The stock market has begun to reward companies in advance that, in investors' opinion, will benefit from the adoption of artificial intelligence, even if they are not yet using this technology. According to my data analysis, based on a large-scale study, the difference in returns between the shares of such "AI beneficiaries" and the rest of the market is approximately 0.64% per week. I call this persistent spread the "AI premium."

How the "AI Premium" is Formed

A special methodology was developed to identify this pattern. Researchers analyzed a colossal dataset — 380 trillion tokens processed by the OpenRouter platform from January 2024 to April 2026. This dataset covers over 400 models (including GPT, Claude, and DeepSeek) and represents about 2% of global monthly AI consumption.

Based on this data, the "AI factor" was created — an indicator that weekly records changes in global demand for neural networks. All companies were then divided into two groups: those whose shares are sensitive to fluctuations in this demand, and those that do not react to it. Comparing the returns of these groups revealed that very premium of 0.64% per week.

Key Findings: Who and Where Benefits

The analysis identified three crucial aspects of this phenomenon:

  • Not just "high-tech." Contrary to expectations, the "AI premium" extends far beyond the technology sector. It is captured by retailers, consumer goods manufacturers, and even industrial enterprises. Investors believe that AI will increase labor productivity across all industries, not just in IT.
  • Geographic inequality. The bulk of the premium is concentrated in the US and Europe — regions where AI infrastructure is being built. In China and emerging markets, this effect is significantly weaker, indicating a direct link between proximity to cutting-edge developments and market valuation.
  • Professionals, not the masses. The driving force behind the premium is not millions of ordinary users, but the professional segment. Complex, lengthy queries and paid subscriptions generate that added value which the market prices into stocks. Investors value the depth of integration, not mass consumption.

My comment: This "AI premium" is a classic example of how the market discounts future expectations. 0.64% per week may seem insignificant, but with compound interest, it creates a colossal gap in the long term. Investors are essentially voting with their wallets for companies that, in their opinion, will be able to most effectively integrate AI into their business processes, even if today these companies are merely "potential" beneficiaries.