FIRC0002
Does the Language of Artificial Intelligence Move Markets? A Semantic Analysis of Russell 3000 SEC Filings and the Cross-Section of Stock Returns, 2010–2026
This paper measures artificial-intelligence (AI) engagement in the SEC filings of some 2,500 U.S. listed firms (the current S&P 500 constituents and the holdings of the iShares Russell 3000 ETF) by embedding every passage of their Form 10-K, 10-Q and 8-K filings of 2010–2026 with a sentence transformer and scoring it…