Apollo Chief Economist Says AI Shows No Financial Returns for Most Companies
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Apollo Global Management chief economist Torsten Slok published a post arguing that, apart from tech companies, AI has yet to deliver financial returns for large US corporations. His analysis focused on the "S&P 493" — the S&P 500 excluding the seven tech giants Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla — and found that these companies' margins and revenue per employee are roughly flat, with no evidence that AI has boosted productivity. This view has once again pushed the gap between the AI investment boom and actual financial returns into the public spotlight. The event currently consists mainly of the economist's post and his data analysis, with no further developments reported.
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- TechCrunch · AIAI delivers ‘zero financial payoff’ to most companies, Apollo economist says
Torsten Slok, chief economist at Apollo Global Management, wrote that outside of tech companies, AI has not yet delivered financial returns for large US companies. Focusing on the S&P 493 (the S&P 500 excluding Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla), he found margins and revenue per employee roughly flat, with no evidence that AI has lifted productivity.
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