More US companies are beginning to report measurable financial and operational gains from artificial intelligence (AI), signalling that the technology is moving beyond experimentation and starting to deliver tangible business value, according to a new report by Morgan Stanley.
The investment bank said its analysis of more than 17,000 corporate earnings calls and conference presentations showed a continued rise in discussions of quantifiable AI benefits during the second quarter, helping to ease investor concerns that heavy AI spending has yet to produce meaningful returns.
According to the report, 40 per cent of companies classified by Morgan Stanley as AI adopters reported at least one measurable benefit from AI during the second quarter, up from 37 per cent in the previous quarter and nearly double the 21 per cent recorded a year earlier.
Across the broader S&P 500, approximately one in four companies cited quantifiable AI benefits, compared with just 14 per cent during the same period last year.
Morgan Stanley said companies are increasingly shifting their focus from experimental AI applications to concrete business outcomes. Financial gains—including stronger revenue growth, lower operating costs and improved capital efficiency—accounted for the largest share of AI-related discussions, followed by improvements in workforce productivity.
The technology sector remained the most active in reporting measurable AI benefits, with 51 per cent of companies highlighting quantifiable gains. Communication services firms followed at 44 per cent, while 37 per cent of financial companies also reported measurable improvements, indicating that AI adoption is expanding well beyond the technology industry.
The report also found that AI’s influence on employment is becoming a more prominent topic in corporate discussions, although it remains less common than conversations around productivity.
About 10 per cent of S&P 500 companies discussed AI’s impact on labour during the second quarter, up from around six per cent a year earlier. Among companies identified as AI adopters, the figure increased to 18 per cent.
Rather than pointing to widespread job losses, many companies said AI is helping them slow recruitment, automate routine tasks and increase revenue without proportionately expanding their workforce.
Morgan Stanley identified “revenue-headcount decoupling” as the fastest-growing theme, describing it as a strategy in which businesses use AI to grow sales and output while maintaining relatively stable employee numbers.
Several companies highlighted specific financial benefits from AI adoption. Airbnb said it had reduced customer service costs through AI-powered tools, while HP is targeting annual savings of US$1 billion through AI-enabled operations. Verizon reported more than US$200 million in energy savings, and Exxon Mobil said AI has reduced the time needed to analyse drilling data from years to just weeks.
The findings suggest that corporate America is increasingly demonstrating measurable returns on AI investments, reinforcing expectations that the technology will continue to play a growing role in improving efficiency, profitability and long-term business performance.
