The Four Words Dominating Earnings Calls: A Deep Dive into CEO Priorities

In an era of geopolitical tension, technological disruption, and economic uncertainty, CEOs are increasingly vocal about the forces shaping their businesses. A close analysis of Q2 2025 earnings calls reveals four phrases that dominate corporate conversations: “tariffs,” “uncertainty,” “AI,” and “mitigate.” These terms are not mere buzzwords—they reflect the strategic imperatives and risks reshaping the global economy. Let’s dissect their significance and what they mean for investors.

1. "Tariffs" – The Elephant in the Boardroom

Mentions of “tariffs” surged to 569 instances in Q2 2025, a staggering 190% increase compared to Q1 2024. The trigger? President Donald Trump’s sweeping “Liberation Day” tariffs, which targeted imports from 180 countries—including longtime allies like Canada and the EU. CEOs across sectors are now grappling with the ripple effects:
- Whirlpool CEO Marc Bitzer cited tariffs 50 times in a single call, framing them as a “level playing field” but also acknowledging the 26% stock plunge at Restoration Hardware (RH) due to tariff-driven pricing pressures.
- Tesla’s Elon Musk deflected accountability, stating, “The tariff decision is entirely up to the President of the United States.”
- JPMorgan’s Jamie Dimon reversed earlier dismissals, admitting tariffs could “slow growth.”

The takeaway: Tariffs are no longer just a political issue—they’re a core operational and financial risk for multinational firms. Sectors like home goods, appliances, and automotive are most exposed, while companies with localized supply chains (e.g., Rockwell Inc.) are emerging as winners.

2. "Uncertainty" – The New Normal

The word “uncertainty” appeared 486 times in Q2, a 68% rise year-over-year. CEOs attribute this to a cocktail of factors:
- Trade policies: The unpredictability of tariff escalations.
- Geopolitics: Conflicts like the Taiwan Strait and Middle East tensions.
- Economic shifts: The OECD revised 2025 global GDP growth down to 3.1%, with U.S. growth projected at just 2.2% due to tariff-driven inflation.

Notable mentions:
- TRX Gold Corp’s CEO warned of “economic uncertainty” threatening mining investments.
- ePlus’s Mark Marron noted “softening demand” in IT spending amid macroeconomic headwinds.

Investors should prioritize firms with diversified revenue streams and low geopolitical exposure to navigate this volatility.

3. "AI" – The Great Equalizer

While “tariffs” and “uncertainty” signal challenges, “AI” represents opportunity. A record 210 S&P 500 companies mentioned AI in Q2—91% of IT firms, including Meta Platforms, which emphasized AI’s role in:
- Improving ad targeting and content creation.
- Advancing metaverse initiatives.
- Cutting costs via automation.

The data shows AI’s outperformance:
- AI-mentioning firms gained 12.2% year-to-date (as of Q2 ontvangen), versus 8.6% for others.
- NVIDIA’s Jensen Huang called agentic AI (autonomous decision-making systems) a “revolution” for enterprise productivity.

Investors should focus on AI leaders like Alphabet, NVIDIA, and Microsoft, while wary of laggards in industries like retail, where AI adoption lags.

4. "Mitigate" – The New Playbook for Survival

CEOs used “mitigate” 209 times, a 59% jump from Q1. The term reflects proactive risk management strategies, such as:
- Supply chain reshoring: Rockwell Inc. relocated production to avoid tariffs.
- Cost controls: TRX Gold Corp prioritized operational efficiency to offset inflation.
- Cybersecurity investments: ePlus emphasized mitigating risks in AI and cloud services.

The lesson: Companies with robust mitigation plans—like diversified supply chains or AI-driven cost-cutting—are better positioned to weather storms.

Conclusion: Navigating the New Landscape

The four words dominating earnings calls—tariffs, uncertainty, AI, mitigate—paint a clear picture of today’s business environment:
1. Tariffs are here to stay, reshaping trade dynamics. Investors should favor firms with localized production or tariff-resistant revenue models.
2. Uncertainty demands diversification across sectors and geographies.
3. AI is the key to long-term growth, with agentic AI poised to transform industries.
4. Mitigation strategies separate winners from losers in volatile markets.

The data is clear: Firms like NVIDIA (+65% YTD), Meta (+30% YTD), and TRX Gold (+15% YTD) exemplify success in this environment. Conversely, laggards like RH (-26% YTD) face significant hurdles.

For investors, the path forward is to allocate capital to AI innovators, avoid tariff-heavy sectors, and prioritize companies with agile risk management. The CEOs’ lexicon isn’t just about today—it’s a roadmap for tomorrow’s winners.