Apollo Flags Absence of AI Margin Gains Outside Tech

Torsten Slok, Chief Economist at Apollo Global Management, warned that companies in the S&P 493 — those outside the Magnificent 7 — show no sign of profit-margin gains from AI spending, a situation he says poses a risk to Big Tech valuations. Slok laid out the analysis in a June 30, 2026 note titled "AI: The ROI Runway Could Be Long Outside the Tech Sector," published as an Apollo note.