AI in Earnings Calls: How the Largest Companies Are Talking About Generative AI

What the largest companies talk about most when discussing AI

Here’s how the largest technology companies talked about AI in earnings calls from the quarter ending in December 2023 through the end of 2024. This is the percentage of AI mentions each company spent on various categories of AI topics:

A few data points stand out.

Apple leads in product mentions by share of all its AI discussions, but the company has fewer AI products than the other technology firms analyzed. Apple’s AI product discussions centered mostly around Apple Intelligence and plans for integration into Apple’s app ecosystem. Meanwhile, Nvidia, Microsoft, Google, and Amazon are all invested in a wider range of products throughout the AI tech stack, including various chips and accelerators, enterprise platforms, data centers, and more.

This suggests that Apple has a more narrow AI focus and might rely more on consumer-facing, brand-heavy AI applications to generate revenue than the other more diversified companies analyzed.

Nvidia had the most product mentions by overall count, which is a reflection of its companywide pivot to AI and investment across the entire AI tech stack.

Nvidia also had the most AI discussion involving bigger-picture strategy and investments and partnerships. This trend points to the company’s role as a foundational enabler in the AI ecosystem and suggests that its diverse partnerships, including with the other companies analyzed, could serve as a moat that helps it maintain market leadership.

All the companies analyzed had relatively limited discussion of the risks and obstacles associated with their AI plans. The discrepancy in risk mentions between Nvidia and Microsoft and the other three companies doesn’t necessarily mean the latter two are better prepared to confront potential barriers. Instead, it more likely suggests that each of these companies has taken a proactive, positive communications strategy to bolster its AI narratives for investors.

Another explanation may be that investors are more tuned in to risks associated with Nvidia and Microsoft given that the companies have publicly spoken about them in the past -- export controls in Nvidia’s case and supply bottlenecks in Microsoft’s.

Product and AI: Key Themes by Company

Apple: 42% of all AI mentions

• Apple Intelligence: Apple Intelligence dominated Apple’s AI product mentions following its June 2024 unveiling, with features like visual intelligence, ChatGPT integration, and multilingual support set to release in coming months.
• M4 Chip: Touted as best in class for AI.
• Vision Pro: Prior to the unveiling of Apple Intelligence, most of Apple’s AI product mentions focused on Vision Pro’s spatial computing capabilities.

Nvidia: 28% of all AI mentions

• Hopper: Nvidia’s workhorse GPU continues to see significant demand.
• Blackwell: Announced in March 2024. Nvidia is bullish on Blackwell GPUs' ability to deliver more processing power for AI applications compared to Hopper.
• Nvidia AI Enterprise suite: Focused on software improvements to improve enterprise applications.
• Other products: Includes Nvidia DRIVE Thor for AI-powered autonomous vehicles, GeForce RTX GPUs, Nvidia Inference Microservices (NIMs), Omniverse Cloud, digital twin simulation technology, InfiniBand networking, and NVLink.

Microsoft: 34% of all AI mentions

• Copilot integration: Integration into Microsoft 365, Github, Bing, Edge, Teams, and Dynamics 365.
• Azure AI Enterprise: Highlighted Azure’s ability to scale AI workloads through custom and prebuilt models.
• Hardware AI integration: AI chips built into Microsoft Surface devices to optimize Copilot.

Alphabet: 38% of all AI mentions

• Search: AI features like AI overviews and visual querying via Lens. Emphasis on being able to better answer complex questions.
• YouTube: Integrating AI to optimize generation of monetizable YouTube Shorts.
• Android: Google products have integrated Gemini, bringing the generative AI model to roughly 2 billion users.
• Upcoming generative AI products: Includes bringing generative AI features to Gmail, Google Photos, and Project Astra, a multimodal AI assistant.

Amazon: 30% of all AI mentions

• AI shopping tools: Features include a shopping assistant called Rufus, virtual apparel try-ons, personalized shopping recommendations, review summaries, and generative AI listing tools.
• Fulfillment centers: AI-driven quality control through Project Private Investigator.
• AWS (Amazon Web Services): Bedrock and Q as generative AI tools for enterprise customers.

Strategy and AI: Key Themes by Company

Apple: 24% of all AI mentions

• Apple Intelligence: Viewed by the company as an overarching initiative that will change how customers interact with Apple products.
• Privacy: Differentiators include on-device processing and Private Cloud Compute.
• R&D: Heavy investment to accelerate AI development.

Nvidia: 20% of all AI mentions

• Sovereign AI: Positioning to enable national AI development projects with domestic infrastructure, chips and other hardware, data, talent, and enterprise solutions.
• Data centers: Transitioning from general-purpose data centers to accommodate accelerated computing and large-scale generative AI models.

Microsoft: 17% of all AI mentions

• Platform leadership: Emphasis on advancing Copilot and AI agents as platforms to take market share.
• Portfolio mix: Focused on providing both AI infrastructure and Software-as-a-Service (SaaS) applications.

Alphabet: 20% of all AI mentions

• Full AI stack: Google aims to develop and innovate across infrastructure, chips, and agents.
• Leverage historic expertise: Positions generative AI as a once-in-a-generation opportunity in which it has deep institutional expertise.
• Horizontal integration: Applying generative AI across the entire company and product suite for the first time.

Amazon: 20% of all AI mentions

• Flexibility through AWS: Offering a range of AI tools across the generative AI stack via AWS for diverse customer needs.
• Cross-company investment: Amazon plans to invest in and focus on generative AI applications across the entire company and expects to drive billions in revenue.

AI Investment and Partnerships: Key Themes by Company

Apple: 13% of all AI mentions

• OpenAI: Partnered with OpenAI to integrate ChatGPT with the Siri assistant on iPhone, iPad, and Mac.

Nvidia: 19% of all AI mentions

• Blackwell partnerships: Highlights partnerships with Microsoft, Google, and others to build out Blackwell-powered AI infrastructure.
• Omniverse Cloud: Foxconn, Mercedes-Benz (MBGY.Y -0.63%), and more utilizing the real-time 3D graphics platform.

Microsoft: 17% of all AI mentions

• OpenAI: Consistent references to Microsoft’s relationship and investment with OpenAI and integration of their new models into Microsoft’s AI offerings.
• Infrastructure investment: Regular references to AI infrastructure expansion, including outside of the United States.
• AI accelerators: Highlights investment in a variety of AI accelerators, including Microsoft’s own custom Maia 100 chip, Nvidia Blackwell, and AMD (AMD -2.54%) MI300X.

Alphabet: 18% of all AI mentions

• Data centers: Highlighted start of data center construction in Malaysia in the fall of 2024 and in the United States.
• Custom first-party chips: Investing in a first-party AI accelerator, Trillium.
• Nvidia Blackwell: Acquiring custom Nvidia Blackwell GB200 NVL racks for its generative AI cloud platform.
• Company partnerships: Highlights AI partnerships with a range of companies, including Vodafone (VOD -1.07%), Snap (SNAP -2.55%), Volkswagen (OTC:VWAPY), and more.

Amazon: 20% of all AI mentions

• Custom first-party chips: Investing in first-party training and inference AI chips, Trainium and Inferentia.
• AI robotics hiring: Brought on new robotics AI talent to optimize fulfillment operations and views AI as fundamental to the company’s robotics network for the future.

Market Impact of AI Adoption: Key Themes by Company

Apple: 18% of all AI mentions

• iOS 18.1 adoption: Adoption of iOS 18.1 with Apple Intelligence in the first 3 days of release occurred twice as fast compared to iOS 17.1.
• Developer access to Apple Intelligence: Released APIs for developers to integrate Apple Intelligence into apps.

Nvidia: 24% of all AI mentions

• Market disruption: Nvidia sees opportunities to supply generative AI computing and platforms in every market and computer interaction.
• Enterprise and industrial AI platforms: New services to build agentic AI and expand physical AI applications for industrial and robotic applications will change how companies build products.
• Start-ups: New platforms enable thousands of AI-driven start-ups to use Nvidia services to build their own.

Microsoft: 21% of all AI mentions

• Market disruption: Microsoft views generative AI as transformative across every business impact on the scale of the cloud transition and sees a massive total addressable market.
• Customer expectations: Customers are shifting to AI-driven solutions across all types of applications, which presents a significant opportunity for Microsoft.

Alphabet: 20% of all AI mentions

• Search industry: AI overviews expand the types of queries Google can answer and have the potential to fundamentally change the search market.

Amazon: 26% of all AI mentions

• AWS AI demand: Already a multibillion-dollar revenue run rate, and it’s still early.
• AI in retail: Generative AI integration for buyers and sellers will shape Amazon shopping experience.

AI Risks: Key Themes by Company

Apple: 3% of all AI mentions

• Foreign regulation: Regulations in the European Union and China could slow the rollout of Apple Intelligence in those jurisdictions.

Nvidia: 9% of all AI mentions

• Export controls: Regular concern over the evolving and increasingly restrictive U.S. export control regime, with an emphasis on limiting access to China.
• Supply outpacing demand: Delivery constraints on next-gen products as demand exceeds supply.

Microsoft: 10% of all AI mentions

• Capacity constraints: Consistent mention of AI inference demand outpacing Azure capacity, in part due to supply chain issues causing upgrades to be delayed.

Alphabet: 4% of all AI mentions

• Overbuilding and capital expenditure: Google expects to increase spending on AI infrastructure in 2025 and sees some risk of overbuilding but would prefer that to underinvesting.

Amazon: 4% of all AI mentions

• High costs: Large up-front infrastructure costs, including expensive hardware and accelerators, required before revenue is realized necessitates careful planning.

Why should investors care about how the largest companies discuss generative AI?

The way some of the largest companies in the world -- Apple, Nvidia, Microsoft, Alphabet, and Amazon -- discuss generative AI when revealing earnings reveals their priorities and vision.

Apple and Google mention AI most in the context of products. Nvidia and Amazon are the most likely of the group to talk about the sweeping market impacts they expect their AI offerings to generate. Microsoft and Nvidia most consistently mention risks their AI efforts face.

Zooming in, Apple is focused on privacy and use-centric features, while Nvidia is relentlessly driven to showcase and improve its full AI tech stack, from data centers to AI chips all the way to AI platforms it sees as usable in every industry. Microsoft and Google see massive opportunities in integrating AI into the tools most used by consumers. Amazon expects generative AI to transform its AWS offerings and generate billions in revenue.

These findings provide investors with nuance in how tech leaders see generative AI and where they might find the biggest returns or need to dig deeper into researching risks.