It’s Already in Your Multiple: Markets Priced the AI Payoff Before Most Companies Organized for It
Public markets have already priced a large AI payoff into the companies that use software, not just the ones that build AI. A September 2026 NBER working paper estimates that AI news from November 2022 through 2025 raised the market’s expected value of software-engineering productivity by the equivalent of a permanent 32.6% increase, concentrated in […]