Artificial intelligence remains top of focus in Q2 earnings – Goldman Sachs

As of August 13, 456 companies representing 87% of the S&P 500’s (SP500) market cap have reported Q2 earnings figures and artificial intelligence (AI) still remains one of the top focus points for firms alongside the status of the labor market and the health of the consumer, Goldman Sachs noted.

See below Goldman’s observations on what some of Wall Street’s prominent companies are saying about AI in their latest earnings reports:

Amazon (AMZN): “During the second quarter, we saw continued growth across both generative AI and non-generative AI workloads.”

BlackRock (BLK): “We see particularly strong demand for opportunities in the AI data centers and energy transition spaces…AI cannot truly happen without investments in infrastructure. These technologies require a new generation of upgrade data centers, which will need enormous amounts of energy to power them.”

Visa (V): “First of all, to frame it is we are all in on gen AI at Visa as we’ve been all in on predictive AI for more than a decade.”

Bank of America (BAC): “We have delivered more than 6 million insights here today to our financial advisors, providing them to proactively engage with clients. AI has moved from cost savings ideas to enhancing the quality of our customer interactions.”

RTX Corporation (RTX): “We also continue to invest in our digital transformation and AI. This year, we are adding an additional 30-plus use cases that generate incremental productivity and cost savings across RTX using advances in artificial intelligence and deep learning.”

T-Mobile US, Inc. (TMUS): “I think AI is on every customer’s mind. I think we’re seeing the major companies really pushing ambitiously in the space.”

Moreover, for investors looking to build out their portfolios to include aspects of the AI space, they can look towards exchange-traded funds aimed at providing exposure to the area. Some funds worth noting are as follows: (AIQ), (BOTZ), (DTEC), (ROBT), (THNQ), (CHAT), and (AGIX).