Move over artificial intelligence. There’s a new hot topic on corporate earnings calls in 2025: tariffs. The word “tariffs” has come up on more than 350 earnings calls of S & P 500 -listed companies reporting first quarter results, according to a CNBC analysis of call transcripts compiled by AlphaSense. By contrast, the term “AI” has been mentioned on less than 200 calls in the same period. Mentions of tariffs have soared in recent weeks as President Donald Trump’s plan for steep levies announced last month has put both C-suites and Wall Street on high alert. That’s biting into time on calls with analysts and investors that corporate management formerly used to discuss AI, which has been a buzzword ever since the introduction of ChatGPT in late 2022. The import taxes have stirred anxiety in part because of fears that they might push up prices, dampen spending and drive the economy into a recession. More than 60% of CEOs in an April survey said that they expect some sort of economic slowdown in the next six months, and nearly three-fourths said tariffs would hurt their business. “We are entering unchartered territory as the trade tariffs start to have a more significant impact beginning in the second quarter,” said Christopher Clulow, head of investor relations at Cummins , during the Indiana eng …
