Artificial intelligence is a new buzzword for tech companies — as well as stock investors looking for companies seeing growth from the latest trend. Here’s a look at how much artificial intelligence is being name-checked by top tech execs this earnings season.
What Happened: Thanks to surging interest in ChatGPT and other artificial intelligence-themed tools helping provide answers to users, companies have been aggressive with advancing their own AI technology or utilizing ChatGPT.
An additional investment in ChatGPT parent company OpenAI by Microsoft Corporation MSFT may have accelerated this trend.
Nvidia Corporation NVDA reported quarterly earnings results Wednesday, and ChatGPT and artificial intelligence were among the top themes discussed by executives.
Nvidia beat the Street's earnings per share and revenue estimates and also provided guidance that came in ahead of expectations.
“We are set to help customers take advantage of breakthroughs in generative AI and large language models. Our new AI supercomputer, with H100 and its Transformer Engine and Quantum-2 networking fabric, is in full production,” Nvidia CEO Jensen Huang said.
On Nvidia’s earnings call, artificial intelligence asw one of the most-used word phrases by Huang and other execs.
“The world now realizes that maybe human language is a perfectly good computer programming language, and that we’ve democratized computer programming for everyone,” Huang said.
The Nvidia CEO called ChatGPT a “wonderful piece of work” and said it had the “surprising capability” to do tasks and skills. Huang is positioning Nvidia to be a leader in the AI space and said so in his commentary.
“We are set to help customers take advantage of breakthroughs in generative AI and large language models.”
Nvidia said it is partnering with cloud service providers with its new AI supercomputer to offer AI-as-a-service.
Related Link: Stocks With AI In The Name Are Soaring, Could It Be The Next Crypto, Cannabis Stock Naming Craze
Why It’s Important: A user on Twitter shared just how many times Nvidia mentioned artificial intelligence on its most recent earnings call and how it stacks up with other technology giants, including Microsoft, which is heavily invested in ChatGPT.
Here’s how many times AI was mentioned, according to StockMKTNewz:
- Nvidia: 75 times
- Alphabet Inc GOOG GOOGL: 62 times
- Meta Platforms META: 33 times
- Microsoft: 31 times
- Apple Inc AAPL: two times
- Amazon.com Inc AMZN: zero
The data came from Twitter account The Transcript and added the Nvidia results. The Transcript has also tracked how often AI has been mentioned by Nvidia over time.
Q4 2023: 75
Q3 2023: 42
Q4 2022: 52
The results show that AI mentions are up significantly from the third quarter and from a year ago. The Transcript also noted the metaverse/omniverse was mentioned six times on the most recent earnings call compared to 13 times in the third quarter and 25 in the year ago period.
With the exception of Alphabet, which is hoping to utilize AI more in its search results, Nvidia said AI more than double the amount of times that Meta Platforms and Microsoft did on their earnings calls.
Apple and Amazon, two technology giants that could benefit from utilizing AI, chose not to discuss the term or concept heavily on their earnings calls.
Stocks associated with artificial intelligence have seen strong interest from traders.
C3.ai Inc AI, an enterprise artificial intelligence firm, has seen shares soar over 100% year-to-date in 2023. The company has the ticker AI and also has AI in its name, making its focus on artificial intelligence immediately recognizable to investors. The company isn’t hopping on a trend, though — it has been utilizing artificial intelligence since its founding in 2009.
SoundHound AI SOUN offers a voice artificial intelligence platform and has seen shares soar over 150% year-to-date in 2023.
Companies like BuzzFeed Inc BZFD have also seen shares pop on announcements they are utilizing artificial intelligence for business practices.
Read Next: Trading Strategies For Nvidia Before And After Q4 Earnings
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