This report uses a range of cutting-edge LLM-assisted data techniques to extract key risk information from S&P 500 company filings.

Following the recent boom in generative AI, we examine reported risks from these leading firms related to artificial intelligence. We clarify the extent to which firms are reporting new AI related risks, what kind of risks are being reported and what these indicate about the broader dynamics of AI in big business.

Our analysis has identified that, in the past year:

• 3 in 4 companies (380 total) have added or expanded upon risk concerning AI, indicating a widespread concern with AI related risk.

• 1 in 3 companies (193 total) have added or expanded upon risk concerning malicious actors using AI.

• The number of companies citing ‘deepfake’ as a risk has doubled, from 16 to 40.

• 1 in 5 companies (95 total) have added or expanded upon the risk of proprietary data or intellectual property being exposed through interacting with AI systems.

• 1 in 10 companies (56 total) have added or expanded upon risk concerning third-party providers of AI models and software and their vulnerabilities.

• 1 in 3 utilities firms (10 total) have added references to AI’s increasing energy requirements.

• The number of companies citing EU AI Act – the European Union’s primary legislation on artificial intelligence – related risk has tripled, from 21 to 67.

• 1 in 3 companies (168 total) have added or expanded upon competitive risk relating to AI.

• The number of companies citing AI bias risk has doubled, from 70 to 146.

• 1 in 10 companies (57 total) have added or expanded upon the risk of AI failing to deliver intended benefits, success or return on investment.

• Risks to jobs rarely feature among reported risks, despite being a prominent public concern.