In a recent research report, Morgan Stanley observed a surge in companies highlighting the impact of artificial intelligence on their businesses during the first half earnings season.
“Around 15% of firms quantified a revenue or cost-benefit from using machine learning across a broad spectrum of applications,” the bank stated.
Out of 316 companies discussing AI, 106 pointed to “fundamental business improvement” from AI utilization. The report detailed, “29 quantified the revenue opportunity, 36 quantified a cost or productivity gain…82 other comments referred qualitatively to revenue or cost gains.”
Most of these AI-related activities were predominantly seen in U.S. firms.
The report also spotlighted three major trends in non-tech sectors: “biopharma gains from AI applications from strain selection to regulatory filings; large-cap banks discussing costs savings and onboarding from autonomous and in-house customer service; legal use cases from summaries to drafting.”
Morgan Stanley’s analysis targeted global companies boasting a market cap over $10 billion.
See full post at Coindesk.com.
Jack McPherrin ([email protected]) is a managing editor of StoppingSocialism.com, research editor for The Heartland Institute, and a research fellow for Heartland's Socialism Research Center. He holds an MA in International Affairs from Loyola University-Chicago, and a dual BA in Economics and History from Boston College.