Artificial intelligence, firm growth, and product innovation
利用员工简历构建企业AI投资指标，发现AI投资促进企业销售、就业和市值增长，主要通过产品创新实现，且增长集中于大企业并加剧行业集中。
We study the use and economic impact of AI technologies. We propose a new measure of firm-level AI investments using employee resumes. Our measure reveals a stark increase in AI investments across sectors. AI-investing firms experience higher growth in sales, employment, and market valuations. This growth comes primarily through increased product innovation. Our results are robust to instrumenting AI investments using firms' exposure to universities' supply of AI graduates. AI-powered growth concentrates among larger firms and is associated with higher industry concentration. Our results highlight that new technologies like AI can contribute to growth and superstar firms through product innovation.