According to Stocklytics.com, blockchain technology mentions have plummeted by 80% in recent earnings calls among leading companies as executives increasingly pivot their focus on artificial intelligence (AI) initiatives. Specifically, blockchain mentions fell from 235 in Q4 2021 to 47 in Q4 2023.
Stocklytics financial analyst, Edith Reads said: “The shift in discourse comes amidst a growing consensus that while blockchain holds promise, its practical applications have not fully materialized at the scale previously anticipated. Consequently, companies are reallocating resources and doubling down on emerging technologies with more immediate and tangible benefits, with AI emerging as a frontrunner in this regard.”
Major players included in this analysis include industry giants like Alphabet, Microsoft, Google, Meta, Amazon, and IBM.
Recent earnings calls saw executives from these companies “diverting” attention from blockchain-related discussions to AI-driven initiatives, Stocklytics says. Other major companies that discussed generative AI in February’s financial filings include Qualcomm, Coursera, Appfolio, and MatchGroup.
Read pointed to several factors contributing to the waning interest in blockchain. Chief among them are scalability concerns, regulatory uncertainties, and the slow pace of mainstream adoption.
While blockchain holds promise in applications such as supply chain management and digital identity verification, its broader impact remains limited.
Conversely, AI’s versatility and potential to revolutionize various aspects of business operations have garnered widespread attention and investment.