Key Takeaways:
S&P 500 companies that clearly communicated their AI strategies outperformed peers by 10.8 percentage points in alpha within 90 days.
S&P 500 companies that clearly communicated their AI strategies to consumers generated 10.8% alpha in the 90 days after their announcements, while 97% of firms failed to capture similar gains, a new study shows.
"Companies that named specific use cases and demonstrated follow-through within 90 days saw dramatically different market outcomes than those that offered vague promises," Gregory, the global communications firm that conducted the study, said in the report.
Gregory assessed 449 S&P 500 companies from 2022 to 2025 using its AI Communications Quality Score, which rates firms across five dimensions on a 20-point scale. Only 13 companies — less than 3% of the sample — scored in the top tier, achieving scores between 18 and 20. Those top-tier firms averaged 10.8% alpha versus sector benchmarks. Companies in the middle tier, scoring 15 to 17, gained just 1.2% alpha, while the lowest tier, scoring 12 to 14, lost 2.2% alpha — a 13-point gap between the strongest and weakest communicators.
The findings suggest that investors may be able to identify outperformers by tracking how companies talk about AI. The five dimensions Gregory measured — CEO ownership, named use cases, 90-day follow-through, board governance record, and tier-1 media coverage — offer a framework for distinguishing genuine AI strategy from marketing hype. As more S&P 500 companies rush to announce AI initiatives, the gap between effective communicators and the rest could widen further.
Gregory's ACQS framework evaluates companies on CEO ownership — how personally involved the chief executive is in the AI rollout — and whether the company names specific use cases rather than offering vague promises. It also tracks 90-day follow-through, assessing how well a company executes in the three months after its announcement; board and governance record, measuring prior commitment to AI oversight; and whether the announcement receives coverage from tier-1 media outlets.
The 13-point alpha gap between Tier 1 and Tier 3 companies shows the cost of poor AI communication. Companies that scored in the bottom tier not only failed to gain alpha but actually lost 2.2% relative to their sector benchmarks, suggesting that announcing an AI strategy without substance can destroy shareholder value. For investors, the study provides a potential screening tool: companies that score high on all five dimensions may warrant a closer look, while those that score low could face headwinds as the market becomes more discerning about AI claims.
The study arrives as the S&P 500's AI-driven rally has pushed valuations across the technology sector higher. With the index's AI-related gains already reflecting broad optimism, the ability to identify companies with genuine AI execution — rather than those making empty announcements — has become a potential source of alpha. The 13 companies in Tier 1 represent less than 3% of the sample, but their 10.8% average alpha gain suggests that disciplined communication strategy may be a leading indicator of market outperformance.
This article is for informational purposes only and does not constitute investment advice.
