We study the impact of AI on labor markets using establishment-level data on vacancies with detailed occupation and skill information comprising the near-universe of online vacancies in the US from 2010 onwards. There is rapid growth in AI related vacancies over 2010-2018 that is greater in AI-exposed establishments. AI-exposed establishments are reducing hiring in non-AI positions. We find no discernible relationship between AI exposure and employment or wage growth at the occupation or industry level, however, implying that AI is currently substituting for humans in a subset of tasks but it is not yet having detectable aggregate labor market consequences.