Yukun Liu

Ruihan Jin, Ruibo Fu, Zhengqi Wen et al.

Fake news becomes a growing threat to information security and public opinion with the rapid sprawl of media manipulation. Therefore, fake news detection attracts widespread attention from academic community. Traditional fake news detection models demonstrate remarkable performance on authenticity binary classification but their ability to reason detailed faked traces based on the news content remains under-explored. Furthermore, due to the lack of external knowledge, the performance of existing methods on fact-related news is questionable, leaving their practical implementation unclear. In this paper, we propose a new multi-media research topic, namely manipulation reasoning. Manipulation reasoning aims to reason manipulations based on news content. To support the research, we introduce a benchmark for fake news detection and manipulation reasoning, referred to as Human-centric and Fact-related Fake News (HFFN). The benchmark highlights the centrality of human and the high factual relevance, with detailed manual annotations. HFFN encompasses four realistic domains with fake news samples generated through three manipulation approaches. Moreover, a Multi-modal news Detection and Reasoning langUage Model (M-DRUM) is presented not only to judge on the authenticity of multi-modal news, but also raise analytical reasoning about potential manipulations. On the feature extraction level, a cross-attention mechanism is employed to extract fine-grained fusion features from multi-modal inputs. On the reasoning level, a large vision-language model (LVLM) serves as the backbone to facilitate fact-related reasoning. A two-stage training framework is deployed to better activate the capacity of identification and reasoning. Comprehensive experiments demonstrate that our model outperforms state-of-the-art (SOTA) fake news detection models and powerful LVLMs like GPT-4 and LLaVA.

Nicola Borri, Yukun Liu, Aleh Tsyvinski

Using 380 trillion tokens of realized AI consumption across more than four hundred large language models from the licensed proprietary OpenRouter dataset covering approximately 2 percent of current global monthly AI token consumption, we analyze how AI affects firms, markets, and workers. Leveraging the unprecedented size, scope and granularity data, we construct the AI Factor from growth in tokens, dollars, and users, estimate firm-level AI Betas from stock return comovement, and characterize the AI Premium. First, we build a high-frequency AI factor and decompose it into salient components. Second, we show that firms whose returns covary more positively with the AI factor--high AI beta firms--earn higher subsequent returns, and the AI premium is large and heterogeneous. A value-weighted long-short strategy earns 64.1 basis points per week, and the premium is large for loadings on the intensive, frontier-oriented margin of AI consumption-closed-source models, paying and seasoned users, and long prompts--but not on casual or open-weight use. Third, the premium reaches beyond technology firms into consumer-facing and capital-heavy parts of the economy, but is absent in emerging markets, including China. Fourth, the AI exposure is more positive in nonroutine interactive work and the more negative in analytical, scientific, and operations-control skills--an occupation one standard deviation higher in interaction-and-communication content has 0.36-standard-deviation higher market-implied AI premium. Additionally, we provide early evidence of the rise of the agentic economy.

Kaiying Yan, Moyang Liu, Yukun Liu et al.

The rapid spread of fake news across multimedia platforms presents serious challenges to information credibility. In this paper, we propose a Debunk-and-Infer framework for Fake News Detection(DIFND) that leverages debunking knowledge to enhance both the performance and interpretability of fake news detection. DIFND integrates the generative strength of conditional diffusion models with the collaborative reasoning capabilities of multimodal large language models (MLLMs). Specifically, debunk diffusion is employed to generate refuting or authenticating evidence based on the multimodal content of news videos, enriching the evaluation process with diverse yet semantically aligned synthetic samples. To improve inference, we propose a chain-of-debunk strategy where a multi-agent MLLM system produces logic-grounded, multimodal-aware reasoning content and final veracity judgment. By jointly modeling multimodal features, generative debunking cues, and reasoning-rich verification within a unified architecture, DIFND achieves notable improvements in detection accuracy. Extensive experiments on the FakeSV and FVC datasets show that DIFND not only outperforms existing approaches but also delivers trustworthy decisions.

Moyang Liu, Kaiying Yan, Yukun Liu et al.

The rapid growth of social media has led to the widespread dissemination of fake news across multiple content forms, including text, images, audio, and video. Compared to unimodal fake news detection, multimodal fake news detection benefits from the increased availability of information across multiple modalities. However, in the context of social media, certain modalities in multimodal fake news detection tasks may contain disruptive or over-expressive information. These elements often include exaggerated or embellished content. We define this phenomenon as modality disruption and explore its impact on detection models through experiments. To address the issue of modality disruption in a targeted manner, we propose a multimodal fake news detection framework, FND-MoE. Additionally, we design a two-pass feature selection mechanism to further mitigate the impact of modality disruption. Extensive experiments on the FakeSV and FVC-2018 datasets demonstrate that FND-MoE significantly outperforms state-of-the-art methods, with accuracy improvements of 3.45% and 3.71% on the respective datasets compared to baseline models.

Moyang Liu, Kaiying Yan, Yukun Liu et al.

The rapid growth of social media has led to the widespread dissemination of fake news across multiple content forms, including text, images, audio, and video. Traditional unimodal detection methods fall short in addressing complex cross-modal manipulations; as a result, multimodal fake news detection has emerged as a more effective solution. However, existing multimodal approaches, especially in the context of fake news detection on social media, often overlook the confounders hidden within complex cross-modal interactions, leading models to rely on spurious statistical correlations rather than genuine causal mechanisms. In this paper, we propose the Causal Intervention-based Multimodal Deconfounded Detection (CIMDD) framework, which systematically models three types of confounders via a unified Structural Causal Model (SCM): (1) Lexical Semantic Confounder (LSC); (2) Latent Visual Confounder (LVC); (3) Dynamic Cross-Modal Coupling Confounder (DCCC). To mitigate the influence of these confounders, we specifically design three causal modules based on backdoor adjustment, frontdoor adjustment, and cross-modal joint intervention to block spurious correlations from different perspectives and achieve causal disentanglement of representations for deconfounded reasoning. Experimental results on the FakeSV and FVC datasets demonstrate that CIMDD significantly improves detection accuracy, outperforming state-of-the-art methods by 4.27% and 4.80%, respectively. Furthermore, extensive experimental results indicate that CIMDD exhibits strong generalization and robustness across diverse multimodal scenarios.