Financial markets have begun to reward in advance companies that investors believe will become the main beneficiaries of artificial intelligence adoption. A new large-scale study, based on the analysis of a colossal dataset — 380 trillion tokens collected by the OpenRouter platform from January 2024 to April 2026 — has revealed a persistent phenomenon that experts have dubbed the "AI Premium."

This dataset, covering over 400 models including GPT, Claude, and DeepSeek, and reflecting about 2% of global monthly AI consumption, made it possible to build a unique indicator — the "AI Factor." It records weekly changes in global user activity on neural networks. By comparing this dynamic with stock movements, analysts divided companies into two groups: those with high sensitivity to the growth in AI popularity and those that barely react to these changes.

Figures That Speak Volumes

The result was striking. Stocks of "potential leaders" yielded investors an average of 0.64% more per week than shares of other companies. At first glance, this may seem like a negligible amount. However, in the context of long-term investing, this gap, accumulating over time, creates a colossal advantage. This is about a systematic revaluation of assets based on future expectations rather than current financial performance.

The key takeaway: the premium is not earned by those already actively using AI, but by those the market believes in. A company may not be using the technology at all today, but if investors see high growth potential in it, its market capitalization begins to rise in advance. As one of the study's co-authors, Yukun Liu, rightly noted, markets are now rewarding the very proximity of companies to cutting-edge models in the US and Europe.

Who Benefits?

The analysis revealed three key patterns that overturn traditional views on technology investments:

  • Broad industry coverage: Contrary to expectations, the AI premium has extended far beyond the technology sector. It is captured by retailers, consumer goods manufacturers, and even representatives of heavy industry. Investors are betting on a widespread increase in labor productivity across all business areas.
  • Geographic concentration: The bulk of the premium is concentrated in the US and Europe — regions where infrastructure is being built and modern data centers are being constructed. In China and emerging markets, this effect is significantly weaker.
  • Role of professionals: The driving force behind the premium is not millions of ordinary users, but the professional segment — complex, lengthy queries and paid subscriptions. As co-author Nicola Borri emphasized, it is the deep integration of technology, not mass superficial use, that generates financial returns.

Cryptalist Expert Opinion: This study is a powerful signal for the market. It confirms that we are moving from a phase of "hype speculation" to a phase of "rational assessment of future benefits." Investors should reconsider their portfolios, paying attention not only to obvious tech giants but also to "dark horses" from traditional sectors that could be at the forefront of AI transformation.