Abstract: Markets have begun pricing artificial intelligence exposure as a systematic risk factor, revealing how investors value AI's transformative impact across firms, industries, and labor markets. Analysis of 380 trillion tokens of realized AI consumption from OpenRouter shows firms with higher AI exposure earn significant return premiums—approximately 64 basis points weekly in value-weighted portfolios. This premium concentrates in frontier model usage, experienced users, and complex tasks rather than casual consumption. The pattern extends beyond technology firms into consumer-facing and capital-intensive sectors, with developed markets showing stronger effects than emerging economies. Market-implied occupation exposure favors nonroutine interactive work—communication, persuasion, and system installation—while penalizing analytical, scientific, and operations-control roles. These findings illuminate how equity markets capitalize AI's dual nature: creating growth opportunities while reallocating value across firms, tasks, and skills. Organizations must understand these market signals to navigate strategic positioning, capability development, and workforce planning in an AI-transformed economy.
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