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
· Advances in Economics, Manag... · 0 citations