The authors are grateful to Hemant Bhargava (Editor), the Associate Editor, three anonymous referees, Tania Babina, Nick Bloom, Carri Chan, Josh Lerner, Hong Luo, Alex Moehring, Abraham Seidmann, Laura Veldkamp, and conference participants at the 2024 National Bureau of Economic Research Productivity, Innovation, and Entrepreneurship Program Spring Meeting; the University of Tennessee “Smokey” Mountain Finance Conference; the Conference on Health IT and Analytics; and the Emory “AI and Platform Evolution” Conference; and seminar participants at Boston University; Fudan University; New York University Shanghai; and the Shanghai University of Finance and Economics for helpful comments and suggestions. An earlier version of the paper is circulated as “Can AI Distort Human Capital?”