Financial companies in the S&P 500 now mention AI on 91% of their earnings calls, up from 70% in Q2-2025.

But, Utility earnings calls citing "AI" fell from 47% to 28% in a year

Apollo Research

The wording for Utility shifted probably because the demand moved from forecast to contract.

Politics gives utilities a second reason to avoid the word.
BCG found mentions of electricity-cost affordability on the calls of the 29 largest listed utilities climbing several-fold between 2019 and 2026, the House passed the Ratepayer Protection Act 417-3 in September, and about 70% of Americans worry data centers will raise their electricity bills.