https://aifaultline.com/authors/aleh-tsyvinski/New papers by Aleh Tsyvinski in the AI Fault Line guide, and news naming them. https://aifaultline.com/research/p/title-90a68c62c2cace4a/https://aifaultline.com/research/p/title-90a68c62c2cace4a/Mon, 29 Jun 2026 00:00:00 +0000Using 380 trillion tokens of AI consumption across more than 400 language models from OpenRouter data, the authors build a high-frequency AI factor and estimate firms' stock-return exposure to it. High-exposure firms earn a sizable return premium (64.1 basis points per week long-short), concentrated in frontier, paid and closed-model usage, and occupations heavy in interaction and communication show more positive AI exposure.