Yale Jackson economist Aleh Tsyvinski uncovers an "AI premium" in the stock market
A new analysis of 380 trillion AI tokens by the Yale scholar shows financial markets are already rewarding companies best positioned to benefit from AI adoption.
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- Mike Cummings
Aleh Tsyvinski and his co-authors found that stocks with the highest AI exposure outperformed those with the least by about 0.64% per week, a gap they call the "AI premium." The effect isn't limited to tech: consumer-facing and capital-intensive industries are seeing gains too.
"Previous studies on the economic effects of AI have mostly relied on surveys and estimates, but our work is based on unprecedented amounts of real-world data, providing a much more granular view of how AI consumption is affecting the economy," said Tsyvinski, the Arthur M. Okun Professor of Economics at Yale. "AI's emergence is not just a tech story, it's a much broader story that affects firms and workers in all parts of the economy."
Tsyvinski's team analyzed data from OpenRouter, a platform routing requests to more than 400 AI models, from January 2024 through April 2026.
The study also found that markets now reward interactive job skills over analytical ones, and that agentic AI now makes up more than half of global AI consumption.
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Aleh Tsyvinski's research on the "AI premium" covered by NPR's Planet Money
Yale Jackson economics professor Aleh Tsyvinski and coauthors analyzed 380 trillion AI tokens to trace how AI usage is reshaping stock prices — finding an 'AI premium' that reached far beyond the tech sector into industries across the economy."
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