AI dominates US CEO calls as Iran references surge
IoT Analytics has published its Q1 2026 analysis of earnings calls from about 5,000 US-listed companies. The study found that artificial intelligence remained the most discussed topic among chief executives.
It also showed a sharp rise in references to Iran during the quarter, as conflict involving Iran, the US and Israel moved into boardroom discussions. The shift reflects both geopolitical disruption and changing technology priorities.
Beyond the headline AI trend, the analysis pointed to growing interest in physical AI and agentic AI. It also found more mentions of OpenClaw and SaaSpocalypse, two terms added to the firm's tracked discussion set during the quarter.
At the same time, some previously prominent concerns lost ground. Mentions of an AI bubble fell from the previous quarter, while discussions of uncertainty and tariffs also declined.
The report is based on quarterly earnings calls, which show how senior executives describe risks, spending plans and strategic priorities to investors. Because those calls span sectors, shifts in language can indicate where management teams are focusing as market conditions evolve.
AI focus
Artificial intelligence remained central to executive discussion, but the conversation changed in composition. Instead of broad references to AI, more chief executives discussed specific forms of the technology linked to autonomous systems and real-world deployment.
Physical AI and agentic AI drew more attention in Q1. The report also highlighted shifts among named AI tools, with Claude recording the largest year-on-year increase in mentions at 600%.
That suggests boardroom interest is becoming more granular, as executives move from general enthusiasm to more focused discussions about models, software approaches and commercial impact. The appearance of terms such as SaaSpocalypse also points to growing concern over how AI could affect software pricing, differentiation and incumbent business models.
Geopolitical shift
The steep rise in references to Iran was one of the clearest non-technology shifts in the data. As conflict in the Middle East intensified, chief executives increasingly raised questions about exposure across energy markets and supply chains.
The change shows how quickly geopolitical developments can alter corporate agendas, even in a quarter otherwise dominated by technology themes. It also suggests executives are balancing long-term transformation with immediate operational risks.
Knud Lasse Lueth, chief executive officer of IoT Analytics, said: "The emerging CEO themes in Q1 2026 reflect a boardroom under pressure from both external shocks and internal transformation. Iran raised fresh questions around energy exposure and supply chains, while developments such as agentic AI and SaaSpocalypse are forcing leaders to reassess long-held assumptions about software, pricing, and competitive advantage."
Broader mood
The decline in references to tariffs and uncertainty may indicate that some macroeconomic concerns became less dominant in executive commentary during the quarter. Even so, they were displaced not by a calmer backdrop, but by a combination of war-related risk and more detailed debate over AI.
For investors and analysts, that matters because earnings calls often show not only what companies are doing, but also what management teams believe they must explain. Rising discussion of agentic AI, physical AI and software disruption suggests leaders see those issues as increasingly material to strategy and market positioning.
IoT Analytics, based in Germany, provides market research on areas including IoT, AI, cloud, edge computing and Industry 4.0. Its latest quarterly report tracks changes in the prominence of themes discussed by chief executives across a large sample of listed companies, with AI remaining at the top of the agenda while Iran, OpenClaw and SaaSpocalypse posted some of the sharpest gains.