Artul.ai · earnings-call labresearch no. 1
22,240 earnings calls · twelve months later, versus the S&P 500
Companies that suddenly started saying “AI” trailed the index by
0.0%mean return vs the S&P 500, next 12 months · n = 125
Sudden AI is a tell. Here is how we know: we counted the word on 174,989 calls.
Median stock, twelve months later, versus the S&P 500 · by how often management said “AI”
Even the loudest AI talkers lost to the index.
In no bucket did the typical stock keep up. Not one.
The loudest call on record · C3.ai, September 2023 · 8,077 management words
One company said “AI” once every 39 words.
0mentions of “AI” on a single call
Share of earnings calls that said “AI” at least once
From 3 calls in 100 to more than half.
Share of stocks that beat the S&P 500 over twelve months · 22,240 calls, 2023–2024
Say it more, beat the index more often.
Odds improve. Still worse than a coin flip.
Every call, counted
The full study, with the charts and the method.
artul.ai/research/everybody-says-ai-now
Your company's count, next to 29 other markers, updates after every call at artul.ai/lab