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1\begin{table}[H]\centering2\caption{Summary Statistics}\label{tab:summ}3\small4\begin{tabular}{lrrrrr}\toprule5Variable & Mean & SD & p5 & Median & p95 \\\midrule6AI adoption (wmean) & 0.040 & 0.028 & -0.000 & 0.038 & 0.089 \\7AI infrastructure (wmean) & -0.023 & 0.033 & -0.073 & -0.024 & 0.033 \\8AI disruption risk (wmean) & 0.026 & 0.030 & -0.018 & 0.024 & 0.080 \\9Forward 12m return & 0.186 & 0.415 & -0.279 & 0.142 & 0.735 \\10Forward return, mkt-adj. & 0.036 & 0.395 & -0.401 & -0.005 & 0.537 \\11Momentum (12m) & 0.178 & 0.337 & -0.257 & 0.141 & 0.728 \\12Volatility (ann.) & 0.269 & 0.144 & 0.126 & 0.240 & 0.492 \\13Log market cap & 23.725 & 1.178 & 21.942 & 23.636 & 25.741 \\14\bottomrule15\end{tabular}16\tablelegend{This table reports distributional statistics for the firm-year estimation panel, which comprises 6{,}852 firm-years (497 firms) over formation years 2010--2024 with a tradeable forward return. The three AI signals---\emph{AI adoption}, \emph{AI infrastructure}, and \emph{AI disruption risk}---are section-weighted mean cosine similarities (\texttt{wmean}) of a firm's 10-K text to the corresponding anchor concept. \emph{Forward 12m return} is the buy-and-hold return from July of fiscal year $Y{+}1$ through June of $Y{+}2$; the market-adjusted variant nets out the contemporaneous return on the S\&P~500 ETF (SPY). \emph{Momentum} is the firm's trailing 12-month own return, \emph{volatility} the annualized standard deviation of its monthly returns, and \emph{log market cap} the natural logarithm of the market-capitalization proxy. For each variable the table reports the mean, standard deviation (SD), and the 5th, 50th (median), and 95th percentiles.}17\end{table}18