Artificial intelligence, firm growth, and product innovation

We study the use and economic impact of AI technologies. AI-powered growth concentrates among larger firms and is associated with higher industry concentration.

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• 1 We propose a new measure of firm-level AI investments using employee resumes.
• 2 Our measure reveals a stark increase in AI investments across sectors.
• 3 AI-investing firms experience higher growth in sales, employment, and market valuations.

Mathematical breakthroughs form the theoretical backbone of science, cryptography, data analysis, and engineering.

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