• Firms that adopt AI grow headcount 10.2% over the two years following adoption, but these gains are entirely driven by high-intensity adopters. Low-intensity adopters see no statistically significant change.

• Entry-level headcount grew even faster. At the companies making the largest AI investments, entry-level headcount grew 12% over the two years following adoption.

• AI adoption and the associated gains are unevenly distributed. AI adopters are already larger, more engineering-intensive, more likely to be venture-backed, and faster-growing than non-adopters. These firms then grow faster upon adoption.