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\begin{appendices}

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\section{Variable Definitions}
\label{app:variables}

\begin{table}[htbp]
  \centering
  \caption{Variable Definitions}
  \label{tab:app_variables}
  \small
  \begin{tabular}{@{}p{4.2cm}p{10.5cm}@{}}
    \toprule
    Variable & Definition \\
    \midrule
    AI\,Adopt (\texttt{ai\_adoption\_wmean}) & Section-weighted mean cosine similarity of a firm's 10-K text chunks to the AI-internal-adoption anchor in fiscal year $Y$. \\[4pt]
    AI\,Infra (\texttt{ai\_infrastructure\_wmean}) & Section-weighted mean similarity to the AI-compute-infrastructure anchor. \\[4pt]
    AI\,Risk (\texttt{ai\_disruption\_risk\_wmean}) & Section-weighted mean similarity to the AI-product-disruption-risk anchor. \\[4pt]
    AI\,Compos & $\tfrac12[z(\text{AI\,Adopt})+z(\text{AI\,Infra})]$, with $z$ the within-year cross-sectional standardization. \\[4pt]
    Forward return & Buy-and-hold simple return from July of $Y{+}1$ to June of $Y{+}2$ (adjusted close, dividends reinvested). \\[4pt]
    Market-adjusted return & Forward return minus the contemporaneous SPY return. \\[4pt]
    Size & Natural logarithm of the market-cap proxy (latest shares outstanding $\times$ price) at formation. \\[4pt]
    Momentum & Own return over the 12 months ending at formation, skipping the last month. \\[4pt]
    Volatility & Annualized standard deviation of monthly returns over the trailing 12 months. \\[4pt]
    Post & Indicator equal to one for formation (fiscal) years $\ge 2022$. \\[4pt]
    CAR & Cumulative market-model abnormal return; market model estimated Jan--Oct 2022, event window Nov 2022--Jun 2024. \\
    \bottomrule
  \end{tabular}
\end{table}

\section{Data Sources and Reproducibility}
\label{app:repro}

Semantic factors are from the EDGAR Research Database (UQO), which embeds 10-K text with the
\texttt{all-MiniLM-L6-v2} sentence transformer and scores each chunk by cosine similarity to curated
anchor passages. Equity prices (monthly and daily) are from Yahoo Finance; the Fama--French five
factors, the momentum factor, and the risk-free rate are from the Kenneth R.\ French data library. All
return tests use look-ahead-free July-formation forward returns, with signals taken from the 10-K of
the preceding fiscal year. The analysis pipeline downloads prices, builds the merged firm-year panel,
runs the portfolio sorts, factor regressions, panel and Fama--MacBeth estimators, the
difference-in-differences specifications, and the market-model event study, and emits all figures and
tables programmatically; numerical results are serialized to machine-readable result files so that
every number reported in the paper is reproducible from source.

\end{appendices}