The stock market is already beginning to reward companies that, in the opinion of investors, will become the main beneficiaries of the adoption of artificial intelligence. And this is happening even in cases where the companies themselves are not yet using AI technologies in their operational activities. This conclusion was reached by economists after analyzing one of the largest datasets on the real consumption of neural networks — 380 trillion tokens collected by the OpenRouter platform from January 2024 to April 2026.
To quantify this effect, the researchers developed a special indicator — the "AI factor." It records changes in global AI consumption on a weekly basis. Then, based on the reaction of stock prices, companies were divided into two groups: those whose securities are sensitive to the growth in popularity of neural networks, and those that practically do not react to such changes. As a result of comparing the returns of these groups, a significant gap was identified. The stocks of potential leaders brought investors approximately 0.64% more profit per week. It is this difference that the economists defined as the "AI premium."
It is important to understand that 0.64% per week is not just a statistical error. At first glance, the figure may seem modest, but in the long term, it creates a colossal gap in market capitalization. The market, in essence, constantly revalues assets based on future expectations, rather than current financial performance. The additional income is received not by firms that have already implemented the tools, but by those that, in the market's opinion, have high potential to do so in the future.
Who benefits: geography and user profile
The analysis revealed three key aspects that form this "premium." First, it has extended far beyond the technology sector. Retailers, consumer goods manufacturers, and even heavy industry enterprises receive increased returns. Investors expect a massive increase in labor productivity across all areas of business, not just in IT giants.
Second, the bulk of the "premium" is concentrated in the USA and Europe. These regions are closely tied to the creation of infrastructure and the construction of modern data centers. In China and emerging markets, this effect is significantly weaker. Market mechanisms reward proximity to advanced developments, which are currently available to few.
Third, and this is perhaps the most important conclusion for investors: the "premium" is formed exclusively by the professional segment of users. This refers to complex long queries and paid subscriptions, not the millions of ordinary users trying out free models. Investors value the depth of technology integration, not mass reach.
My comment: The market is beginning to act proactively, and this is shaping a new valuation paradigm. For portfolio investors, the signal is clear: one should look not only for technology leaders but also for companies from "traditional" sectors that demonstrate high potential for deep and professional integration of AI into their business processes. Ignoring this trend could lead to a significant lag in returns in the coming years.