\begin{table}[H]\centering\small
\caption{Risk-adjusted performance of the equal-weight high-minus-low (Q5$-$Q1) long-short portfolio, annually rebalanced (178 monthly observations). Alphas annualized; \textit{t} from Newey--West (3 lag) HAC errors.}\label{tab:alpha}
\begin{tabular}{lrrrrr}\toprule
& Mean LS & CAPM $\alpha$ & \textit{t} & FF6 $\alpha$ & \textit{t} \\
Signal & (\%/yr) & (\%/yr) & & (\%/yr) & \\\midrule
AI adoption & +2.1 & +1.5 & 1.08 & +2.0 & 1.46 \\
AI infrastructure & +1.7 & +0.9 & 0.61 & +1.1 & 0.84 \\
AI composite & +2.3 & +1.4 & 0.85 & +1.9 & 1.24 \\
AI disruption risk & +3.0 & +2.1 & 1.38 & +2.8 & 2.10 \\
\bottomrule
\end{tabular}\end{table}