A FactSet analysis of 493 S&P 500 earnings calls between June 15 and September 14, 2026, reveals that 331 companies mentioned artificial intelligence. This represents 67% of the index, marking the third consecutive quarter where mentions exceeded the 65% threshold.
The current figure of 331 mentions significantly surpasses historical norms, nearly doubling the five-year average of 178 and tripling the ten-year average of 114. However, the count shows a slight decline from the 337 mentions recorded in the first quarter of 2026.
Sector-specific data shows that 97% of Information Technology companies, 91% of Financials, and 90% of Communication Services firms discussed AI during their calls. These sectors lead the market in the frequency of AI-related discourse.
There is a notable disparity in stock performance. Companies that mentioned AI saw an average price increase of 15.7% between December 31, 2025, and September 17, 2026, while those that did not mention the technology achieved an average gain of 8.1%.
Goldman Sachs estimates that AI investments accounted for nearly half of the earnings-per-share growth for S&P 500 companies in 2026. This indicates that the index's performance is increasingly tied to a single technological theme.
