A Quarter of the S&P 500 Claims Measurable AI Benefits
Last year, only 14% of S&P 500 companies attributed measurable advantages from Artificial Intelligence (AI) adoption, according to Morgan Stanley’s analysis. Fast forward to the second quarter of 2026, and that figure has surged to 25%.
Wall Street’s Shift Towards AI-Driven Companies
Morgan Stanley’s strategy is based on what companies say during their earnings calls. However, independent evidence suggests a slightly different picture. The bank expects roughly 100 basis points of net margin expansion through 2027 solely due to AI adoption.
Unusual Suspects Among AI Adopters
Unsurprisingly, tech giants like Alphabet and Apple are on the list, but so are companies from diverse sectors: Roblox, CVS, Shopify, Dick’s Sporting Goods, and Constellation Energy. Morgan Stanley highlights transport, software and services, and professional services as areas best positioned to benefit from AI.
A Shifting Landscape in Semiconductors
Other financial institutions share this perspective. Citi suggests a shift away from the "Mag 7" (a group of prominent tech companies), while Piper Sandler speaks of a "mega-rotation out of tech." This is reflected in the semiconductor industry, where Micron and Advanced Micro Devices have seen significant stock drops.
The Supply-Side Challenge
While demand appears robust, expectations are falling short. Korea, a major hub for memory makers, has been an early indicator of this trend. The Philadelphia semiconductor index is down 21% from its recent peak, but still up 63% year-to-date.
Distinguishing Between Cited and Measured Benefits
The 25% figure refers to companies mentioning measurable AI benefits on their calls, not those providing concrete measurements. Earnings calls are promotional tools, making such claims cost-effective. Independent studies, like those covered by Harvard Business Review, highlight a "workslop" phenomenon—AI introduces new tasks that offset the time saved.
The Real Question
Vanguard offers a more insightful perspective: "The next phase of the AI story is how it changes how businesses operate."