GoKawiilApollo economist says AI shows no profit impact for S&P 493 companies
Apollo Global Management chief economist Torsten Slok published a note arguing that AI has produced no measurable financial benefit for large companies outside the tech sector. Analyzing what he calls the 'S&P 493' — the S&P 500 excluding seven major tech firms — Slok found flat profit margins and revenue per worker, with no evidence of productivity gains from AI adoption.
GoKawiil's interpretation of the reporting above, not reported fact.
Slok's analysis challenges the narrative that AI investment will soon translate into broad corporate profitability, suggesting the technology's benefits may remain concentrated among a handful of tech giants. His argument that business success depends on judgment, trust and reputational factors AI cannot replicate implies that productivity gains, if they come, could take much longer than many investors currently expect.
- Apollo economist Torsten Slok finds no financial payoff from AI for companies outside the 'S&P 493' group.
- Profit margins and revenue per worker among these firms remain flat despite heavy AI investment.
- Slok argues AI lacks judgment, trust and ethical reasoning needed to drive revenue growth and profitability.
Source: techcrunch.com — Anthony Ha, 2026-10-25
Published there as: “AI delivers ‘zero financial payoff’ to most companies, according to Apollo economist”
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