Following the release of ChatGPT in November 2022, discussion about artificial intelligence (AI) increased not only on social media but also in the boardroom. In our previous blog post, we used text-as-data methods to document patterns in executive discussions of AI during quarterly earnings conference calls. We found a more than fivefold increase in the number of sentences mentioning AI, which were largely positive in sentiment, after the release of ChatGPT. Does this surge in positive chatter by corporate executives about AI reflect material implementation of this new technology at the firm-level, or is it merely “cheap talk”? In this blog post, we examine this question by analyzing the relationship between AI discussions in earnings calls and firms’ actual investment decisions as reported in their 10-K filings, which are annual regulatory filings with the U.S. Securities and Exchange Commission.