Jersey Mike's, a submarine sandwich company, mentioned the terms "artificial intelligence" and "AI" 22 times in its S-1 filing, despite selling sandwiches rather than AI software. The AI references even appeared in investor risk warnings, with boilerplate language like "We are beginning to use AI Technologies in our business," without explaining what specific AI uses could pose risks.
The article argues that investor demand for AI mentions is driving non-AI companies to sprinkle AI references throughout their pitches. The piece notes that while software was mentioned 52 times and data 112 times in the filing, weather was mentioned only five times, and lightning not at all—despite an actual lightning strike on a franchise shop in Texas in 2021.
The author draws a parallel to other companies, including Bending Spoons' public debut and Starbucks' scrapped AI inventory tool that couldn't count, as evidence of AI hype leaking into IPO documents. The piece frames the trend as a compulsion for companies of all kinds to reference AI in investor materials, even when their core business has little to do with the technology.