تأثير الذكاء الاصطناعي على تقلبات عوائد الأسهم العالمية: دراسة قياسية خلال الفترة 2022-2026

Abstract

This study aimed to measure the impact of artificial intelligence applications on global stock returns during the period from 14/06/2022 to 06/01/2026, with a particular focus on market volatility and return risk. The study relied on a set of major global indicators represented by RBOTZ, RBRENT, RDYX, VIX, and RS-P500. The EGARCH model was employed to examine the effect of AI adoption on the conditional volatility of stock returns and to test the study hypotheses. The findings revealed a significant impact of artificial intelligence on the dynamics of global financial markets, as AI applications contributed to reducing return volatility and enhancing market stability, particularly since 2023 with the increasing global adoption of intelligent technologies. The results also indicated a high persistence of financial volatility and strong market sensitivity to shocks, while markets with greater AI adoption exhibited lower levels of risk and uncertainty compared to others during the study period.