AI and Productivity: What Firms Are Saying on Earnings Calls

“Conclusion

Taken together, the evidence suggests that AI has already reshaped how firms talk about productivity, even if its effects are not yet clearly visible in aggregate productivity statistics. Executives increasingly connect productivity improvements to AI, and they do so in overwhelmingly positive terms. But these discussions remain largely forward-looking. For now, earnings calls point less to broad realized productivity gains than to a corporate sector actively investing in, experimenting with and expecting future gains from AI. We will continue to monitor whether AI-related productivity discussion in upcoming earnings calls shifts from future-tense expectations to realized gains.”