Apollo Economist: AI Has Delivered Zero Payoff to Non-Tech Corporate America

Torsten Slok, chief economist at Apollo Global Management, says artificial intelligence has yet to produce measurable financial gains across corporate America outside the technology sector, challenging widespread optimism about the technology's near-term economic impact. In a detailed analysis of the S&P 493—the S&P 500 excluding the Mag 7 tech giants (Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla)—Slok found that profit margins and revenue per worker remain flat despite massive AI investments. The research revealed no evidence that AI is improving productivity growth in non-tech industries, a finding that contradicts earlier projections of broad-based economic benefit.