AI delivers ‘zero financial payoff’ to most companies, Apollo economist says
Apollo's chief economist says AI has delivered no financial benefit to non-tech S&P 500 companies, with flat margins and productivity.Summary
Torsten Slok, chief economist at Apollo Global Management, analyzed the S&P 493—the S&P 500 excluding major tech firms like Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla—and found that profit margins and revenue per worker remain flat, with no evidence that AI is boosting productivity. He stated that despite massive investments and hype, AI has delivered "zero financial payoff" to corporate America outside of tech. Slok expressed skepticism about non-tech companies catching up, noting that AI lacks judgment, accountability, trust, culture, and ethical understanding, which are crucial for driving revenue and profit margins. Recent studies also support that AI has not yet produced significant productivity gains.
(Source：TechCrunch)