Introduction
Despite the significant talk around artificial intelligence and large language models, most companies have yet to implement this technology into their operations. According to data released this week by the U.S. Census Bureau, approximately 4.6% of American businesses use artificial intelligence to produce goods and services. The proportion of companies that have implemented AI was similar to the overall total when comparing businesses by employee count.
The Technology, Technical Services, and Scientific Services Sector is the Largest User
AI has been widely adopted in the information technology and technical and scientific services sector. According to the Census Bureau survey, 14.2% of firms in the IT sector use artificial intelligence. A significant share (11.2%) of companies in the professional, scientific, and technical services sector reported relying on AI.
Very Few Companies in the Hospitality Sector Use the Technology
In stark contrast, less than 2% of businesses in the hospitality sector, such as bars, restaurants, and hotels, reported using the technology.
Investor Interest in Artificial Intelligence
Interest in AI has been linked to rising stock prices for tech companies this year, leading to a broad market upsurge. Shares of Nvidia Corp. (NVDA) have risen by 233% so far this year due to its role as an AI chipmaker. Shares of Microsoft Corp. (MSFT), which works closely with OpenAI, the creator of ChatGPT, have risen by 56% so far this year.
Future Outlook
Despite the lack of technology usage and mentions during the recent earnings season, this does not mean that the hype will fade soon. According to FactSet, the number of public companies discussing AI during earnings season still exceeds the five- and twenty-year average for such discussions, with a larger percentage of companies (7.3%) nationwide stating they intend to use AI in the next six months according to the Census Bureau.
Conclusion
Despite growing investor interest in artificial intelligence, most companies have not yet harnessed this technology in producing their goods and services. However, more companies are expected to implement AI in the next six months. The discussion around AI continues to be prominent and exceeds the five- and twenty-year average for discussions during earnings season, reflecting sustained interest in this technology.
Source: https://www.investopedia.com/most-businesses-have-yet-to-harness-ai-8413638
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