spb/wp17_uqo

1% Generated by scripts/r3k_19_figures_v2.py -- do not edit by hand (FIRC-0002 v2.1, Stage E exhibits). Figure file: figures/r3k_v2/fig4_trend.pdf (copy in paper/figures_r3k/).2% \input{figures_r3k/fig4_trend} on its own places the float with its caption; inside an existing figure wrapper only the graphic is printed.3\ExhibitFigure{fig:trend}{\textbf{The secular rise of AI language in SEC filings.} Cross-sectional mean of the section-weighted cosine similarity of the firm-year's filing chunks to the AI-adoption anchor, for all firms in the estimation sample, the largest 1,000 firms by corrected capitalization and the remaining firms, and of the AI-infrastructure score for all firms, by filing year (2010--2024; $N$ = 27,354 firm-years). The series are unstandardized levels (the regressions use within-year $z$-scores), so the rise is the secular drift that the within-year standardization removes. No confidence band is drawn: with more than a thousand firms per year the standard error of the mean is smaller than the marker.}{\includegraphics[width=\textwidth]{fig4_trend.pdf}}4