US Companies Report Growing, Measurable AI Gains, Morgan Stanley Says

A growing number of U.S. companies are moving beyond promises and reporting tangible returns on their artificial intelligence investments, citing specific gains in revenue, cost savings, and productivity, according to a new report from Morgan Stanley.

The bank's analysis suggests that investor concerns about high AI spending without clear financial benefits are beginning to ease as more firms provide quantifiable proof of the technology's impact.

From Hype to Returns

Morgan Stanley reviewed more than 17,000 corporate earnings calls and conference presentations, finding a significant increase in discussions of measurable AI benefits. The report noted that 40% of companies it classifies as "AI adopters" cited at least one such benefit in the second quarter, up from 37% in the prior quarter and nearly double the 21% from a year earlier.

Across the broader S&P 500, the trend is also clear, with approximately 25% of companies discussing quantifiable AI benefits, a notable increase from 14% a year ago. According to the analysis, executives are shifting their focus from experimental use cases to concrete business outcomes, with financial benefits like revenue growth and lower costs being the most frequently mentioned.

Sector Adoption and Specific Gains

The adoption of AI is showing measurable results across several industries, led by the technology sector, where 51% of companies cited quantifiable gains. Communication services firms followed at 44%, with financial companies at 37%, indicating that the benefits are extending well beyond traditional tech.

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Morgan Stanley highlighted several specific examples of companies turning AI investment into operational efficiency and savings:

• HP Inc. is targeting $1 billion in annual savings from AI-enabled operations.
• Verizon Communications reported over $200 million in energy savings attributed to AI.
• Airbnb has successfully used AI to reduce customer-service costs.
• Exxon Mobil is leveraging AI to analyze complex drilling data in weeks, a process that previously took years.

Labor Market Implications

While discussions about AI's impact on productivity are more common, its effect on employment is an emerging theme. The report found that roughly 10% of S&P 500 companies addressed labor implications in the second quarter, up from about 6% a year ago.

Rather than signaling widespread job cuts, corporate commentary increasingly centers on using AI to slow the pace of hiring and automate routine tasks. Morgan Stanley identified "revenue-headcount decoupling" as the fastest-growing theme, where businesses use AI to increase sales and output while keeping their workforce size relatively flat.