechCrunch recently reported that Reddit will use AI-generated summaries at the top of search results after its earnings call on Tuesday. Reddit co-founder and CEO Steve Huffman confirmed plans to test AI-powered search results.
AI’s influence is also reshaping the employment market. Cryptopolitan recently reported that US-based computer company Dell laid off 12,500 employees in its latest round after eliminating 13,000 jobs in the last two rounds.
UK commits £32 million investment in AI
The UK government is also reportedly looking to invest in AI, injecting £32 million into its essential use. In an announcement made on August 7, the Department for Science, Innovation, and Technology, UK Research and Innovation revealed that AI projects are being targeted to reduce train delays, speed up NHS prescriptions, and train construction workers.
The government said that around 100 early projects have received financial backing for AI innovation. Minister for Digital Government and AI, Feryal Clark, underlined that AI will deliver real change for working people across the UK, growing the economy and improving public services.
AI continues to have a profound impact on investments and digital economies. Meanwhile, the emerging sector seems to have integrated itself into various aspects of business and public life.
