CEOs put greater emphasis on AI and data centre capacity
Recent analysis of approximately 9,500 earnings calls from around 4,500 global companies has highlighted major trends in CEO discussions for the third quarter of 2025, with particular attention to tariffs, data centre capacity, and agentic AI.
This quarterly research, published by IoT Analytics, indicates a shift in boardroom priorities as the prevalence of tariff-related topics remains high yet shows signs of stabilisation, while digital transformation themes such as artificial intelligence continue to gain traction.
Tariff themes
According to the analysis, tariffs remained the most frequently cited topic, appearing in 53% of earnings calls. However, mentions fell by 28% compared to the previous quarter, suggesting that businesses are adjusting to evolving global trade arrangements. The report states that concerns about macroeconomic factors have eased in parallel, with recession discussions down by 81% and general uncertainty topics declining by 32% quarter-over-quarter.
This decline in uncertainty coincides with ongoing geopolitical and financial considerations, as companies continue to navigate the ramifications of tariff policies on global supply chains and investments. The findings also reflect a broader trend of adjustment, with firms apparently becoming more accustomed to recent market and policy changes.
Digital agenda rising
While traditional macroeconomic issues saw reduced emphasis, digital transformation and technology themes have become increasingly prominent on CEO agendas. The report notes a significant rise in AI discussions, peaking at 45% of calls, with a particular focus on real-world applications. Mentions of agentic AI-a form of AI that acts with greater autonomy-rose by 40%, and general references to AI agents increased by 20%.
Data centre infrastructure also gained prominence, cited in 15% of calls. These discussions typically centred on concerns regarding data centre capacity and the energy requirements needed to support expanding digital operations, especially as AI adoption grows. The sustained interest in this topic highlights the critical role that digital infrastructure plays in technology strategies across sectors.
Focus on robotics
The research further identified an uptick in references to robotics, particularly humanoid robots. Mentions of robotics increased by 28% quarter-over-quarter to appear in nearly 2% of all calls. This suggests a growing curiosity, and possibly early adoption, of robotics systems capable of performing tasks in environments previously reserved for humans.
Trends over time
IoT Analytics' historical review indicates that both geopolitical and digital themes have seen a significant increase in board-level focus over the past five years. The report found that, on average, leading technology topics have nearly doubled in frequency in earnings calls over this period. In the latest quarter, AI, software, and data centre themes were most prevalent amongst digital topics.
Knud Lasse Lueth, CEO at IoT Analytics, comments, "Our analysis of Q3 2025 earnings calls shows that the initial 'tariff shock' has passed, though tariffs remain a key concern. At the same time, CEOs are prioritising AI, and increasingly agentic AI alongside data centre capacity. The rise of these themes over the past five years confirms that the CEO digital agenda is now a core part of earnings calls, alongside the financial and geopolitical agendas."
The changes in discussion topics reflect an evolving landscape for corporate strategy, where technology transformation and the management of global trade issues are now seen as interconnected components of long-term planning.
IoT Analytics' full quarterly report, including historical data and a deeper dive into discussion trends for digital and macroeconomic topics, provides a comprehensive overview of the factors currently shaping boardroom conversations across a diverse range of industries worldwide.