The AI trade is entering a new phase. With mega-cap tech stocks facing valuation pressure and market volatility back in focus, Goldman Sachs says investors are beginning to shift their attention—from builders of AI infrastructure to companies quietly using AI to drive real productivity gains.

This pivot couldn't come at a more critical time. Third-quarter earnings of S&P 500 companies have blown past expectations, yet concerns are mounting around how long this momentum can last.

Big AI Talk, But Only A Few Are Making Money

If you've been following this quarter's earnings season, you've probably noticed one thing: everyone is talking about AI.

In fact, 47% of S&P 500 companies mentioned AI on their third-quarter earnings calls. That's up sharply from the second quarter, with adoption chatter most prominent in Communication Services, at 74%, and Financials at 66%.

The most common use cases were predictable: automated coding and AI-assisted customer support, each cited by roughly 30% of the AI-mentioning firms.

Other applications included marketing optimization, expense management, and supply chain operations.

But here's the catch: only a small fraction of companies actually quantified any impact on revenue or earnings.

Among those who did, like ServiceNow Inc. (NYSE:NOW) and C.H. Robinson Worldwide Inc. (NASDAQ:CHRW), the margin boosts were real—but they're the exception, not the rule.

Despite the widespread corporate adoption narrative, the returns from AI exposure in 2025 have ...