Market-Priced AI Exposure (the AI Premium)

Borri-Liu-Tsyvinski: market-implied AI exposure built from 380T tokens of realized OpenRouter consumption — an AI Factor, rolling firm-level AI Betas, and a priced 64 bps/week long-short premium concentrated on frontier/paid use; the implied skill map is orthogonal to task-based exposure measures, and tool-call tokens rising to 52% signal an agentic economy.