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1\begin{table}[H]\centering2\caption{Placebo Tests across Semantic Factors}\label{tab:placebo}3\small4\begin{tabular}{lccc}\toprule5& \multicolumn{2}{c}{Q5$-$Q1 spread (\%/yr)} & Interaction \\\cmidrule(lr){2-3}6Semantic factor & Pre (2010--21) & Post (2022--24) & $z\times$Post \\\midrule7AI adoption$^{\dagger}$ & +2.2 \tstat{2.04} & +14.3 \tstat{2.15} & +0.0199 \tstat{1.17} \\8AI infrastructure$^{\dagger}$ & +1.4 \tstat{0.91} & +13.6 \tstat{2.44} & +0.0277 \tstat{2.63} \\9AI disruption risk$^{\dagger}$ & +3.1 \tstat{2.47} & +14.1 \tstat{2.07} & +0.0108 \tstat{0.60} \\10ESG commitment & -2.5 \tstat{-2.82} & -8.8 \tstat{-2.27} & -0.0055 \tstat{-0.76} \\11Climate risk & -0.8 \tstat{-1.38} & -5.0 \tstat{-2.48} & +0.0008 \tstat{0.17} \\12Cybersecurity & +2.6 \tstat{1.96} & +13.5 \tstat{2.12} & +0.0090 \tstat{0.64} \\13Automation/labor & +2.1 \tstat{1.91} & +7.2 \tstat{1.29} & +0.0002 \tstat{0.01} \\14Macro risk & -1.6 \tstat{-2.02} & -0.5 \tstat{-0.11} & +0.0125 \tstat{1.06} \\15\bottomrule16\end{tabular}17\tablelegend{This table re-runs the structural-break design on all eight semantic factors in the database to test whether the post-2022 re-rating is specific to AI. For each factor it reports the equal-weighted Q5$-$Q1 forward-return spread (in percent per year, with Newey--West $t$-statistics) in the pre-period (2010--2021) and post-period (2022--2024), together with the coefficient on the interaction of the factor's within-year $z$-score with the post-2022 indicator (size and momentum controls, year-clustered standard errors). The post-ChatGPT jump is concentrated in the AI-related factors, marked with a dagger ($\dagger$); cybersecurity, which is bundled with technology exposure, also rises, whereas ESG-commitment and climate-risk disclosure earn \emph{negative} post-2022 spreads and macro-risk disclosure shows essentially none.}18\end{table}19