Morgan Stanley Names 28 Companies Reporting Measurable AI Gains, Including Bank of America, JPMorgan and Visa

An increasing number of S&P 500 companies are seeing significant benefits from artificial intelligence (AI).

Morgan Stanley says 44% of S&P 500 companies now report at least one measurable benefit from AI, up from 32% a year ago, a 12% increase, reports Seeking Alpha.

Morgan Stanley reached that figure after reviewing about 18,000 corporate transcripts.

Direct financial gains such as cost savings or revenue generation are cited by 26% of companies, up from 16%.

Productivity remains the most common benefit, cited by 32% of companies.

Financials lead the pack, with 67% of financial companies reporting tangible AI improvements, ahead of communication services at 61% and information technology at 51%.

Costs are getting more attention too, with 22% of S&P 500 companies now noting AI-related expenses, up from 8% over the past 12 months.

Token, inference and API costs make up the largest share of those expenses at 51%, above general computing and infrastructure.

Morgan Stanley has also named 28 companies that consistently cite quantifiable AI benefits and have at least 10% upside to the bank’s price targets.

The list includes Bank of America, eBay, UnitedHealth Group, Procter & Gamble, Citigroup, JPMorgan Chase, Visa, American Express, GE Aerospace and Blackstone.

Companies in the top 10% for frequently discussing quantifiable AI benefits have seen forward earnings run ahead of the broader S&P 500 on a sector-neutral basis.