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.

中文翻译：

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人工智能、企业成长和产品创新

我们研究人工智能技术的使用和经济影响。我们提出了一种利用员工简历衡量公司级人工智能投资的新措施。我们的衡量结果显示，各行业的人工智能投资显着增加。人工智能投资公司在销售、就业和市场估值方面经历了更高的增长。这种增长主要来自于产品创新的增加。我们的结果对于利用企业对大学人工智能毕业生供应的了解来衡量人工智能投资是稳健的。人工智能驱动的增长集中在较大的公司中，并且与更高的行业集中度相关。我们的结果强调，人工智能等新技术可以通过产品创新促进增长和超级明星公司。