We are grateful to Daron Acemoglu, Roman Acosta, Ashwini Agrawal, Tania Babina, Daniel Barron, Ricardo Dahis, Benjamin Friedrich, Joao Guereiro, Jessica Jeffers, Benjamin Jones, Riccardo Marchingiglio, Sarit Markovich, David Matsa, Sara Moreira, Edwin Munoz, Jane Olmstead-Rumsey, Dimitris Papanikolaou, Sanket Patil, Nicola Persico, Michael Powell, Elena Prager, Luis Rayo, Elena Simintzi, David Sraer, Amanda Starc, Jeroen Swinkels, Miguel Talamas, Benjamin Vatter, and Ruozhou Yan; and participants of the NBER Doctoral Workshop on Economics of AI, NBER Summer Institute: IT and Digitization, AEA/AFA 2022 meetings, and seminars at Northwestern, HKUST, UC Berkeley, London Business School, Chinese University HK, Max Planck Institute for Innovation, and Labor & Finance Online Seminar for helpful comments and guidance. We thank the Center for Research on Technology and Innovation at Kellogg, in particular James Conley, for financial support. This paper combines research in a paper circulated under the title “Digitization and Automation: Firm Investment and Labor Outcomes,” and another project with a working title “Where Are All The Robots?” The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.