AI disruption is a dominant theme this earnings season. Mentions of AI disruption in Q4 2025 earnings calls reached a record 126 nearly 2x vs last quarter and 3x YoY. This comes even as results beat expectations: S&P 500 EPS grew ~+12% YoY vs +8.4% expected, with >75% of companies beating. Yet AI-sensitive baskets have struggled, with UBS U.S. AI Risk -50.4% and EU AI Risk -39.9% over the past year. AI is reshaping competitive dynamics across industries. 📊

AI disruption is a dominant theme this earnings season.

Mentions of AI disruption in Q4 2025 earnings calls reached a record 126 nearly 2x vs last quarter and 3x YoY.

This comes even as results beat expectations: S&P 500 EPS grew ~+12% YoY vs +8.4% expected, with >75% of companies beating.

Yet AI-sensitive baskets have struggled, with UBS U.S. AI Risk -50.4% and EU AI Risk -39.9% over the past year.

AI is reshaping competitive dynamics across industries. 📊