AI Premium: Pricing AI Exposure in Markets
WillRinehart · x · 2026-07-16
This thread introduces the paper 《AI Premium》. The authors constructed a metric for corporate AI sensitivity (AI beta) using detailed OpenRouter data and public equity data to capture how the stock market prices AI exposure.
Key findings: High AI beta companies performed notably better. The top group outperformed the lowest by 64.1 basis points per week in excess returns. Even after controlling for Fama-French factors, the estimated alpha remains around 56 basis points weekly, approaching a 29% annualized return. The author cautions that these findings reflect a rapid phase of early AI diffusion and should be viewed as current market pricing for AI exposure rather than a stable, long-term pattern.
Related event: Measuring AI Premium Using OpenRouter Data(2 posts)→
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