This box examines how exposure to artificial intelligence (AI) is reflected in the market-based financing conditions of European firms. Using a novel firm-level measure of AI exposure derived from the earnings call transcripts of STOXX Europe 600 constituents, we show that AI exposure extends beyond a narrow set of infrastructure providers and hyperscalers, encompassing a broader range of firms that adopt AI for product innovation or productivity gains. Panel regressions show that AI-exposed firms earn a robust equity return premium of around 1.3 percentage points per quarter and pay…