We find that firms adjust their AI/green investments upward (downward) in response to favorable (unfavorable) market reactions to announcements of such emerging-technology investment plans. This positive investment-price association is more likely due to managerial learning from the market than alternative explanations based on omitted variables or growth expectations. It is more pronounced when market reactions are unfavorable, when investors have more domain knowledge, and when managers are more uncertain about their plans. Our paper illustrates the usefulness of market feedback in guiding emerging corporate policies and sheds new light on what type of information managers learn from the stock market.