Jersey Mike’s IPO illustrates how bad the AI hype has become

When an establishment known primarily for its submarine sandwiches features artificial intelligence in its IPO documents, it begs the question: has the AI hype truly reached a new height? Jersey Mike’s, with actor Danny DeVito serving as its public face, exemplifies the current trend of companies feeling the need to incorporate AI into their narratives to attract investors. In the current climate of investor enthusiasm for all things AI, even non-tech businesses are leaning into the trend. This includes not just tech startups seeking venture capital but also companies like Bending Spoons, which specializes in revamping aging tech firms that don't center on AI. Curious about how far this trend extends, I examined Jersey Mike’s IPO filings, expecting to find little to no mention of AI in the context of a sandwich shop. Surprisingly, the terms 'artificial intelligence' and 'AI' appeared a staggering 22 times. However, Jersey Mike’s isn't marketing AI-driven software; it’s in the business of selling sandwiches. This curious juxtaposition illustrates the lengths to which companies will go to satisfy investor appetites for AI involvement. Notably, the company included AI references even in its investor risk disclosures, albeit without much clarity on how AI might pose risks to its operations. The vague statement, "We are beginning to use AI Technologies in our business," raises more questions than it answers. While it's true that as a franchise operation, Jersey Mike’s relies on software and data—mentioned 52 and 112 times, respectively—the boilerplate nature of its AI risk warning seems almost obligatory in today’s market. Other food businesses have faced setbacks due to poorly implemented AI solutions, like Starbucks’ failed inventory tool that was unable to perform its basic function and was ultimately discarded. Predicting the potential for an AI-related crisis at a sandwich shop feels a bit far-fetched. The risk might be akin to that of a franchise location being struck by lightning—an event that did indeed occur in Texas in 2021. Interestingly, while weather was only referenced five times in the IPO filing, lightning didn’t make the cut at all.