Now that NVIDIA (NVDA) has reported its Q3 numbers (the last of the mega-caps to report), below is an updated look at the number of times "AI" was mentioned during conference calls going back to 2021. The revolutionary ChatGPT app was released in November 2022, and since then, we've seen an explosion in "AI" mentions from mega-cap management teams. As shown below, "AI" was mentioned a total of 418 times this quarter across the conference calls of AAPL, AMZN, META, MSFT, GOOGL, and NVDA. The big jump from last quarter's 350 "AI" mentions was thanks to 154 mentions on NVDA's call alone!

Apple (AAPL) remains the lone mega-cap that's hardly discussing "AI" at all on its calls with just nine mentions this quarter. Thus far, Apple has not jumped on the "AI" bandwagon at least when it comes to quarterly earnings conference calls. Amazon (AMZN), on the other hand, has picked up the "AI" pace with 48 mentions this quarter. In Q4 2022 just after ChatGPT's release, "AI" was mentioned just once on AMZN's eight prior quarterly calls.

Meta (META) "AI" mentions ticked up even more on its latest call to 71, while Microsoft (MSFT) mentions went the opposite direction and fell from 76 to 61 quarter over quarter. Alphabet (GOOGL) mentions also dipped a bit but remained high at 75, ranking it second behind only NVIDIA for the most number of "AI" mentions in Q3.

The bull market for stocks this year has coincided with a pullback in inflation, but it has also been driven in large part by mega-cap Tech stocks, that, except for AAPL, are now fully on board the AI wave. We've asked this question rhetorically several times this year, but once again, where would this market be without ChatGPT?

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