Generative AI models can process complex inputs and generate human-like outputs, making them more versatile and scaleable. Using a unique firm-level measure of exposure to generative AI, this study explores the effect of the public release of ChatGPT on equity returns at the firm level. ChatGPT had a sizeable positive effect on the value of firms whose labour forces are more exposed to generative AI. Occupations involving non-routine cognitive analytical tasks or routine cognitive tasks exhibit the highest exposure to generative AI, while manual physical tasks are relatively unaffected.
Learn more about this topic by Andrea Eisfeldt, Gregor Schubert and Miao Ben Zhang as seen on CEPR.org.
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