Artificial Intelligence Buzz Has Faded on Company Earnings Calls

Companies are talking less about “artificial intelligence,” a buzzword central to meteoric gains in tech stocks — raising questions about how much of the technology’s benefits may have already been priced in.

Mentions of the term on calls this past earnings season have dropped sharply compared to the previous four reporting periods, according to a Bloomberg analysis of S&P 500, Nasdaq 100 and Stoxx Europe 600 earnings transcripts. More than 80% of companies have reported numbers so far.

The falling usage may signal that companies have become more conservative, while some analysts say that it’s still too early to expect ...