@techreport{kung2026treasury,
  title = {U.S. Treasury Investors Are Long in AI},
  author = {Howard Kung and Hanno Lustig and James D. Paron},
  year = {2026},
  institution = {Stanford University Graduate School of Business},
  type = {Working Paper},
  url = {https://jamesparon.github.io/papers/treasury-ai/}
}