Apollo's Chief Economist Says AI Has Delivered Zero Financial Payoff Outside Big Tech

Podcast: AI Newspaper · AI Newspaper

Opublikowano: 2026-10-26

Apollo Global Management chief economist Torsten Slok argues that, so far, AI has delivered no visible financial payoff to most of corporate America. In his Daily Spark notes, Slok compares the "S&P 493", the S&P 500 minus Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla, with the biggest tech companies: revenue per worker and profit margins are flat for the 493 while both are rising for the Magnificent Seven. He also finds no sign of AI in the productivity data, with the San Francisco Fed's utilization-adjusted total factor productivity slightly below zero and gains in output per hour explained by capital...