Apollo economist says AI has delivered ‘zero financial payoff’ to non-tech S&P 493 companies
Apollo Global Management chief economist Torsten Slok published a note arguing that among the S&P 493 (the S&P 500 excluding Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla) profit margins and revenue per worker remain flat, with no evidence that AI is improving productivity or driving higher revenue and margins for non-tech firms.