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

U.S. companies are increasingly reporting measurable financial and productivity gains from artificial intelligence, providing tangible evidence that significant AI investments are starting to pay off, according to a new report from Morgan Stanley. The findings may help ease investor concerns that the AI spending boom has yet to generate meaningful returns.

Quantifiable Benefits on the Rise

Morgan Stanley's analysis, which reviewed over 17,000 corporate earnings calls and conference presentations, found a steady increase in discussions of concrete AI benefits during the second quarter. The commentary has shifted from experimental use cases to specific business outcomes, with management teams pointing to revenue growth, cost savings, and efficiency.

The trend is most pronounced among companies already identified as AI adopters. Key findings from the report include:

• 40% of AI adopters cited at least one measurable benefit in Q2, up from 37% in the prior quarter and nearly double the 21% from a year earlier.
• Across the broader S&P 500, approximately 25% of companies discussed quantifiable AI gains, a significant rise from 14% a year ago.

Financial benefits—such as revenue generation and lower operating costs—were the most frequently cited outcomes, followed by direct productivity improvements.

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Sector Adoption and Labor Impact

While the technology sector remains the most vocal, with 51% of firms citing quantifiable benefits, the report shows adoption is broadening. Communication services firms followed at 44%, with financial companies at 37%, indicating a wider integration of AI beyond its traditional strongholds.

The technology's effect on the workforce is also becoming a more frequent topic. Roughly 10% of S&P 500 companies discussed labor implications in the second quarter, up from about 6% a year ago. According to Morgan Stanley, corporate commentary is focused less on job cuts and more on using AI to slow hiring and automate routine work. The bank identified "revenue-headcount decoupling"—using AI to boost sales without a proportional increase in staff—as a fast-growing theme.

Corporate Examples of AI in Action

The report highlighted several companies turning AI initiatives into tangible results. Examples cited included Airbnb reducing customer-service costs, HP Inc. targeting $1 billion in annual savings from AI-enabled operations, and Verizon reporting over $200 million in energy savings. The report also noted Exxon Mobil is using AI to analyze drilling data in weeks rather than years.