The authors thank the anonymous review team led by Lamar Pierce at Management Science for providing invaluable insights and recommendations; Yeonsin Ahn, Jerker Denrell, Tianyu He, Eucman Lee, Marco Minervini, Hart Posen, Yash Shrestha, Bart Vanneste, and Phebo Wibbens for feedback on earlier drafts; and audiences at the first AI and Strategy workshop, the 2020 Academy of Management conference, and the 2020 Strategic Management Society conference for helpful comments.