GoKawiilApollo economist: AI revenue gains confined to Magnificent 7, not broader S&P 500
Apollo Global Management chief economist Torsten Slok published a note showing that inflation-adjusted revenue per worker and profit margins are rising only among the Magnificent 7 tech giants—Nvidia, Tesla, Amazon, Microsoft, Alphabet, Apple and Meta. The remaining 493 S&P 500 companies show flat revenue per worker and flat margins, with no measurable productivity boost from generative AI, according to Slok's analysis.
GoKawiil's interpretation of the reporting above, not reported fact.
The findings suggest that despite enormous hype and investment, AI's financial payoff may currently be concentrated in a handful of tech firms rather than spreading across the broader economy. If most companies continue finding AI spending costly without clear returns, that could slow enterprise adoption and temper expectations for AI's broader economic impact, though cheaper, more commoditized models could eventually change that calculus, per Slok's note.
- Only the Magnificent 7 show rising revenue per worker and margins tied to AI, per Apollo's Torsten Slok.
- The other 493 S&P 500 companies show flat revenue per worker and profit margins, with no productivity gains detected.
- Mainstream companies are reportedly pulling back on AI token spending, treating it as a cost rather than growth driver.
Source: techspot.com — Alfonso Maruccia, 2026-10-26
Published there as: “The AI boom is happening at seven companies, the rest of the S&P 500 isn't seeing it”
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