During earnings calls, there has been a significant increase in AI mentions compared to mentions of ESG. In Q4 of 2021, there were 156 mentions of ESG, but this number has been cut in half in Q1 of 2022. On the other hand, AI mentions have doubled from last year, with approximately 400 mentions in Q4 of 2022 and over a thousand mentions in the latest quarter of 2023. This increase in AI mentions suggests a shift in institutional thinking and a trend towards focusing on AI technology. This trend is indicative of 'hand-wavy finance' where the repetition of certain keywords aims to make investors believe what they want to hear. The speaker expresses their surprise at the current numbers of AI mentions and suggests that investing based on future AI mentions may be a good strategy.