So, check it out, despite all the hype about AI and these massive language models, most businesses have yet to implement this technology into their daily operations. You’d think it’s everywhere, but about 4.6% of U.S. businesses actually use AI to make their products and services, according to data from the U.S. Census Bureau. And when you break it down by employee count, the percentage of companies using AI doesn’t really change.
But here’s the thing: interest in AI has been driving up tech company stocks like crazy. I mean, Nvidia Corp. stock has gone up 233% this year because of its AI chipmaker reputation, and Microsoft Corp. has risen 56% because they’re deep with the ChatGPT creator OpenAI.
Now, when you look at specific industries, it’s no surprise that the information technology sector has the highest percentage of businesses using AI at 14.2%. And over in the professional, scientific, and technical services sector, about 11.2% of businesses reported using AI. But get this, in the hospitality sector, less than 2% of businesses like bars, restaurants, and hotels are using AI.
And even though fewer S&P 500 companies mentioned AI in their earnings calls this past quarter, it doesn’t mean the hype is dying down. In fact, more companies across the country, about 7.3%, are planning to use AI in the next six months.
So, basically, the use of AI in businesses isn’t as widespread as you might think, but the interest is definitely there and it looks like more companies are preparing to get in on the action.