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Apollo’s Slok Says AI Has Delivered Zero Payoff Outside of Tech

Artificial intelligence has produced no financial return for the vast majority of corporate America outside the technology sector. Torsten Slok, chief economist at Apollo Global Management, published a note reporting that revenue and profit margin gains remain strictly isolated to the Magnificent Seven companies. Mainstream corporate America is pulling back from seeing artificial intelligence as a growth driver, instead treating expanding expenses like rising token costs as a pure business cost. While big tech companies cash in on the boom, other S&P 500 firms face flat margins and stagnant revenue per worker.

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  • ✓ Artificial intelligence has delivered zero payoff to corporate America outside of technology, according to Apollo Global Management Chief Economist Torsten Slok.
  • ✓ Revenue per worker and profit margins are rising for the Magnificent Seven but are flat for the rest of the S&P 500, according to Torsten Slok.
  • ✓ Mainstream corporate America is pulling back and now treats artificial intelligence spending as a cost rather than growth.
🛡️ Source Corroboration: 23 independent reporting domains (95% confidence) ⏱ Read time: ~2 min

What changed

Apollo Global Management published an economic note detailing that artificial intelligence spending has yielded zero financial payoff in revenue or margins for companies outside of tech.

Live updates

  1. Apollo Economist Says AI Delivers Zero Payoff Outside Tech

    Artificial intelligence has produced no financial return for the vast majority of corporate America outside the technology sector. Torsten Slok, chief economist at Apollo Global Management, published a note reporting that revenue and profit margin gains remain strictly isolated to the Magnificent Seven companies. Mainstream corporate America is pulling back from seeing artificial intelligence as a growth driver, instead treating expanding expenses like rising token costs as a pure business cost. While big tech companies cash in on the boom, other S&P 500 firms face flat margins and stagnant revenue per worker.

    Why it matters

    The stark assessment highlights a growing economic disconnect between heavy capital expenditure in artificial intelligence and tangible financial returns across broader industries. As companies pump massive investments into the technology, rising token costs threaten to squeeze corporate profit margins for non-tech firms. Meanwhile, international bodies like the IMF warn that falling valuations in the tech sector could spread losses across global markets.

    What is confirmed

    • Artificial intelligence has delivered zero payoff to corporate America outside of technology, according to Apollo Global Management Chief Economist Torsten Slok.
    • Revenue per worker and profit margins are rising for the Magnificent Seven but are flat for the rest of the S&P 500, according to Torsten Slok.
    • Mainstream corporate America is pulling back and now treats artificial intelligence spending as a cost rather than growth.

    Still unconfirmed

    • Falling valuations in the artificial intelligence sector could spread losses across global markets.

    What to watch next

    • Upcoming earnings reports from major technology firms such as Nvidia
    • Broad corporate spending adjustments regarding artificial intelligence budgets
    Sources used for this update (27)
    1. finance.yahoo.com — Yahoo Finance - Stock Market Live, Quotes, Business & Finance News
    2. techcrunch.com — TechCrunch | Startup and Technology News
    3. www.theverge.com — All the drama around AI’s takeover of mathematics
    4. seekingalpha.com — Patient Capital Management Q3 2026 Commentary
    5. fortune.com — Hachette’s CEO says AI shortcuts are creating a ‘worse C-suite'
    6. www.newspim.com — [오늘의 차트] AI 업황이 급선회할 때 韓 충격파는...IMF의 경고
    7. Apollo Global Management — No Signs of AI Payoff Outside the Tech Sector
    8. Fortune — Here's the 'core economic flaw' in the AI bull case as stock and bond trades unravel, according to a top economist
    9. Crypto Briefing — Economist warns AI sector’s financial sustainability in question
    10. Bloomberg.com — Apollo’s Slok Says AI Has Delivered Zero Payoff Outside of Tech
    11. www.tokenpost.com — Slok Sees Revenue and Margin Gains Concentrated in the Magnificent Seven
    12. Techi — Apollo finds no broad AI payoff: NVDA stock forecast before earnings
    confidence 95%
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