Visibility into AI’s downside is on the upswing in corporations’ annual SEC filings. Three hundred and eighty of S&P 500 companies added or expanded descriptions of AI as a material risk in their 2025 annual disclosure filings, according to an Autonomy Institute report. Companies have diverged in what risks they cite, but two in five disclosed cyber threats from AI, and at least 100 mentioned bias in AI inputs and outputs. With insights from the report’s author and a Goodwin partner who is an SEC regulatory expert, this article examines the risks that companies have disclosed, the language used and pitfalls around AI disclosures. It also highlights recommended actions for companies. See “Guide to AI Risk Assessments” (Jun. 18, 2025).