Apollo chief economist says AI has delivered no financial payoff to non-tech S&P 500 companies
Apollo Global Management chief economist Torsten Slok published a note concluding that AI has produced "zero financial payoff" for large US companies outside the technology sector. He analyzed the "S&P 493", the S&P 500 excluding Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla. Profit margins and revenue per worker appear flat, with no evidence of AI-driven productivity gains. Slok argues that business intelligence is mostly judgment, which AI lacks, and that companies will struggle to turn cheap intelligence into higher revenue and margins. The article contains no cyber threat content, vulnerabilities, or indicators, and is relevant only as industry and market commentary.
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Apollo chief economist says AI has delivered no financial payoff to non-tech S&P 500 companies
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Apollo Global Management chief economist Torsten Slok published a note concluding that AI has produced "zero financial payoff" for large US companies outside the technology sector. He analyzed the "S&P 493", the S&P 500 excluding Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla. Profit margins and revenue per worker appear flat, with no evidence of AI-driven productivity gains. Slok argues that business intelligence is mostly judgment, which AI lacks, and that companies will struggle to turn cheap intelligence into higher revenue and margins. The article contains no cyber threat content, vulnerabilities, or indicators, and is relevant only as industry and market commentary.