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Leveraging the unprecedented size, scope and granularity of this data, we construct the AI Factor from growth in tokens, dollars, and users, estimate firm-level AI Betas from stock return comovement, and characterize the AI Premium. First, we build a high-frequency AI factor and decompose it into salient components. Second, we show that firms whose returns covary more positively with the AI factor—high AI beta firms—earn higher subsequent returns, and the AI premium is large and heterogeneous. A value-weighted longshort strategy earns 64.1 basis points per week, and the premium is large for loadings on the intensive, frontier-oriented margin of AI consumption—closed-source models, paying and seasoned users, and long prompts—but not on casual or open-weight use. Third, the premium reaches beyond technology firms into consumer-facing and capital-heavy parts of the economy, but is absent in emerging markets, including China. Fourth, the AI exposure is more positive in nonroutine interactive work and more negative in analytical, scientific, and operations-control skills—an occupation one standard deviation higher in interaction-and-communication content has 0.36-standard-deviation higher market-implied AI exposure. Additionally, we provide early evidence of the rise of the agentic economy. Acknowledgements and Disclosures Data provided by OpenRouter, Inc. Used under license. The analysis is based only on aggregated and anonymized derivative data constructed by the authors. The original OpenRouter data are not redistributed or disclosed. We are grateful to OpenRouter for providing access to the data, especially to Justin Summerville for his assistance throughout the data-access process. We thank Daron Acemoglu and Andrew Atkeson for detailed comments, Ron Borzekowski and the Yale Data- Intensive Social Science Center for assistance in onboarding the data. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. Citation and Citation Data Copy Citation Nicola Borri, Aleh Tsyvinski, and Yukun Liu, "AI Premium," NBER Working Paper 35451 (2026), https://doi.org/10.3386/w35451. 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