Daily Papers

Using 380 trillion tokens of realized AI consumption across more than four hundred large language models from the licensed proprietary OpenRouter dataset covering approximately 2 percent of current global monthly AI token consumption, we analyze how AI affects firms, markets, and workers. Leveraging the unprecedented size, scope and granularity data, we construct the AI Factor from growth in tokens, dollars, and users, estimate firm-level AI Betas from stock return comovement, and characterize the AI Premium. First, we build a high-frequency AI factor and decompose it into salient components. Second, we show that firms whose returns covary more positively with the AI factor -- high AI beta firms -- earn higher subsequent returns, and the AI premium is large and heterogeneous. A value-weighted long-short strategy earns 64.1 basis points per week, and the premium is large for loadings on the intensive, frontier-oriented margin of AI consumption -- closed-source models, paying and seasoned users, and long prompts -- but not on casual or open-weight use. Third, the premium reaches beyond technology firms into consumer-facing and capital-heavy parts of the economy, but is absent in emerging markets, including China. Fourth, the AI exposure is more positive in nonroutine interactive work and more negative in analytical, scientific, and operations-control skills -- an occupation one standard deviation higher in interaction-and-communication content has 0.36-standard-deviation higher market-implied AI exposure. Additionally, we provide early evidence of the rise of the agentic economy.

Despite widespread deployment of Large Language Models, systematic evaluation of instruction-following capabilities remains challenging. While comprehensive benchmarks exist, focused assessments that quickly diagnose specific instruction adherence patterns are valuable. As newer models may be trained on existing benchmarks, novel evaluation approaches are needed to assess genuine capabilities rather than memorized performance. This paper presents a streamlined evaluation framework using twenty carefully designed prompts to assess LLM instruction-following across diverse task categories. We demonstrate this framework through a large-scale empirical study conducted on October 14, 2025, testing 256 verified working models from 331 available via OpenRouter. To ensure methodological rigor and prevent selection bias, we first verified each model's basic functionality before inclusion. Unlike large-scale benchmarks requiring extensive computational resources, our approach offers a practical diagnostic tool researchers and practitioners can readily apply. Our methodology builds upon verifiable instructions while introducing a compact test suite balancing comprehensiveness with efficiency. Each prompt targets distinct aspects of instruction following, including format compliance, content constraints, logical sequencing, and multi-step task execution. We evaluate models from major providers (OpenAI, Anthropic, Google, Meta, Mistral) and emerging implementations (Qwen, DeepSeek, community models), providing comparative performance analysis. Our findings reveal consistent failure modes and identify specific instruction types posing particular challenges. This work contributes both a practical evaluation tool and one of the most comprehensive empirical analyses of instruction-following capabilities across the contemporary LLM landscape.