Imaginary stock indexes

There’s a broker offering a new product, that I’d have been all over 30 years ago. I think they’re calling it a “generated asset,” where they create a personal stock index just for you (based on a prompt to an AI), and then create an imaginary index fund for that imaginary index, and then (I assume) invest in the underlying stocks on your behalf.

Of course, you could do that yourself, but it would be awkward, probably expensive, and definitely fiddly, with a need to track the index over time.

So, instead of that (I assume), the company just promises to pay you the value of your index, and (I assume) hedges its promise by holding the underlying shares—and since this synthetic investment is a service, they can lump all these promises together and invest in all the underlying shares, and be generally sure that their hedge will be close enough that even very large stock moves won’t cost them more than investors are paying for access to this service.

As I said, I’d have been all over that 30 years ago. Now, not so much. I’ve gotten lazier and more conservative with my investments as I’ve gotten older.

But it did make me think what I’d want to invest in, if I were to create a synthetic index, and it occurred to me that the companies that are putting the least amount of money into AI crap will do much better over the next few years. So I asked confer.to if it could give me “a list of large corporations ordered by how much they talk about AI in their reports to investors.”

Sadly, the answer was no:

Based on the available data, I can’t provide a specific ranked list of large corporations ordered by how much they discuss AI in their earnings reports. While the information confirms that AI is a major topic in 2025 earnings calls across the S&P 500, the detailed company-by-company ranking you’re looking for isn’t publicly available in the sources I checked.

Here’s what we do know:

AI is a dominant topic: In Q3 2025, “AI” was cited on 306 S&P 500 earnings calls, the highest number in the past decade.

Significant increase: This is a large jump from the five-year average of 136 mentions and the 10-year average of 86.

Sector leaders: The Information Technology (95%) and Communication Services (95%) sectors have the highest percentage of companies mentioning AI.

Market impact: Companies that mentioned AI in their Q3 2025 calls saw a higher average stock price increase (13.9%) compared to those that didn’t (5.7%) since the end of 2024.

While sources like Yahoo Finance and MacroMicro track the overall trend and volume of AI mentions, they don’t publish a specific, ordered list of corporations ranked by the frequency or depth of their AI discussions in earnings reports.

This type of granular, ranked data is typically compiled by specialized financial data and analytics firms (like FactSet, which provided the data to Yahoo Finance) and is often part of a paid subscription service.

Perhaps the specialized AI tool that this broker uses to create its imaginary indices has access to the fine-grained data about AI mentions in earnings calls with investors. But I don’t care enough to go to the trouble of looking.

Poking around at the St. Louis Fed’s Fred graphing tool (to come up with a graphic to include for this post), though, led me to the graph at the top, which is of the “Nasdaq Global Artificial Intelligence and Big Data Index,” which “is designed to track the performance of companies engaged in the following themes: Deep Learning, NLP, Image Recognition, Speech Recognition & Chatbots, Cloud Computing, Cybersecurity and Big Data.”

So one option to get what I want would be to just go short on that index.

I don’t think I’ll do that either.