Artificial intelligence replaced macroeconomic and geopolitical issues as the most discussed topic during earnings calls in the final quarter of 2025, according to a new analysis of public statements by chief executives.
The study by Hamburg-based IoT Analytics examined approximately 10,000 financial statements from approximately 5,000 global companies listed in the United States. The company's latest quarterly survey found that while AI has risen to the top of CEOs' agendas for the first time in the same period, concerns about the potential for an AI-related asset bubble are also rapidly increasing.
Mentions of “AI bubble” increased by 64% compared to last quarter. Executives often paired announcements of new AI investments with comments questioning the sustainability of current market valuations and the pace of capital inflows into the sector, according to IoT Analytics.
References to the U.S. government shutdown also skyrocketed. This topic received nearly three times as many mentions as it did last quarter. The company said most executives cited the shutdown as a risk factor and discussed contingency plans for potential disruptions to demand, regulation and government contracts.
Tariffs and general uncertainty remained among the more frequently mentioned issues during the conference call, although discussion on these topics continued to decline. The analysis shows that traditional macroeconomic and trade concerns are being replaced by technology and policy themes in board discussions.
AI to the forefront
IoT Analytics publishes a regular series that tracks the most frequent themes in public company earnings calls over time. The Q4 2025 edition showed AI taking the top spot in total mentions for the first time since the company started monitoring the data in 2019.
This dataset covers a wide range of sectors including industrial, technology, telecommunications, consumer, healthcare, and financial services groups. This shift signals that AI has moved from being an expert or domain-specific topic to a central issue for the entire industry.
Knud Lasse Lueth, CEO of IoT Analytics, said business interest in AI is now moving firmly into the mainstream.
“In Q4 2025, AI became the most discussed topic among CEOs for the first time, highlighting the growing importance of the digital agenda across the sector. At the same time, continued investment commitments are increasingly combined with clear concerns that parts of the AI market are overheating,” Ruth said.
Research shows that mentions of AI have steadily increased since 2019. The most recent quarter saw the sharpest year-over-year increase in mentions, as companies described new product initiatives, internal efficiency projects, and data infrastructure deployments related to machine learning models.
Concerns about bubbles increase
While the number of AI-related mentions reached new highs, the proportion of comments explicitly mentioning “bubbles” related to technology and financial markets grew even faster. The study recorded the strongest quarter-over-quarter growth in bubble language since we began tracking the metric.
Management used the term “bubble” in several contexts. Some discussed venture funding and valuation of private AI companies. Some questioned the level of spending on computing infrastructure and the potential for excess capacity. A smaller group linked bubble concerns to individual asset classes, such as AI stocks.
The increase in bubble-related discussions has paralleled continued announcements of long-term AI spending plans. The report showed that even though some leaders expressed caution about the market's boom, many companies still outlined multi-year investment programs in AI tools, data platforms and automation projects.
Shutdown and policy
The US government shutdown also emerged as another high-growth topic in Q4 2025. According to IoT Analytics, the number of mentions has nearly tripled quarter-over-quarter, making this issue one of the fastest-growing topics in CEO comments.
Executives in sectors directly affected by federal spending, such as defense, infrastructure and health care, often discussed the possibility of delays in awarding contracts and payments. Consumer and financial services group leaders placed more emphasis on potential demand effects and changes in household and business confidence.
Talk of tariffs and trade tensions remained common, but has declined compared to earlier peaks. The analysis suggests that while supply chain issues and trade policy still feature in executive discussions, they are no longer as central to discussions as they once were.
long term trends
The Q4 2025 survey results form part of a time series tracking the relative importance of various agenda items for CEOs in 2019 and beyond. Throughout this period, AI-related topics have steadily increased. Traditional macroeconomic concerns such as inflation, monetary policy, and general uncertainty are more volatile over business cycles.
The survey also highlighted the growing convergence of themes such as AI, cloud, and industrial automation. According to IoT Analytics, many industrial and manufacturing companies are now mentioning AI projects in the context of broader digital transformation efforts, while software and communications groups are discussing AI in relation to network management, customer service, and product development.
IoT Analytics provides a detailed version of the Q4 2025 analysis as a commercial report. The company also publishes selected findings in public research articles summarizing the most salient themes in CEO earnings call statements.
The company will continue to track CEO discussion topics on a quarterly basis, including AI, bubble language, and policy issues like business shutdowns and tariffs in the next edition of the series.
