ChatGPT Has Big Tech’s CEOs Talking About AI

Right now, everyone is talking about artificial intelligence (AI) – and that very much includes the big bosses of Big Tech.

That much is apparent from the sector’s latest earnings calls, which have seen a huge spike in mentions of “AI” and related terms (black bars), as company CEOs highlight AI as a huge source of future growth and future spending.

Now, most of Big Tech has had AI products in the works for years, but ChatGPT’s new virality is ringing through the industry like a warning shot, shaking up the race to become leaders in the space. And if one thing was clear from the latest earnings calls, it’s that every firm wants to become an AI leader – or thinks it already is. Here’s some of what’s been said on those calls.

“More than six years ago, I first spoke about Google being an AI-first company. Since then, we’ve been a leader in developing AI.” – Alphabet CEO Sundar Pichai

“We’re going to lead in the AI era, knowing that maximum enterprise value gets created during platform shifts.” – Microsoft CEO Satya Nadella

“One of my goals for Meta is to build on our research to become a leader in generative AI in addition to our leading work in recommendation AI.” – Meta CEO Mark Zuckerberg

“Tesla is really one of the world’s leading AI companies. This is kind of a big deal, with AI on the software side and on the hardware side.” – Tesla CEO Elon Musk

“Over the next several years, one of our largest growth opportunities is in AI, which is in the early stages of transforming virtually every industry service and product.” – AMD CEO Lisa Su

Time will tell who will become the true leader in the space, generating hefty profits for investors with their unparalleled AI products. So, until then, investors might want to consider gaining exposure to AI via a “pick-and-shovel” play: investing in firms that provide the tools needed for an industry to make a final product, rather than in the companies that offer the final product itself. Nvidia, as Paul explained here, is one such play. As the undisputed leading designer of the semiconductors that power AI technology, it could be the single best AI investment out there at the moment.