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Li-Tao Zhou

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#large language models Open access Sep 2026

Risk and Return under Open-Source LLM Shocks: A CAPM Analysis of U.S. AI-Related Sector ETFs

This paper examines the impact of two landmark open-source releases—DeepSeek-R1 and Kimi K3—on the returns and risk of five U.S. AI-related sector ETFs, finding that both shocks were highly concentrated in the computing-power layer, while the application layer remained relatively resilient.

Li-Tao Zhou · 0 citations

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