Analysis of their regulatory filings, however, suggests much of the AI talk is PR waffle. Almost 40 per cent of companies in the blue-chip S&P 500 index have mentioned AI or related terms in earnings calls in the latest financial quarter, according to data from Alphasense.

Less than 16 per cent mentioned it in their corresponding regulatory filings, highlighting how AI has yet to make a material impact on most companies.

Allspring Global Investments senior portfolio manager Bryant VanCronkhite said that the joke was that all you had to do last quarter was say 'AI' and your stock would increase immediately.

"Some companies are saying they're doing AI when they're just trying to figure out the basics of automation. The pretenders will be shown up for that at some point," he said.