AI Study Says Stocks Already Pricing a Job-Replacement Premium

Trying to sort winners from losers as artificial-intelligence spreads though the economy? The stock market already is, and it goes way beyond Nvidia Corp. and Microsoft Corp.

A trio of researchers say companies with workforces ripest for AI streamlining are doing something interesting in the market: beating it. Their study, “Generative AI and Firm Values,” by Andrea L. Eisfeldt and Gregor Schubert of the University of California Los Angeles and Miao Ben Zhang of the University of Southern California, is an attempt to quantify shock waves created by the release of the ChatGPT program.

While the idea ...