The view that AI technology will affect capital premium and skill premium has reached an international consensus, but there is no unified research conclusion. With the continuous decline of labor income share in China, it is necessary to explore the impact of artificial intelligence technology on capital premium and skill premium. This paper focuses on China"s manufacturing industry, constructs an endogenous model of capital premium and skill premium, mathematically deduces the influence mechanism of AI technology on them, and puts forward propositions on the trend of capital premium and skill premium in the first and second developing regions of artificial intelligence application according to China"s situation. Based on the provincial data of China"s manufacturing industry from 1993 to 2019, this paper makes an empirical test by using the four equation standardized supply surface system method, The direct and partial effects of AI technology on capital premium and skill premium are analyzed by regression analysis. The results show that: the capital premium in the first mover regions shows a slight downward trend, and the skill premium shows a significant polarization trend; The capital premium in late developing regions is on the rise, and the skill premium is in a "U" shaped trough. Compared with late developing regions, capital premium and skill premium in early developing regions are more sensitive and effective to AI technology, and AI technology can alleviate the level of capital premium through factor structure and technical efficiency structure; Artificial intelligence technology can enhance the level of skill premium through labor structure and skill efficiency structure.